Pie, a tech-enabled provider of worker compensation insurance to small businesses, has launched a pay-as-you-go billion solution.
New Pie policyholders can pay for their workers’ compensation insurance policy on their individual payroll cycle, avoiding the need for an initial deposit. With this billing option, Pie works with customers and their payroll providers to ensure accurate premium payments throughout a policy term.
Pie said the new solution??initially offered through Reliable Premium Management??was developed to make the commercial insurance experience more cost-effective and stress-free for small business owners. By adopting Pie’s Pay-as-you-go solution, small businesses can reduce upfront costs, improve overall cash flow, and simplify their workers’ comp audit experience.
Since 2017, Pie has received over $300m in funding, grown its gross written premium to over $100m, and partnered with over 1,000 agencies nationwide.
The InsurTech received regulatory approval from the Illinois Department of Insurance to purchase Western Select Insurance Company in 2021. At the time, Pie said the acquisition represented an important step by the company to execute on its strategy of becoming a full-stack insurance carrier.
Pie also closed its Series C round on $118m in 2021, led by Allianz X and Acrew Capital.
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