Pie Insurance, a direct distribution workers’ compensation Insurtech business, has launched today at InsureTech Connect.
Pie Insurance said it had closed on a $4.3 million seed round led by Sirius Group, Moxley holdings and Elefund.
Pie Insurance’s co-founder and CEO is John Swigart, who was part of the executive team that led Esurance from start-up to $1.3 billion in premiums and sale to Allstate for $1 billion in 2011.
In 2018 Pie expects to begin offering its own A.M. Best “A” rated insurance policies.
The Pie Price Predictor tool is said to be the first of its kind to be tailored for SMEs, assessing the range each business should be paying for insurance and the market average from a few user-submitted pieces of information.
“The traditional high-touch approach agents and underwriters use in commercial lines lead to high prices and a protracted customer experience. Yet, the profitability in this sector indicates that small accounts are subsidizing larger accounts at most insurance companies. By focusing exclusively on small businesses with a digitally enabled solution, Pie will solve this problem at scale.”
Joel Moxley, General Partner with Moxley Holdings, said he believes Pie can become a meaningful player in the $100 billion SME insurance market.