U.S.-based insurtech startup Pie Insurance recently announced it has exceeded $100 million in cumulative written premium and surpassed $100 million in annualized run rate premium.
As previously reported, Pie describes itself as a fast-growing insurtech startup that offers workers’ compensation insurance directly to small businesses. The company revealed it began offering workers’ compensation insurance policies in 2018 with the mission of helping small businesses experience true savings and an unmatched level of service. Pie raised $127 million through its recent investment round. To date, Pie has raised $188 million to further its mission of transforming small business insurance by automating the entire quote to claim experience.
Speaking about the latest milestones, John Swigart, Co-Founder and CEO of Pie Insurance, stated:
“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.”
Pie went on to reveal 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.