Pie Insurance

What Pie Insurance does

Pie Insurance is a US-based insurtech founded in 2017 that provides workers' compensation and adjacent commercial insurance to small businesses with 1-500 employees across 40 states and Washington, DC. The company operates through a multi-entity holding structure under Pie Group Holdings, Inc., with Pie Insurance Services, Inc. acting as the licensed producer, The Pie Insurance Company (NAIC 21857) and Pie Casualty Insurance Company as underwriting affiliates, and Pie Carrier Holdings, Inc. as an intermediate holding entity.

The core product is workers' compensation insurance underwritten by Pie, complemented by Business Owner's Policy, Commercial Auto, General Liability, and Errors and Omissions coverage underwritten by third-party insurer partners and distributed through Pie. The platform is built on a cloud-native architecture with a Snowflake data warehouse using Data Vault 2.0 modeling, orchestrated via Airflow DAGs and Python/SQL pipelines, and integrated with Salesforce (Sales Cloud and Service Cloud), Zuora for billing, Sage Intacct for ERP, Workato as the iPaaS, and Marketing Cloud. AI/ML capabilities power a data-driven underwriting and pricing engine that delivers instant bind or decline decisions and an appetite checker covering class codes representing 88% of the small business market.

Revenue is earned primarily as a percentage of customer payroll on auditable workers' comp policies on a pay-as-you-go basis, with additional commission revenue from adjacent commercial lines distributed as a licensed producer. Distribution runs through two parallel motions: a direct-to-small-business online storefront enabling approximately 3-minute quotes and instant bind, and a partner portal plus public-facing API that allows insurance agents and brokers to quote, bind, and service policies on Pie's behalf. The company was named to the 2025 America's Best Startup Employers list and holds an A- (Excellent) financial strength rating from AM Best, and has raised over $615M in cumulative funding led by Centerbridge Partners and Allianz X.

Name

Pie Insurance

Legal name

Pie Insurance Services, Inc.

Website

https://pieinsurance.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

251–500 employees

Short description

Pie Insurance is a US insurtech providing workers' compensation and adjacent commercial insurance to small businesses with 1-500 employees across 40 states plus DC, using an AI/ML-driven pricing engine and dual direct-and-agent distribution.

Ownership category

akta.pro rank

Product category

Small Business Commercial Insurance

NAICS

Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (52421), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

akta.pro primary industry

Workers’ Compensation for Small Business & Pay-As-You-Go Programs (FSAJAEAG)

akta.pro secondary industries

Indemnity (Lost-Time) Workers’ Compensation (FSAJAEAB), Restaurants, Bars & Food Service BOP (FSAJAFAG), Contractors BOP / Artisan Package (FSAJAFAD), Commercial Package / Business Owners Policies (BOP) (FSAJAMAG), Professional Firms BOP (Office/Professional) (FSAJAFAE)

Keywords

• Workers compensation insurance
• Small business insurance
• Commercial insurance
• Insurance technology
• Pay-as-you-go billing

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Workers' compensation insurance premiums: Primary revenue stream earned as a percentage of customer payroll on auditable workers' compensation policies, typically paid on a pay-as-you-go basis. Workers' comp policies are underwritten by The Pie Insurance Company (NAIC 21857) and affiliates.
2. Commercial Auto, Business Owner's Policy, General Liability, and Professional Liability (Errors and Omissions) insurance: Adjacent small business insurance lines underwritten by third-party insurers and administered/sold by Pie Insurance Services, Inc. as a licensed producer, generating commission/placement revenue.
3. Premium audit true-up revenue: End-of-policy payroll audits finalize the actual premium owed, leading to additional premium collected or credits issued based on differences between estimated and actual payroll.
4. Agent commissions and partner revenue: Pie pays commissions to partner agents for binding workers' comp business through the partner portal, reflecting a channel-based revenue distribution model.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels9 records

Core offering

Pie Insurance provides workers' compensation insurance to U.S. small businesses (1-500 employees), sold directly online or through insurance agents via a partner portal and API, with online quotes in approximately 3 minutes and pay-as-you-go premium billing. Around its core workers' comp product, Pie offers adjacent commercial lines including Business Owner's Policy, Commercial Auto, General Liability, and Errors and Omissions (Professional Liability), and provides premium audit and claims services. Workers' comp is underwritten by The Pie Insurance Company (NAIC 21857), while the commercial lines are underwritten by third-party insurers with Pie Insurance Services, Inc. acting as a licensed producer.

Product overview

Pie Insurance operates as a platform of small business commercial insurance products sold through online direct channels and an agency partner portal. Workers' Compensation is the core underwriting product, around which the platform is organized (premium audit, claims, class-code appetite checking, pay-as-you-go billing). Around this core, Pie has assembled a portfolio of complementary commercial lines including Business Owner's Policy, Commercial Auto, General Liability, and Errors and Omissions (Professional Liability) Insurance, plus supporting services such as the Partner Portal, agent-facing API, Appetite Checker, Premium Audit service, and Claims service. The platform is sold in 40 states and Washington D.C. with workers' comp underwritten by The Pie Insurance Company and other lines underwritten by third-party insurer partners.

