Pie Insurance, an InsurTech startup focused on the small business workers compensation market, recently closed a $4.3 million seed financing round and the company is debuting this week with an online price-compare tool.
Plans call for Pie to handle full-scale insurance starting in Spring 2018.
“The traditional high-touch approach agents and underwriters use in commercial lines leads 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,” Pie co-founder and CEO John Swigart said in prepared remarks.
Pie’s first product will be the Pie Price Predictor tool which is designed to help educate small businesses on what they should be paying for workers compensation policies versus the market average, a spokesman explained.
The long-term plan is for Pie to be an insurance company that will quote and bind insurance policies for small businesses, based on data from the predictor tool.
Pie Insurance will be a full-service Managing General Agent, handling everything from quotes to claims, and backed by Sirius.
Over time, Pie Insurance will be based in more than 40 states as regulatory approval comes through.