Pie Insurance, an insurtech focusing on workers’ compensation insurance, has revealed its expansion and growth efforts since its last funding round.
There has been significant growth in premiums, team members, and also online tool usage.
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“The successes that Pie has achieved since our latest round of funding are incredible,” said John Swigart, CEO of Pie Insurance.
“At that time, Pie had generated more than $10m in written premium. Six months later, that number has jumped to more than $30 million. Likewise, our team has grown by 130%, and we have an additional 20 open positions in our Denver and Washington, DC offices. Our rapid growth demonstrates the value Pie brings to the small business community, and we’re continuing to scale to meet the demands of our market.”
In the 18 months since launch, Pie’s online quote tool has received more than 75,000 submissions. These are mainly from small business owners and agency partners seeking more affordable workers’ compensation policies.
Pie Insurance recently launched its workers’ compensation insurance to small businesses in Mississippi, New Hampshire, Utah, and West Virginia.
With its latest expansion, the insurer is providing coverage in total of 29 US states and the District of Columbia. It covers workers of approximately 4.1 million small business owners.
Pie, operating as a managing general agency (MGA) for Sirius American Insurance Company, allows small businesses to save up to 30% on workers’ compensation insurance.
The MGA began offering insurance in Delaware, Indiana, Nevada, South Carolina and Virginia in June 2019.
So far, the company has raised more than $61m in funding including a $45m in Series B funding round, which concluded in March, and $11m in August last year.
As part of its growth, Pie Insurance has hired a number of executives. They include Mike Gionfriddo, previously CTO of Blackhawk and distinguished engineer at Sun, as CTO; Tom Grossi, previously with VC firm NEA and Opower, as CFO; and Teresa Leon, previously general counsel with top-15 workers compensation writer ICW Group, as general counsel as well.
