Pie Insurance provides digitally distributed workers’ compensation insurance to small businesses, selling directly via its website and through thousands of independent agents. The company uses data and analytics to price and underwrite policies and says it has maintained strong unit economics and sustainable loss ratios. In the first four months of 2022 Pie increased its annualized run rate premium to nearly $300 million and more than doubled its gross written premium in Q1 2022 versus Q1 2021. Since early 2021 through May 2022 the company more than doubled its number of policyholders and insurance agency partners. Pie has raised over $615 million in total capital since its 2017 inception. The company plans to use the new capital to expand into new lines of business and to transition to a full-stack carrier. Pie Insurance is a Washington, D.C.-based startup selling workers' compensation insurance to small businesses through an internet-driven, cloud-based platform. The company leverages proprietary data and analytics to provide faster, more affordable underwriting and sells directly online and through thousands of independent agents. Pie began selling policies in March 2018 and has grown its gross written premium to over $100 million while partnering with over 1,000 agencies nationwide. Revenues have climbed 150% since its $127M Series B extension last May, and headcount rose to 260 from 140 over the past year; the company declined to disclose recent hard revenue figures. Pie plans to use new capital to invest further in technology and automation, grow its core workers' comp business, and lay the groundwork for new business offerings in 2021 and beyond. The company was founded in 2017. Pie Insurance offers workers' compensation insurance directly to small businesses and via partnerships with local, regional, and national insurance agencies. The company operates as a managing general agency for Sirius America Insurance Company and provides A.M. Best A- rated workers' compensation coverage. Pie sells coverage in 34 states and the District of Columbia and is expanding nationwide. Founded in 2017 by CEO John Swigart, the firm is headquartered in Washington, DC and Denver, CO. The company plans to use new capital to grow its offering to small business owners and expand distribution through agents. Pie Insurance, founded in 2017, provides workers' compensation insurance directly to small businesses through an easy-to-use digital experience and operates as a managing general agency for Sirius America Insurance Company. The company began offering policies in 2018 and sold its first policy in March 2018. In the first 11 months since launch it generated more than $10 million in written premium and reports that 80% of small businesses overpay for workers' compensation coverage. Pie is available in 19 states covering more than 60% of the U.S. workers' compensation market and expects to expand nationally by the end of 2019. The company offers A.M. Best A rated workers' compensation insurance and plans to use new funding to expand geographically, add new distribution sources, and further simplify the customer experience. Pie Insurance offers near-instant online workers' compensation policies to small businesses through a frictionless direct distribution platform. The company built a full-stack managing general agent (MGA) operation and secured required regulatory approvals in under 12 months. It began offering policies in 2018 and today sells in eight states. Pie uses advanced analytics and a predictive model that estimates 80% of small businesses overpay for coverage—often by as much as 30%—to more accurately identify risk and simplify purchasing. Insurance offered by Pie holds an A.M. Best A rating. The company intends to use new capital to scale operations and expand geographically.

Total raised

$620M

Funding rounds

6

Latest round

Series D

Latest activity

Sep 2022