As Small Businesses Continue to Recover, Pie Sees Momentum and Record Growth
May 20, 2021 – Pie Insurance, (“Pie”), an insurtech company specializing in workers’ comp insurance for small businesses, today announced it achieved milestone growth in April 2021, including a record-setting day of new sales.
Last month, Pie reached $185 million in annualized run rate premium, an 85 percent increase in only seven months. Pie also had a record day on April 1, with $3 million of new premium sold in a single day. Additionally, over the past 12 months, Pie has increased the size of its customer base by 82 percent and its number of agency partners by more than 200 percent.
Small businesses in the U.S. are undoubtedly on the path to recovery after a challenging 2020 due to the ongoing COVID-19 pandemic. The latest NFIB Small Business Jobs Report found that a majority (59 percent) of small business owners reported hiring or trying to hire more employees in April 2021. In addition, these businesses plan to continue, if not increase, hiring in the months ahead.
“As small businesses begin to reopen their doors and hire new employees, Pie remains focused on helping them thrive,” said John Swigart, co-founder and CEO of Pie Insurance. “Our customers have always been our top priority, and now more than ever before, we’re committed to enabling their success. Pie’s growth is a reflection of our customers’ resilience and their preference for a commercial insurance provider that offers an affordable and seamless online experience.”
In March 2021, the company raised $118 million in a Series C funding round. In the months ahead, Pie intends to continue to invest in technology and automation, as well as continue to grow its employee headcount and its partner ecosystem. Since the beginning of 2020, the company has more than doubled its headcount, now employing approximately 280 team members.
About Pie Insurance
Pie Insurance is modernizing small business insurance by automating the entire experience to provide simple, trusted, and affordable coverage. Pie’s unique combination of innovative technology, sophisticated analytics, and industry expertise enables savings of up to 30% for small business owners on AM Best A- (Excellent) rated workers’ comp insurance directly through its website or through partner agents. Since 2017, Pie has received over $300M in funding and commitments for future funding, grown its gross written premium to over $100M, and partnered with over 1,000 agencies nationwide.