Differentiator

Problem solved

Functional benefit

Products and services

• Workers' Compensation Insurance State-mandated workers' compensation insurance for U.S. small businesses providing medical, disability, death, and rehabilitation benefits to injured employees. Available in 40 states and Washington, D.C., with online quotes in approximately 3 minutes and promoted savings of up to 30%. Underwritten by The Pie Insurance Company (NAIC 21857) and affiliates, with pay-as-you-go premium billing as a percentage of payroll.
• Business Owner's Policy (BOP) Combined business insurance package for small businesses covering property and liability exposures; underwritten by third-party insurer partners and administered/sold by Pie Insurance Services, Inc. as a licensed producer.
• Commercial Auto Insurance Commercial auto insurance for small businesses covering vehicles used for business purposes; underwritten by third-party insurer partners and distributed through Pie Insurance Services, Inc.
• General Liability Insurance General liability coverage for small businesses against third-party bodily injury and property damage claims; underwritten by third-party insurer partners and distributed through Pie Insurance Services, Inc.
• Errors and Omissions Insurance (Professional Liability) Professional liability / errors and omissions coverage for small businesses providing professional services, protecting against claims of negligent acts, errors, or omissions; underwritten by third-party insurer partners and distributed through Pie Insurance Services, Inc.
• Premium Audit Service Annual payroll-based premium audit service that reconciles estimated workers' comp premium against actual payroll, employee classifications, and subcontractor certificates of insurance for small business policyholders.
• Claims Service Claims intake and management for workers' compensation and commercial auto claims, including 24/7 phone intake (844-581-0828), online claim submission, email intake ([email protected]), and state-specific workplace injury notices across served states.

Named customers4 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability7 records

Feature6 records

Partnerships

Three partnerships are on record, tiered core marketing/analytics infrastructure, wholesale broker partner and strategic reinsurance and collaboration alignment.

• Google (Google Analytics, Google Ad Solutions, Enhance Conversions)core marketing/analytics infrastructureTechnology or IntegrationGoogle Analytics, Google Ad Solutions, and Enhance Conversions are used to track site traffic, analyze the effectiveness of the website, compile data on ad interactions, and measure conversions. First-party and third-party cookies are deployed; the firm honors browser Do Not Track requests.
• London Underwriterswholesale broker partnerChannel Partner/ Reseller/ DistributorLondon Underwriters, a wholesale insurance broker, announced a partnership with Pie Insurance as part of multiple commercial insurance collaborations between 2019 and 2025, focused on expanding access to commercial insurance products.
• Allianz (strategic corporate relationship)strategic reinsurance and collaboration alignmentStrategic or Co-development PartnerAllianz X (the VC arm of Allianz) invests in insurtechs that show strategic collaboration with Allianz entities and often include reinsurance support, enabling growth. The Allianz X CIO has publicly discussed what makes a successful insurtech, signaling ongoing strategic alignment between Pie Insurance and Allianz group entities.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Founder Shield: Founder Shield is an emerging insurtech focused on commercial insurance for startups and small businesses, including D&O, E&O, and BOP. It overlaps with Pie's SMB target customer base and product portfolio, though with stronger orientation toward venture-backed startups.

Direct peers

• Next Insurance: Next Insurance is the most direct competitor to Pie — both target U.S. small businesses with digitally distributed commercial insurance including workers' comp, GL, and BOP. Both use instant-bind technology and a partner/agent channel, making them the closest 1:1 comparison in the SMB insurtech space.
• Hiscox: Hiscox is a specialty insurer that sells small business commercial insurance (professional liability, BOP, workers' comp via partnerships) directly online and through agents. Overlaps directly with Pie's SMB target market and product set, including digital distribution.
• biBERK (Berkshire Hathaway): biBERK is Berkshire Hathaway's direct-to-small-business commercial insurance brand, offering workers' comp, BOP, and other lines online with instant quotes. It competes head-to-head with Pie's direct SMB storefront using Berkshire's balance-sheet strength as a pricing lever.
• Employers Holdings: Employers Holdings is a publicly traded specialty workers' comp insurer focused exclusively on small businesses — the closest pure-play public comp to Pie's workers' comp core. Useful benchmark for underwriting margins, combined ratios, and reserve adequacy in Pie's exact niche.
• CoverWallet (Aon): CoverWallet is an SMB-focused commercial insurance platform acquired by Aon, offering online quoting and binding of multiple commercial lines including workers' comp. Directly comparable to Pie on digital SMB distribution and product breadth.

Broad incumbents

• AmTrust Financial Services: AmTrust is a large specialty insurer with a major workers' comp franchise and deep SMB agency relationships. As a broad incumbent it competes with Pie across small business workers' comp through agency channels, though it is much larger and less SMB-focused than Pie.
• The Hartford: The Hartford is a major incumbent in small commercial workers' comp and BOP with deep agent ties across the U.S. It competes with Pie across the same SMB customers via agency distribution but at much larger scale and broader product breadth.
• Travelers: Travelers is a top-3 U.S. workers' comp writer with deep agency relationships and small business focus via its Bond & Specialty Insurance division. A broad incumbent competing with Pie on SMB workers' comp distribution, especially through agents.
• Markel: Markel is a specialty insurer with small commercial and workers' comp exposure, often cited as an underwriting-quality benchmark. Competes with Pie on agent-led specialty distribution and risk selection in SMB segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/PieInsurance
• LinkedInlinkedin.com/company/pieinsurance
• Xx.com/pie_insurance

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries3 records

Funding overview

Funding rounds8 records

Investors17 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pie Insurance