Northwestern Mutual has launched a second venture fund to support startups working in financial services. This builds on the $43 million in capital that the Milwaukee-based investments and insurance giant invested in 14 startups as part of its its first corporate venture fund, which rolled out in 2017.

Northwestern Mutual Ventures Fund II will focus on the transformation of client experience in the financial services industry, said Souheil Badran, executive vice president and chief innovation officer, in a statement. Badran, who took on the post at Northwestern Mutual last year, previously was president of Alipay Americas.

Northwestern Mutual’s startup fund is focused on four core areas of investment: tools for consumers’ changing financial preferences; re-imagining the client experience; the digital health revolution; and analytics and technologies.

Craig Schedler, venture partner at Northwestern Mutual, told Bank Innovation the second fund will build on the success of the first and provide external perspectives and real-time insights that will accelerate the company’s strategy. Based on its assessment of current investments and expected reserves for follow-on investments, the company decided to increase its venture investments, he noted.  Individual investments will range from $500,000 to $5 million — with the potential for follow-on investments — but Northwestern Mutual hasn’t decided on the number of investments it will make as part of Fund II.

The venture fund’s current portfolio comprises fintech and insurance companies that include banking and savings platform Rize, robo-adviser Betterment, challenger bank Chime and digital insurance provider Ladder. Schedler said Northwestern Mutual Ventures isn’t only focused on a financial return from its startup investments, but it’s also looking to develop longer-term relationships with the portfolio companies. Of the 14 investments in Fund 1, may have led to commercial agreements and other partnerships.

Northwestern Mutual’s approach is unique in the insurance technology field because of its focused approach to startup investments, according to Matthew Josefowicz, CEO of consultancy Novarica. “While many insurers have set up VC funds to participate in and learn from the insurtech community, Northwestern Mutual’s approach is distinctive,” he stated in an email to Bank Innovation. “Rather than comb existing startups for potential opportunities that might meet their needs, Northwestern Mutual has articulated a set of needs and invited entrepreneurs to build companies to address them.”