Mar 26, 2021

Pie Insurance: SME cover is overdue an online transformation

PieInsurance
workercomp
smallbusiness
P&C
William Girling
2 min
Pie Insurance: SME cover is overdue an online transformation
Small business workers’ comp insurtech Pie Insurance has stated that its US$118m Series C round will usher in long overdue transformation in the secto...

The US-based Pie Insurance was founded in 2017 with a mission to make workers’ comp “as easy as pie” - hence its name.

Partnering with local, regional and national insurance agencies, the company claims that it can save small businesses as much as 30% on premiums. Quotes can be generated online in three minutes and Pie’s services are available in 38 states.

The quality of its services has not gone unnoticed: Pie currently holds a score of 4.5 on Trustpilot, has featured on the ‘InsurTech100, and has raised over $300m in capital so far.

Transforming commercial P&C

Investors Allianz X and Acrew Capital led Pie’s Series C round. Both apparently hold the company’s long-term potential in high regard, with Dr. Nazim Cetin (CEO of Allianz X) going so far as to call its business model a transformation in the US commercial P&C market:

“Using pioneering technology, Pie has revolutionised the customer experience, ensuring that a previously-lengthy process has become more efficient for everyone involved. The company has enormous growth potential far beyond its current core business.”

Lauren Kolodny, Founding Partner at Acrew Capital, was similarly enthusiastic, “In less than four years, Pie has become one of the fastest growing insurtechs in the country, and we’re thrilled to partner with a team that has a passion for improving small business insurance through technology. 

“Pie’s impact on small businesses has been incredible to watch, and we believe they are one of the most compelling companies in insurance today.” 

Supporting small business

The rise in remote working instigated by the pandemic is creating new workplace paradigms that could position small business as the future of commerce.

New, agile and digitally native organisations are offering a glimpse of what a thoroughly integrated world can offer, and incumbents that fail to recognise the opportunity are likely to lose out compared to insurtechs like Safeture and SafetyWing.

In any case, John Swigart, Co-Founder and CEO of Pie Insurance, is of the opinion that commercial insurance is long overdue an online transformation, “Now more than ever, small businesses deserve to be supported, not hindered, by their insurance company. 

“Pie is leading the charge in building a more affordable and modern insurance experience, and today’s funding enables us to expand our operations and invest in technology and tools that will have an immediate impact on our customers and partners.”

Image source: Pie Insurance

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Jun 18, 2021

Akur8’s US$30mn Series B to fuel US and APAC expansion

Insurtech
akur8
AI
Insurance
2 min
Parisian insurtech Akur8 has raised $30mn in a Series B round, capital which will be used as it expands out of the EU and into the US and APAC markets

Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.

The company strives to embody four key values:

  • Challenging a status quo that doesn’t benefit customers
  • “Disrupt the known, organise the unknown”
  • Provide artificial intelligence (AI) tech with a distinctly human edge
  • Create solutions that will endure the test of time

At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”

 

 

Transforming insurance pricing

In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.

The Series B round, which comes just over a year after Akur8’s $12mn Series A, was co-led by returning investors BlackFin Capital Partners and MTech Capital.

“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”

Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”

Cover image source: Akur8

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