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Pie Insurance Launches Workers’ Comp Coverage for Small Businesses in Seven States | Business Wire

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WASHINGTON–(BUSINESS WIRE)–Pie Insurance today announced it has begun selling workers’ compensation

insurance policies online, directly to small businesses in Arizona,

Colorado, Georgia, Illinois, Louisiana, Tennessee, and Texas. Small

business owners in these states can now enjoy the convenience of online

shopping for workers’ comp insurance while gaining the savings passed on

through a more efficient insurance model.

“Small business owners shoulder an unfair burden, with our proprietary

data suggesting that 80% overpay for workers’ compensation insurance by

up to 30% as a result of most insurance companies’ antiquated business

models,” said John Swigart, co-founder and CEO of Pie. “Small business

owners are hard-pressed to find a quick, convenient, fairly-priced

workers’ compensation insurance offering. Pie has simplified

traditional, cumbersome processes that add time and complexity to the

purchasing process.”

Workers’ compensation insurance is required by any company with

full-time W-2 employeesin every state other than Texas,

limiting the incentive for insurers to improve the customer experience

or remove friction from the buying cycle.

Easy as Pie

Pie addresses a significant pain point for small business owners who

have often faced what can be a time-consuming and opaque process to

purchase workers’ comp insurance. Traditionally, insurance agents work

through a variety of carriers to receive quotes and provide them to

small business owners for consideration. This experience can be jarring

for small business owners who have grown accustomed to transacting

online, especially Gen Xers and Millennials who will comprise 60% of SMB

ownership by 2020.

“We’re building a company that allows small business owners to purchase

workers’ comp insurance easily through Pie’s straightforward online

process so they can quickly move on with their day,” said Swigart.

Not a Traditional Insurance Start-up

As a technology-enabled insurance company, Pie leverages extensive,

high-quality datasets to algorithmically segment and price small

business policies, accurately assessing risks and passing along savings

to small business owners. Already, thousands of small businesses have

used Pie’s online quoting engine, with users often seeing savings of

over $1,000 per year.

Pie’s leadership team is led by Co-founder and CEO John Swigart, who has

a long history of success in tech-enabled insurance and financial

services businesses. Prior to founding Pie, John served on the Esurance

executive team for 13 years where he initially led all the financial

functions and then became the company’s first chief marketing officer.

John and his senior team bring to Pie over 50 years of insurance

industry experience.

“We had a clear but aggressive goal for Pie: stand up a complete

insurance operation in under 12 months,” Swigart said. “Within 11

months, Pie’s seasoned team of insurance experts effectively navigated

state regulatory environments and surpassed our goal, and we’ll continue

to expand rapidly.”

Insurance offered by Pie is supported by Sirius Group, which has earned

an A rating from A.M Best. In aggregate, Pie’s seven launched states

represent more than 12 million employed in small businesses, according

to the U.S.

Small Business Association.1

For more information, visit www.pieinsurance.com.

About Pie Insurance

Pie Insurance provides workers’ compensation insurance directly to small

businesses at www.pieinsurance.com.

Offering A.M. Best A rated insurance, Pie leverages data analytics,

easy-to-use online features, and a seasoned team of insurance experts to

create an insurance model that’s as easy as pie. Backed by Sirius,

Moxley Holdings, and Elefund, the company began offering insurance

policies in 2018 with a mission of helping small businesses experience

true savings and an unmatched level of service.

(1)

 

Arizona has more than 975,000 small business (SMB) employees;

Colorado has nearly 992,000 SMB employees; Georgia has 1.5 million

SMB employees; Illinois has 2.4 million SMB employees; Louisiana has

892,000 SMB employees; Tennessee has 1 million SMB employees; and

Texas has 4.4 million SMB employees.

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