Pie Insurance, an online seller of workers’ compensation policies to small-and-medium-sized businesses, reported it has completed an $11 million Series A funding round. The round was led by venture capital firm Greycroft, and included participation from Aspect Ventures, as well as existing investors specialty insurer Sirius Group and other venture capital firms.
Pie Insurance is a full stack MGA operation, currently offering its online buying process that includes an interactive pricing tool in eight states. Pie utilizes analytics to identify risk and price policies for businesses, removing steps from the purchase process, and generating savings for many businesses. According to its predictive model, 80 percent of small businesses are overpaying for coverage, often by as much as 30 percent.
The firm said the new funds will be used to scale the company’s operations and to expand geographically.
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