Summary List Placement
The US-based insurtech for small and medium-sized businesses (SMBs) raised $118 million in Series C funding led by Acrew Capital and Allianz X, the digital investment unit of insurer Allianz, bringing its total funds raised to $300 million, per TechCrunch.
Pie Insurance offers coverage ranging from workers’ compensation to cyber risk directly to SMBs and through more than 1,000 agencies nationwide. It will use the funding to invest further in its tech and add new business offerings this year.
Last year’s rapid growth has piqued investor attention in SMB-focused insurtechs. For years, small businesses mainly faced one-size-fits-all policies, but Pie is filling this gap, bringing to commercial insurance “the online transformation that personal lines have benefited from for years,” per John Swigart, co-founder and CEO of Pie Insurance. Pie uses proprietary data and advanced analytics to tailor SMB underwriting and automate the application process—like Root, Lemonade, and Hippo do for individuals.
The much needed solution turbocharged its growth in 2020: Pie exceeded $100 million in cumulative premiums in October, up from $19 million in Q1 of 2020, per TechCrunch. Its main counterpart, Next Insurance, also saw dramatic growth, doubling its …read more
Source:: Businessinsider – Finance