In August 2018, Pie Insurance announced that it raised an $11 million Series A funding round that it said would be dedicated to geographic expansion, Technical.ly DC previously reported. The D.C.–based company has stayed true to its promise, and is now offering policies in California. It’s the ninth market Pie Insurance has entered within the last six months.
“With our launch in the state, we’re bringing transparency, fair pricing, & convenience to California small business owners. We look forward to moving at the fast pace Californians expect.” — John Swigart, Pie Insurance CEO https://t.co/SvA0603n8E pic.twitter.com/Su46C9QW3F
— Pie Insurance (@pie_insurance) October 16, 2018
Pie Insurance is an online provider of workers’ compensation insurance for small and medium–sized businesses. The company works directly with small businesses to help them receive fair financial quotes with the ease of an online platform. It sells policies directly online with no agent needed, requiring only a few answered questions. The platform uses predictive analytics to accurately price policies, which could lead customers to save on costs.
Cofounder and CEO John Swigart previously worked at Esurance as a senior executive, and helped lead the business to more than $1 billion in annual revenue, showing he has an extensive knowledge in the insurance space.
“Purchasing workers’ compensation insurance in California has historically been a confusing, often expensive experience for small business owners,” Swigart said in a statement. “With our launch in the state, we’re bringing transparency, fair pricing and convenience to California small business owners. We look forward to moving at the fast pace Californians expect and giving them the level of service they deserve.”
Pie Insurance conducted research and discovered that 80 percent of small businesses overpay for workers’ compensation insurance, by as much as 30 percent, the press release states.
Pie Insurance now provides small business coverage in California, Arizona, Colorado, Georgia, Illinois, Louisiana, North Carolina, Tennessee and Texas. The company plans to enter additional markets by the end of 2018 and through 2019, Pie Insurance PR representative Nicholas Paik said.-30-