Digital Workers’ Compensation Agency Pie Enters 5 More States

Pie Insurance said it has been approved to sell workers’ compensation insurance in Delaware, Indiana, Nevada, South Carolina and Virginia.

Pie sells directly to small business and promises them they can get a workers’ compensation quote online in as little as two minutes. Pie says that more than 40,000 people have used its online quoting tool.

The digital agency’s marketing pitch is that the smaller a business, the more likely the owner is overpaying for workers’ compensation. Pie utilizes analytics to identify risk and price policies, removing steps from the purchase process, and generating savings for many businesses. According to its predictive model, 80 percent of small businesses are overpaying for coverage, often by as much as 30 percent.

“As we continue to expand rapidly across the country, it’s become clear that Pie’s unique business model is providing real value to small business owners in need of workers’ compensation insurance. We’re removing tedious steps from the purchase process and often generating significant savings for our customers,” said John Swigart, Pie Insurance CEO.

Pie began offering policies in 2018. In March, the start-up completed a $45 million Series B funding round. Participating investors included SVB Capital, Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures, and Elefund. Last August, Pie raised $11 million. To date, Pie has raised $61 million.

Pie operates as a managing general agency for Sirius America Insurance Co., a subsidiary of Sirius Group. Pie’s investors include SVB Capital, Greycroft, Aspect Ventures, Sirius Group, Moxley Holdings and Elefund.