U.S.-based insurtech startup Pie Insurance announced on Tuesday it has expanded its service to both Florida and Wisconsin. The expansion comes just days after Pie announced it has exceeded $100 million in cumulative written premium and surpassed $100 million in annualized run rate premium.
As previously reported, Pie describes itself as a fast-growing insurtech startup that offers workers’ compensation insurance directly to small businesses. The company revealed it began offering workers’ compensation insurance policies in 2018 with the mission of helping small businesses experience true savings and an unmatched level of service. Pie raised $127 million through its recent investment round.
Pie now offers coverage in 36 states and Washington D.C. Speaking about the expansion, John Swigart, Co-Founder and CEO of Pie, stated:
“In today’s economic climate, saving time and money is more critical than ever before. With this expansion, we’re enabling Florida’s 450,000 small businesses and Wisconsin’s 100,000 to access affordable and simple workers’ comp insurance.”
To date, Pie has raised $188 million to further its mission of transforming small business insurance by automating the entire quote to claim experience. Pie previously revealed additional 2020 highlights, which include:
- Partner Agent Growth: Pie grew its agency channel to more than 1,000 partners, representing a nearly 200% increase since the beginning of 2020.
- Continued Innovation: Pie is powered by innovative technology and sophisticated analytics. In August, the company released its partner portal, which makes it easier for partner agents to submit their clients for coverage and track their status in real time, and new features, like automated bind requests, that allow partner agents to submit requests to bind on eligible submissions.
- Pie-oneer Expansion: Even in the current economic environment, Pie Insurance grew its headcount by 25% in 2020 and continues to hire across company departments.