Pie Insurance, a digitally-enabled direct distribution workers’ compensation insurance business, closed a $4.3 million seed round of funding. Investors include Sirius Group, a global specialty insurer and reinsurer with $2.9 billion in capital, Moxley Holdings, and Elefund.
Pie Insurance also officially launched at the InsureTech Connect conference. The company’s initial offering is an interactive price predictor tool that allows SMBs improved insight into their workers’ compensation insurance rates. It uses Pie’s proprietary pricing algorithms and draws on Valen’s InsureRight Platform and industry-leading data consortium, with $59 billion of insurance premium and claims data.
The company’s cofounder and CEO is John Swigart, who was part of the executive team that led Esurance from startup to its sale to Allstate for $1 billion in 2011.