June 5, 2018 – 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 purchasing process.”
Workers’ compensation insurance is required by any company with full-time W-2 employees in 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 industry experience.
“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.(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.
(1) 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.