Pie Insurance, an Insurtech company specializing in commercial insurance for small businesses, announced the appointment of insurance executive Audra Foglietta as the company’s new chief financial officer (CFO).
Foglietta joins Pie during a pivotal period of growth—Pie claims it is one of the fastest growing workers’ comp insurer in the U.S., “achieving a 271 percent increase in direct written premiums, surpassing the growth of all other insurers.”
Foglietta brings a wealth of financial leadership and strategic expertise to Pie, “having spent more than twenty years at Chubb, the world’s largest publicly traded property and casualty insurance company.”
Most recently, Foglietta served “as Chubb’s executive vice president and CFO of Global Operations and Technology, in addition to previously serving as CFO of Westchester Specialty, the company’s excess and surplus division.”
Foglietta reportedly has a track record of “driving financial performance and optimizing operational efficiencies in the public insurance sector.”
Her expertise “includes global business transformations, corporate finance, financial planning and analysis, business analytics and operations.”
Audra Foglietta, incoming CFO at Pie, said:
“Pie’s commitment to technology and innovation combined with its dedication to serving the unique needs of small businesses resonated with me.”
Pie’s rise as the fastest growing workers’ comp insurer is driven by the company’s commitment to making the entire insurance journey more affordable, efficient and simple for small businesses through agency partner expansion, API integrations and market expansion. Recent milestones include:
- Agency Partners: Agency partners have continued to be a key contributor to Pie’s overall growth. In the past year, Pie’s agency partner channel has grown to more than 4,000 insurance agency partners, expanding by nearly 30 percent. Pie Partner submissions grew by 63 percent over the same time period.
- Full stack evolution: In addition to being the fastest growing workers’ comp insurer, Pie quickly transitioned from an MGA to a full stack carrier after receiving an AM Best A- (excellent) rating in February 2023.
- Pricing: In August 2023, Pie introduced pricing enhancements and expanded appetite to partner agents by leveraging the company’s extensive in-house data and sophisticated machine learning algorithms.
- Claims: Pie has made significant progress transitioning from using a TPA to building and staffing an in-house claims organization, expanding the team from 16 to nearly 50 professionals in the past year.
- APIs and Integrations: Pie continues to add API integration partners including Talage, Tarmika, Appulate, and Bold Penguin to broaden its availability with agents. Pie’s agency partners can also connect directly with Pie’s APIs, unlocking the ability to submit business without leaving their own platforms. This easy-to-implement option has resulted in a 41 percent year-over-year increase in API-driven submissions.