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
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
“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
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.
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.