Workers Compensation – Pie Insurance Benefits

Pie Insurance provides workers’ compensation insurance to small businesses. The company offers a pay-as-you-go premium, audit support, and more. Its investors include Greycroft, Elefund, Moxley Holdings, and other firms.

Pie offers workers’ comp coverage in 38 states and Washington, DC. It also sells business owner’s policies and commercial auto insurance. The company partners with CorVel to manage claims.

1. Pay-as-you-go

Pie Insurance is a tech-enabled provider of workers’ compensation insurance for small businesses. Founded in 2017, the startup has experienced rapid growth, doubling its policyholders and insurance agency partners since its inception.

To make paying for workers’ comp easier, Pie uses Stripe Billing to enable customers to pay directly from their business bank account. With this solution, Pie has doubled its ACH Direct Debit penetration to 58%, reducing payment failure rates and cutting transaction costs.

Pie also leverages advanced features like card account updater, smart retries and adaptive acceptance to reduce declined payments. This has improved the customer experience and is reflected in its high retention rates of more than 80 percent. To further protect their policies and customers, Pie relies on Stripe Radar, a powerful fraud detection tool that combines machine learning with the insights of millions of global transactions. This allows Pie to spot suspicious activity quickly, and proactively flag it for review.

2. Access to a network of providers

Pie specializes in workers’ comp insurance, offering pay-as-you-go premiums and audit support to help small businesses save money. The company also can provide other types of business insurance, but its focus is on making the purchase process easier for small companies.

Customers can sign up for the service through its website, or through a number of distribution partners, including payroll providers and independent insurance agents. The company focuses on writing firms with premiums in the range of $25,000 and below.

Denver-based Pie Insurance closed a $315 million Series D funding round in September 2022, led by Centerbridge Partners and Allianz Group’s digital investments unit Allianz X. It also included White Mountains Insurance Group and previous investors Gallatin Point Capital, Greycroft and Acrew Capital. The deal is one of the largest raised by a property and casualty insurtech in 2022. The new funds will be used to expand the firm’s platform and offer more coverage options for small businesses.

3. Claims assistance

Pie is aiming to revolutionize the way small businesses buy and experience commercial insurance, making it “as easy as pie.” Since its launch in 2017, it has received $300 million in funding and partnered with over 1,000 agencies nationwide.

The company offers a range of business insurance policies, including workers’ comp, general liability, commercial auto, errors and omissions, media production risk, and general business interruption. Its website allows business owners to answer a few questions and receive quotes for these types of coverage from its partners.

The company also provides a number of services to help small business owners with claims assistance, such as providing information on medical providers in its network and connecting injured employees with healthcare. In addition, it helps with coordinating reimbursements and handling regulatory compliance issues. Its streamlined process is designed to save small business owners time and money, while providing a higher level of service. Its workers’ compensation policy is underwritten by Sirius America and is sold directly to small businesses or through its partner agents.

4. Personalized service

Pie Insurance aims to revolutionize workers’ compensation for small business owners by making it simple, fast and affordable. The company uses advanced data analytics, a unique online experience and a well-oiled team of specialists to help small businesses save money on their premiums.

The company’s focus on granular, sophisticated pricing and data-driven customer segmentation allows it to match price with risk accurately across a broad spectrum of small business types. This allows Pie to offer workers’ comp coverage at prices up to 30% less than traditional insurers.

Founded in 2017, the company is backed by investors including Greycroft, Allianz X and White Mountains Insurance Group. Its impressive loss ratios and traction across multiple distribution channels attracted Centerbridge Partners to co-lead the latest round. Pie’s products are available in every state except for the monopolistic states of Connecticut, Idaho, Maine, Massachusetts, Minnesota and South Dakota. The company has raised more than $621 million in funding to date.