DENVER, Oct. 14, 2020 /PRNewswire/ -- Pie Insurance, an insurtech specializing in workers' comp insurance for small businesses, today 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," commented Dax Craig, Co-Founder and President of Pie Insurance. "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."
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," said John Swigart, Co-Founder and CEO of Pie Insurance. "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."
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.
About Pie Insurance Pie Insurance is modernizing small business insurance, starting with workers' comp, by automating the entire coverage experience. Pie combines innovative technology, sophisticated analytics, and industry expertise to provide small businesses and the partner agents who serve them with simple, trusted, and affordable coverage. Compared to traditional insurance, Pie's use of advanced analytics enables quotes in 3 minutes and savings of up to 30% for small businesses. Pie auto-decides 73% of class codes so partner agents can save time finding coverage for their clients. Since launch, Pie has grown its gross written premium to over $100M and partnered with over 1,000 agencies. Founded in 2017 by a team of insurance and technology veterans, the company is headquartered in Denver, CO and Washington, DC. Pie operates as a managing general agency for Sirius America Insurance Company, a subsidiary of Sirius Group, offering A.M. Best A- (Excellent) rated workers' comp insurance, and has received $188M in funding from investors including SVB Capital, Gallatin Point Capital, Greycroft, Aspect Ventures, Sirius Group, Moxley Holdings, and Elefund.