Northwestern Mutual has carved out $150 million for another fintech and insurance investment fund

Northwestern Mutual is setting aside $150 million for a second venture fund.

"We're committed to transforming the client experience to drive change within the financial services industry," said Souheil Badran, executive vice president and chief innovation officer, in a statement. "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 clients, financial representatives and employees."

Criteria for the fund won't change. It will still invest between $500,000 and $5 million ins Series A or B stage deals focused on technologies that can address changing customer preferences; new user experiences for the insurance industry and consumers; digital health; data and analytics technologies that can power new products and services; and other strategic objectives.

Since its launch in 2017, Northwestern Mutual Future Ventures has backed 14 startups and invested $43 million. The much larger commitment the firm is making through this second investment vehicle proves that insurers are waking up to the importance of new technology companies in the old insurance business.