Pie Insurance coverage Doubles Premium, Variety of Clients, and Companions – PR Newswire

August 18, 2022 By admin

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Could 18, 2022, 09:03 ET
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Small enterprise insurtech releases progress metrics because it crosses five-year milestone
DENVER, Could 18, 2022 /PRNewswire/ — Pie Insurance coverage ("Pie"), a number one tech-enabled supplier of employees’ compensation insurance coverage to small companies, right now launched its newest figures, highlighting the corporate’s sturdy and sustainable progress since its founding in 2017.

Within the first quarter of 2022, Pie greater than doubled its gross written premium over the identical interval in 2021. Moreover, within the first 4 months of 2022, Pie elevated its annualized run fee premium (ARR) to just about $300 million. Pie’s buyer base and companion channel have additionally continued to develop at a formidable tempo. Because the starting of 2021, Pie has greater than doubled its variety of policyholders and insurance coverage company companions.
"Pie’s progress throughout the enterprise is a testomony to the demand for affordably priced and accessible protection."
"There stays an unimaginable alternative for disruption within the small enterprise business insurance coverage market, and Pie’s progress throughout each aspect of the enterprise is a testomony to the demand for affordably priced and accessible protection," mentioned John Swigart, co-founder and CEO of Pie Insurance coverage. "We’re targeted on delivering optimistic unit economics pushed by an extremely granular method to underwriting and pricing, scalable multi-channel distribution, and a world-class crew of insurance coverage and expertise expertise."

Pie’s fast progress is most significantly accompanied by continued sturdy underwriting outcomes. "It is vitally frequent and anticipated for a brand new insurance coverage enterprise to have worse than common loss ratios," Swigart continued. "That is pushed by typical new enterprise ‘penalties’ and comparatively immature operations in comparison with incumbents." Pie, nonetheless, has been in a position to buck this pattern by attaining declare frequency beneath trade averages and loss ratios on par with the trade common.
Extra milestones because the starting of 2021 embrace:
About Pie Insurance coverage 
Pie Insurance coverage is leveraging expertise to remodel how small companies purchase and expertise business insurance coverage, with the aim of constructing it reasonably priced and as simple as pie. Pie’s intense give attention to granular, subtle pricing, and data-driven buyer segmentation allows Pie to match worth with danger precisely throughout a broad spectrum of small enterprise varieties, which permits Pie to supply extra reasonably priced insurance coverage to small enterprise house owners. Since 2017, Pie has obtained over $300M in funding and partnered with over 2,800 companies nationwide.
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