Pie serves up API for partners
Pie Insurance has launched an API for partners, allowing them to tap into a variety of digital services and insights platforms.
Founded in 2017, the US insurtech specialises in small business employee comp insurance, automating coverage to offer quotes within minutes and using analytics to help them save money.
The proposition has attracted vast swathes of SMEs across the states; the business reached $100m in premiums last month after just three and a half years on the market.
Through the launch of its API, Pie’s partners will be able to offer these same services to its customers while, importantly, keeping them within their own distinct systems. They can also customise the integration to leverage the features that best serve their client base, as well as accessing a variety of endpoints for things such as pricing or bindable quotes.
Dax Craig, co-founder and president of Pie Insurance, says the move will empower its customers to offer “affordable coverage more efficiently than ever before”.
“We believe opening up our API is an essential step to ensure Pie delivers an automated and easy-to-use workers’ comp insurance experience,” he adds.
Pie’s partner network has increased almost 200% since the beginning of the year, rising to more than 1000 retail and wholesale agencies. The growth follows broader trends within the insurance industry as businesses and individuals increasingly head directly to digital platforms for their coverage.
McKinsey expects this trend to continue, and warns that insurance firms who do not adapt to a more digital process would flounder in the years to come. A recent McKinsey study found that smaller businesses in the UK prefer the immediacy and flexibility of insurtech platforms over many of the benefits offered by incumbent insurance brokers. In fact, more SMEs said they would likely look to cut brokers out of the equation altogether once they had navigated the COVID-19 pandemic.
TrueMotion insurtech acquired by Cambridge Mobile Telematics
One of the world’s leading telematics insurtechs, Cambridge Mobile Telematics, was launched in 2010 and powers 65 enterprise programmes in 28 countries.
Meanwhile, TrueMotion, which launched in 2012, has enjoyed significant success as a telematics operator, raising US$10mn in its seed funding round in 2010, and then partnering with the motor insurtech Noblr in 2019.
TrueMotion has also entered the European market, collaborating with LB Forsikring to promote safe driving in Denmark.
The joining of the companies means TrueMotion’s 150-strong workforce will join Cambridge Mobile Telematic’s already established team, along with their client list, which includes Travelers, Farmers, and Progressive.
The new company will focus on increased interest in using telematics for crash reconstruction in personal lines claims and more innovation in the telematics space.
Speaking about the acquisition, William Powers, CEO, and co-founder of Cambridge Mobile Telematics, described the move as an opportunity to explore new markets, expand throughout the US and bring telematics to a much wider customer base.
"With this acquisition, we will use our world-class talent, technology, and scale to help our partners overcome the complex challenges of global road safety,” he added.
Ryan McMahon, VP of insurance and customer affairs for Cambridge Mobile Telematics, explained that expanding the company with additional talent and customers would help meet the demands of a growing telematics market. He also quoted data from a study by J.D. Power which revealed that personal auto telematics users have doubled in five years to 16% of policyholders.
McMahon told the press, “This market is rapidly expanding, and building more capabilities is more important than ever,” McMahon says. “Both companies follow similar philosophies and grew up in similar ecosystems, and now we’re bringing those cultures together.”
He continued, “Telematics is absolutely the future of commercial auto and rideshare, and it’s kind of a step up beyond the normal telematics."
McMahon added, “We will not only widen our lead in smartphone telematics, but also use our combined talent to invent new products for risk measurement, contextual telematics, and crash mitigation across emerging mobile, IoT, connected-car, video, and sensing technologies.”
Five reasons why telematics is in demand
- It reduces fuel costs and increases operational efficiency. This is a consideration for most commercial fleets given the rising costs of fuel
- The technology enables fleet managers to plan operations with greater precision by providing exact locations, timescales, and speeds of vehicles.
- It improves driving standards and monitors driver behaviour, reducing detours and ensuring responsible driving.
- It helps fleet health and maintenance by monitoring the health of operational vehicles.
- It increases corporate social responsibility in terms of care for the driver, the vehicle, the impact of driving in terms of emissions, and also the security of the vehicle itself.
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