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Pie Insurance Raises $118M For Data-Driven Workers’ Comp Coverage

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Insurtech company Pie Insurance, which focuses on providing workers’ compensation policies to small businesses, has just announced the successful completion of Pie Insurance raises $118M for data-driven workers’ comp coverage Series C fundraising round. Allianz X and Acrew Capital spearheaded the round, including participation from Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings, all of which had previously invested.

The comprehensive small business coverage experience Pie Insurance provides is supported by data and cutting-edge analytics. Pie will be able to expand its current investments in technology and automation with the funds that were raised today. It will also be able to strengthen its workers’ compensation insurance operations and prepare the basis for the launch of additional products and services in 2021 and beyond with these funds.

“Commercial insurance is long overdue for the internet shift that personal lines have benefited from for years,” said John Swigart, co-founder and chief executive officer of Pie Insurance. It is vital that insurance carriers aid, rather than hinder, small businesses now, more than it has ever been imperative that they do so. They will be able to expand their operations and make investments in cutting-edge technology and tools that will immediately impact their customers and partners due to today’s funding. They have the ability to maintain their position as industry leaders in an effort to make the insurance process more user-friendly and cutting-edge.

The commercial property and liability insurance business in the United States is undergoing a fundamental shift as a direct result of Pie, as stated by Dr Nazim Cetin, CEO of Allianz X. Pie’s forward-thinking application of technology has resulted in the simplification of a time-consuming process, which is to the advantage of all involved parties. In addition to the operations it now carries out, the organisation possesses tremendous room for growth in its business. There are a number of potential areas of collaboration between the two organisations, one of which is the development and distribution of insurance products, which is one of Allianz’s primary areas of interest. As part of their B2B portfolio, they also see prospects for business partnerships with other companies. They have had a wonderful experience working with Pie, and they believe that Pie is one of the organisations that wield the most influence in the insurance sector.

After completing a Series B extension round that brought in $127 million for the company in May 2020, during which it launched Pie Carrier Holdings with a $100 million equity capital commitment to create and purchase regulated insurance firms, Pie is now attempting to raise an additional $200 million. Pie has raised more than $300 million in funding since its launch in 2017. The Pie was founded in 2017.

Regarding Pie Insurance

Pie Insurance is changing the market for insurance for small businesses by automating the entire process. This makes insurance more accessible, reliable, and affordable for small enterprises. Pie provides discounts of up to 30 percent on workers’ compensation insurance rated A- (Excellent) by AM Best to small business owners who sign up for coverage through its website or network of partner agents. Since 2017, Pie has collaborated with more than a thousand different agencies and increased its gross written premium to more than $100 million.

Conclusion

Offering workers’ compensation insurance to small businesses, Pie Insurance announced this morning that it had closed on $118 million in a Series C round of funding. Over $300 million in equity capital has been raised by the Washington, D.C.-based business since its creation in 2017. The round was co-led by Allianz X, the investment arm of German financial services behemoth Allianz, and Acrew Capital.

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