NATIONAL COUNCIL OF INSURANCE LEGISLATORS March 7, 2020 Pie is modernizing the entire small business insurance experience from quote to claim
• Pie Insurance was started in 2017 and wrote its first policy in 2018. • We are a Program Manager writing on Sirius Who is Pie America Insurance Company’s paper. Insurance • Pie writes on a direct basis and through independent agents. • Currently live in 35 states and DC and should be nationwide by the end 2020. October 2019 Confidential 2
Pie Is Following a Proven Path Footer October 2019 Confidential 3
We Believe America’s • 6 million small businesses are required to Small buy work comp insurance • Spend $20+ billion per year Businesses • Based on our research Pie believes 80% of Need Pie small business are overcharged Insurance October 2019 Confidential 4
Current User Experience Can Take Weeks APPS INSURANCE COMPLETE BUSINESS TELEPHONE AGENT APPS BUSINESS APP FAXED AGENT EMAILED CARRIER MANUAL EMAILED APPS UW / AGENT P OLICY UNDERWRITER QUOTE QUOTE QUOTE CONTRACT P AYMENT AGENT AGENT BUSINESS I SSUED QUOTES EMAILED NEGOTIATE FINALIZED EMAILED SIGNED October 2019 Confidential 5
Making Insurance as Easy as Pie Entry Quote Purchase ~10 Questions ~6 Questions ~3 minutes ~5 minutes October 2019 Confidential 6
Meet Jim Pelletier of JP Construction • 26 years in business • Concrete installer • $75,000 in (non owner) payroll • Found Pie through • Non-renewed by Auto- Owners (for being too small) • Purchased $6,594 policy October 2019 Confidential 7
Meeting Small Business Owners Where They Are 75 % 67 % 80 % Mobile Outside Business Hours Social October 2019 Confidential 8
Regulatory Obstacles to Insurance in E-Commerce #1: Insurance was not developed with online transactions in mind 1990s 2100 BC 1667 AD Early E-commerce Code of Hammurabi The Insurance Office Insurance companies Contained an early After the great fire in started to set up their insurance type protecting London, the first insurance websites and selling traders who took out company was formed. policies online. loans. They could pay an additional sum to a bank From then on, insurance for loan forgiveness for became more and more lost shipments. prominent. October 2019 Confidential 9
Regulatory Obstacles to Insurance in E-Commerce #2: Many consumers no longer consider mail as their ‘communication of record.’ POLICY CANCELLATION PAPERLESS OPT-IN DOCUMENTS NOTICES Some states allow Many state statutes Notices of companies to send and regulations cancellation and non- policy documents and require insurance renewals are often notices to an insured companies to send required to be sent electronically, if policy documents to via registered return specific terms are an insured by mail. receipt requested agreed to by the U.S. mail. policyholder. October 2019 Confidential 10
Regulatory Obstacles to Insurance in E-Commerce #3: In 2020, many companies operate in a fully digital environment. ELECTRONIC EXPANSION SIGNATURES APPLICATIONS E-signatures are not widely Some states allow at least accepted by DOIs, even partially electronic CERTIFICATE OF INSURANCE though most states have expansion applications, but AUTHORITY APPLICATIONS passed an e-signatures act. some require portions be Examples: yellow books, mailed in. Others require countersigned Applications for a paper applications mailed Online insurance endorsements certificate of authority, to multiple locations. applications, in lieu of an although submitted ACORD 130, require more electronically, are basically explanation and longer paper applications that are approval processes. uploaded and submitted . October 2019 Confidential 11
Is it time for a “Workers’ Comp” rebrand? Companies rarely use the phrase ‘workers.’ Does the product offer ‘compensation’? Team Member Personnel Support EMPLOYEE Staff Talent Assistance Protection EMPLOYEE Talent Protection Support Team Member Reimbursement October 2019 Confidential 12
Thank You Teri Leon, General Counsel teri.leon@pieinsurance.com October 2019 Confidential 13
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