What is RE PIE Asset Management
Allianz X leads $ 118 million financing round for US insurtech Pie Insurance
Pie will use the funds from the latest financing round to further develop its technology and thus further expand its competitive advantage. At the same time, the company will use the additional capital to continue growing in the small business occupational accident insurance market, which is valued at $ 25 billion. In addition, there are plans to develop new products and open up new market segments in commercial property and casualty insurance.
"Pie is about to fundamentally transform the commercial property and casualty insurance market in the US," said Nazim Cetin, CEO of Allianz X. “With a future-oriented technology, Pie has revolutionized the customer experience and at the same time ensured that a previously lengthy process has become more efficient for everyone involved. The company has enormous growth potential far beyond its current core business. With Pie, Allianz has a wide range of cooperation opportunities in the joint development and sale of insurance solutions. We also see starting points for cooperation with some of our other portfolio companies with a corporate client business. "
"Insurance for commercial customers is long overdue for the digital transformation that private customers have benefited from for years," said John Swigart, Co-Founder and CEO of Pie Insurance. “More than ever, small businesses should be supported, not hindered, by their insurance company. Pie is leading the way in building an affordable, modern insurance offering. The current funding enables us to expand our business and invest in technology and tools that will be used immediately by our customers and partners. "
Allianz X has been investing successfully in high-growth digital companies in North America for years and is involved in, among other things, the online payment service provider Stripe, the telemedicine company Amwell, the digital working capital marketplace C2FO, Wealthsimple, a Canadian provider of digital investment solutions, and the digital asset Management and lending company Purpose Financial, also based in Canada. In addition, Allianz X was one of the major investors in Lemonade, a leading digital insurer for private customers, well before the IPO.
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