Pie Insurance sees record growth and surpasses $100M in premium
Pie Insurance , an insurtech specializing in workers’ comp insurance for small businesses, announced it has exceeded $100 million in cumulative written premium and surpassed $100 million in annualized run rate premium. In less than 3.5 years since being founded, Pie Insurance has cemented its spot as the fastest insurtech company to hit these milestones. This monumental growth is evidence that small businesses, and the insurance agents who serve them, are ready to adopt a modern and automated insurance experience.
“Commercial insurance in the United States generates $300 billion in annual premiums. However, the industry operates in an almost entirely analog environment. Pie leverages technology to modernize the entire insurance experience for small businesses, and our rapid growth is a testament to the huge unmet need in the market.” – Co-Founder and President of Pie Insurance, Dax Craig.
Today’s milestones follow Pie’s last funding in May, in which the company raised $127 million and formed its affiliated entity, Pie Carrier Holdings. To date, Pie has raised $188 million to further the company’s mission of transforming small business insurance by automating the entire quote to claim experience—starting with workers’ comp insurance. Pie’s use of advanced analytics enables quotes in 3 minutes and savings of up to 30% for small businesses.
“Reaching $100 million in written premium in such a short time since our founding shows that there is a massive appetite for workers’ comp insurance that is simple, trusted and affordable. We recognize the numerous challenges that small businesses are currently facing, and we believe finding insurance shouldn’t add to their burden. We’re proud to help small businesses around the country save money and get workers’ comp insurance quickly so they can focus on what’s important—growing their business.” – Co-Founder and CEO of Pie Insurance, John Swigart.
Additional 2020 highlights include:
- Partner Agent Growth: Pie grew its agency channel to more than 1,000 partners, representing a nearly 200% increase since the beginning of 2020.
- Continued Innovation: Pie is powered by innovative technology and sophisticated analytics. In August, the company released its partner portal, which makes it easier for partner agents to submit their clients for coverage and track their status in real time, and new features, like automated bind requests, that allow partner agents to submit requests to bind on eligible submissions.
- Pie-oneer Expansion: Even in the current economic environment, Pie Insurance grew its headcount by 25% in 2020 and continues to hire across company departments.