Pie Insurance provides workers’ compensation insurance to small businesses through a simple online experience. Their A-rating and comprehensive coverage make it easier for small companies to protect their employees and comply with state law. They offer data analytics, easy-to-use online features, and an experienced team of experts to help small business owners successfully implement the proven industry best practices developed over the last half-century. In a press release, the startup Pie Insurance announced that it has closed on $118 million in Series C funding.
Allianz X and Acrew Capital led a round of funding that brings Pie’s total equity funding to over $300 million since its inception in 2017. Pie declined to disclose the exact valuation at which it raised the funds but said that investors were excited by the company’s strong potential.
The Series C investment was led by four new backers: New Enterprise Associates, RRE Ventures, Pritzker Group Venture Capital, and Creation Investment Limited.
This startup, which is working to make insurance more attainable for small businesses, has seen its revenue increase by 150% since it raised $127 million in a Series B extension last year. In addition to the higher profits, their workforce has also risen– from 140 employees last year to 260 this year.
Pie was founded in March 2018. The company declined to give recent hard revenue numbers but did say it has grown its gross written premium from over $100 million to well over that amount. They also told me last year that the company had written nearly $19 million in premiums for the first quarter of 2020, up 150% from the same time period in 2019.
In the past year, as Digital technologies have become more prevalent, Pie Insurance has benefited. They’re an internet-driven, cloud-based company that’s been able to grow with the times.
“We are riding the wave,” John Swigart, founder, and CEO of Pie Insurance, said. The company believes that small businesses deserve better than they’ve historically gotten. Technology can be the means by which they’ll foster a more efficient process and lower prices for small business owners.
Pie’s customer base is broad, with clients ranging from tradespeople, contractors, landscapers, and janitors. Pie also sells its insurance mostly through independent insurance agents. Customers have the option of buying their coverage directly from Pie, then can consult with a local agent if they need help.
According to Lauren Kolodny, one of the founding partners at Acrew Capital, Workers’ Compensation insurance is required for most businesses.
“Typically, it has been difficult to qualify, onboard, and maintain workers’ comp insurance — this is especially true of America’s small businesses,” she wrote.
Pie is both digitally and more affordably able to offer underwriting decisions than legacy insurance providers.
Pie is said to be operating in a “promising and booming business that is ripe for digital disruption,” according to Dr. Nazim Cetin, CEO of Allianz X and the former head of Lufthansa’s digital advancement.
The company leverages “exceptional” data and advanced analytics to tailor underwriting. They combine their expertise with information technology to provide users with highly automated services.
“We see some great possibilities for collaboration with Allianz-company partners as well,” he added.
The company’s plans are to invest the funds in improving technology, and automation, and growing the core business. They plan on using the new capital for future products that will be released in 2021.
Pie Insurance Overview
Pie is a technology-enabled worker’s compensation insurance company. This means that it uses data to offer affordable and innovative coverage for small business owners. With the funds from its recent investment, it plans to strategically expand its offerings and purchase more licensed companies. Pie was started with a vision of the future–and it’s here already: we’re global and collaborative, innovative and agile. We’re committed to cutting-edge innovation while making sure your experience with us is fast and effective.
John Swigart, co-founder, and CEO of Pie, began working in the workers comp insurance industry in 2018. He’s been delighted to provide a needed service to businesses and governments alike.
FAQs
Pie Insurance was founded in Washington, DC, USA.
There are 16 Pie Insurance investors, including Greycroft and White Mountains Insurance Group.
A pie insurance company has raised $621 million in total.
It has raised the Series D round, closed on September 21, 2022
Pie Insurance announced that it has closed on $118 million in Series C funding.
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