Pie Insurance is revolutionizing insurance for small businesses with AI-driven solutions
Summary
TLDRこのビデオスクリプトでは、Pi Insuranceの共同創業者兼CEOであるJohn Swagerが登場し、同社がどのように小規模ビジネス向けの商業保険、特に労働者補償保険や商業自動車保険を提供しているかについて語っています。彼は、小規模ビジネスが直面する特有の課題に対処し、データと分析を用いてより正確な価格設定を行うことで、保険をより手頃な価格で提供している点を強調しています。また、AIと機械学習を駆使して効率性と顧客体験を向上させていること、2024年には事業拡大を目指していることなどが語られました。最後に、Pi Insuranceが長期的に公開企業になることを目指しており、その準備過程について学ぶためにIPOサミットに参加していることが述べられています。
Takeaways
- 🏢 パイ・インシュアランスは中小企業向けのインシュアテック会社で、CEOはジョン・スワガーです。
- 👥 同社は特に青色産業やサービス産業を対象としており、労働者補償保険と商業自動車保険を提供しています。
- 💼 中小企業が直面する課題に対処し、保険の手頃な価格とアクセシビリティを改善することを目指しています。
- 📊 データ、分析、独自のアルゴリズムを使用して、より正確な価格設定を行い、顧客に低価格を提供しています。
- 🤖 AIと機械学習を活用して価格設定とアンダーライティングのツールとモデルを開発しています。
- 💡 内部の効率化と顧客サービスの向上のためにもAIを導入しています。
- 🚗 フォードとの独占的なパートナーシップを通じて、商業自動車保険市場への進出を加速しています。
- 📈 2024年は事業拡大に重点を置き、特に商業自動車保険と労働者補償保険の分野での成長を目指しています。
- 🔄 労働者補償保険の主要業務であるクレーム処理を内製化し、顧客体験を向上させています。
- 📅 ニューヨーク証券取引所で開催されたIPOサミットに参加し、将来的に公開企業になるための準備とプロセスについて学んでいます。
Q & A
Pi Insuranceの共同創設者兼CEOは誰ですか?
-John Swagerです。
Pi Insuranceはどのような会社ですか?
-小規模ビジネス向けのインシュアテック会社で、商業保険と労働者補償保険を提供しています。最近、商用自動車保険にも拡大しました。
Pi Insuranceは小規模ビジネスのどのような特定の課題に対処していますか?
-さまざまなニーズを持つ小規模ビジネス、特に青色産業やサービス産業に対して、手頃な価格の保険を簡単に提供することで課題に対処しています。
Pi InsuranceはAIをどのように活用していますか?
-AIと機械学習を使用して価格設定とアンダーライティングのツールを開発し、ソフトウェア開発と顧客サービスを効率化しています。
2024年のPi Insuranceの優先事項は何ですか?
-商用自動車保険への拡大、Fordとのパートナーシップを通じた商用車保険の提供、労働者補償保険の内製化、価格設定アルゴリズムの開発です。
Pi Insuranceはどのようにして顧客のニーズに合わせた保険を提供していますか?
-データと分析、独自のアルゴリズムを使用して、より正確に価格設定し、顧客に手頃な価格を提供しています。
Pi Insuranceはどの業界にサービスを提供していますか?
-会計事務所からレストラン、木の剪定業者、造園業者、屋根工事業者、請負業者など、青色産業とサービス産業を中心にサービスを提供しています。
Pi Insuranceの2024年における商用自動車保険での取り組みは何ですか?
-Ford Proプラットフォームの商用自動車保険提供者としてFordとの排他的な関係を構築し、その提供を拡大しています。
Pi InsuranceはIPOに向けてどのような準備をしていますか?
-自己持続可能で公開会社になる長期的な計画を持ち、IPOサミットに参加して過程と準備について学んでいます。
Pi Insuranceの技術はどのように顧客体験を向上させていますか?
-効率的で優れた顧客体験を提供するために、低コストの維持を目指して技術を活用しています。
Outlines
🎤 Introducing guest John Swagger, co-founder of Pi Insurance
The host introduces guest John Swagger, co-founder and CEO of Pi Insurance. Pi Insurance provides commercial insurance focused on small businesses, including workers' compensation and commercial auto insurance. John discusses the specific challenges small businesses face in getting affordable and adequate insurance.
