Northwestern Mutual is setting aside $150 million for a second enterprise fund.
“We’re committed to transforming the client experience to drive conversion within the financial services industry, ” said Souheil Badran, executive vice president and prime innovation officer, in a statement posted. “This additional capital will allow us to build on the success of Northwestern Mutual Future Ventures and invest in new technologies that have the ability to accelerate growth and advance innovation so we can create what’s next for our consumers, monetary representatives and employees.”
Criteria for the fund won’t reform. It will still devote between $500,000 and$ 5 million ins Series A or B stage lots has concentrated on technologies that can address altering customer wishes; brand-new used ordeals for the insurance industry and customers; digital state; data and analytics technologies that can power new products and services; and other strategic objectives.
Since its open in 2017, Northwestern Mutual Future Ventures has backed 14 startups and invested $43 million. The much larger commitment the firm is uttering through this second investment vehicle supports that insurers are waking up to the importance of new technology firms in the old insurance business.
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