Oddly-named Pie Insurance took an initial step toward entering the workers’ compensation insurance market at the InsureTech Connect conference in Las Vegas by introducing an interactive pricing tool for small and medium-sized businesses.
The pricing tool is the first step in Pie’s larger plan to begin selling its own workers’ compensation policies in 2018 and make buying the coverage “As easy as pie.”
Pie Insurance, which will operate as a managing general agency, plans to begin offering its own insurance policies direct to customers in the second quarter of next year.
Until the time that Pie is selling its own policies, businesses using the Price Protector tool will be given the opportunity to buy policies from AP Intego, a national insurance agency with offices in New York and Massachusetts.
In most of the businesses being targeted by Pie, the owners are doing the purchasing, and they often do it off-hours at night or on weekends, according to Swigart, who believes Pie will appeal to these owners as well as to the growing number of younger business owners who prefer to buy online.
Pie’s insurance backer Sirius is owned by the Singapore-based division of China Minsheng Investment Corp. Lctd., run by private investors, which bought it from Bermuda-based financial services holding company White Mountains Insurance Group in 2016 for $2.6 billion.
Why the name Pie Insurance? “Pie comes from a combination of the mathematical constant Pi, and the expression ‘as easy as pie,'” explained Swigart.