Pie Insurance coverage Doubles Premium, Variety of Prospects, and Companions – PR NewswireAugust 18, 2022
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Might 18, 2022, 09:03 ET
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Small enterprise insurtech releases progress metrics because it crosses five-year milestone
DENVER, Might 18, 2022 /PRNewswire/ — Pie Insurance coverage ("Pie"), a number one tech-enabled supplier of employees’ compensation insurance coverage to small companies, at this time 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 charge premium (ARR) to just about $300 million. Pie’s buyer base and accomplice channel have additionally continued to develop at a powerful 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 unbelievable alternative for disruption within the small enterprise business insurance coverage market, and Pie’s progress throughout each side of the enterprise is a testomony to the demand for affordably priced and accessible protection," stated John Swigart, co-founder and CEO of Pie Insurance coverage. "We’re centered on delivering constructive unit economics pushed by an extremely granular method to underwriting and pricing, scalable multi-channel distribution, and a world-class group of insurance coverage and expertise expertise."
Pie’s speedy progress is most significantly accompanied by continued sturdy underwriting outcomes. "It is extremely 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, nevertheless, has been in a position to buck this development by reaching declare frequency beneath business averages and loss ratios on par with the business common.
Extra milestones because the starting of 2021 embody:
About Pie Insurance coverage
Pie Insurance coverage is leveraging expertise to rework how small companies purchase and expertise business insurance coverage, with the objective of constructing it reasonably priced and as simple as pie. Pie’s intense concentrate on granular, subtle pricing, and data-driven buyer segmentation allows Pie to match value with danger precisely throughout a broad spectrum of small enterprise sorts, which permits Pie to supply extra reasonably priced insurance coverage to small enterprise house owners. Since 2017, Pie has acquired over $300M in funding and partnered with over 2,800 businesses nationwide.
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