📊 How Pi Insurance uses AI and machine learning
John explains how Pi Insurance has used machine learning since its founding in 2017 to develop pricing and underwriting tools and models. He discusses how they are now expanding the use of AI for software development, customer service, and to assist human underwriters.
🗓 Priorities and goals for Pi Insurance in 2024
Looking ahead to 2024, John states Pi Insurance's priorities are expanding into commercial auto insurance through a partnership with Ford, improving their workers compensation capabilities, and continuing to refine their pricing algorithms. He also discusses the possibility of eventually having a public offering.
🤝 Hopes for attending the IPO summit event
In concluding, John shares that while Pi Insurance is currently focused on building the business, he hopes attending the IPO summit will give them useful perspective on the process and timeline for eventually having a public offering.
Mindmap
Keywords
💡insurance
💡small business
💡technology
💡pricing
💡expansion
💡partnership
💡readiness
💡customers
💡claims
💡underwriting
Highlights
Provides commercial insurance for small businesses
Focuses on serving blue collar industries with affordable insurance
Uses data and algorithms to accurately price insurance
Leverages machine learning for pricing and underwriting
Bringing AI into software development and customer service
Using AI to make underwriters more efficient
Expanding into commercial auto insurance through Ford partnership
Brought claims servicing in-house for better customer experience
Launched next-gen pricing algorithms in 2023
Priorities for 2024 are expanding insurance lines and improving algorithms
Considering IPO in long term once business is self-sustaining
Attending IPO summit to understand IPO readiness process
IPO is a 12-24 month process requiring preparation
Want exposure to IPO opportunities and requirements
Need to understand what it takes to be IPO-ready
Transcripts
[Music]
joining me on NYY floor Talk is John
swager he is a co-founder and CEO at Pi
Insurance John it's wonderful to have
you here thanks for joining me on floor
talk thank you so much for having me so
let's start off by talking about the
company what is pi Insurance what do you
do PI insurance is a small business
focused insur Tech we um provide
Commercial Insurance we ride Workers
Compensation Insurance which is a
required product if you have employees
and we've just expanded into commercial
auto insurance okay so now tell me what
specific challenges of small businesses
do you address and how are your services
tailored to meet their needs yeah so
small businesses there's a wide range of
small businesses obviously you have
accounting firms you have restaurants
but you also have tree trimmers and
landscapers and roofers and contractors
um and they all have different needs we
serve more the blue collar industries
the service Industries and they actually
find that it's quite hard and
challenging to find Insurance that's
affordable that's available that meets
their needs um and so what we're doing
is we're making it easier uh that's
where the name comes from actually easy
as P um we're making it easier and more
affordable for those businesses to get
insurance we use data and analytics and
proprietary algorithms to be able to
price them more accurately so we can
provide lower prices to customers who
deserve that and we use that technology
to also deliver a really efficient and
great customer experience so that we
have low cost
to not uh again to be able to offer
lower prices to them okay so everyone's
talking about AI tell me how are you
embracing AI yeah so AI is certainly a
very exciting uh advancement in
technology um we've been embracing sort
of the machine learning side of AI from
the founding of the company we use uh
pretty sophisticated machine learning
algorithms to develop our pricing and
underwriting tools and models um and
that's been in the works since we found
out the company in 2017 we've iterated
on them we've continued to to advance
them and change them and make them more
and more accurate we're bringing AI now
into the broader piece of the business
both internally we're leveraging a lot
of tools on the software development
side to make our software developers
more efficient more scalable to be able
to increase our velocity and improve our
accuracy of code and so forth there's a
lot of tools on that side we're also
introducing it into the service parts of
our business as well to more efficiently
serve customers um as well as sort of
the underwriting side of the business so
that our Underwriters we do have human
Underwriters so we don't do it all with
technology but so that our Underwriters
are much more um scalable and capable
and can focus on sort of the higher
value elements of the job that they do
and use the machines and the tools to do
research for them to gather a bunch of
data uh organize that data in a very
summarized way so that the underwriters
have a lot of information in front of
them um in a more immediate basis tell
me what are your priorities for piie
insurance in 2024 yeah 2024 is about
about expansion of lines of business so
continuing to move into the commercial
Auto space we have a really exciting
partnership that we develop with Ford on
the Ford Pro um so Ford is the largest
uh seller of commercial light trucks and
vans in the in the country with about
40% market share uh in 2022 we signed
exclusive relationship with them to be
the commercial auto insurance provider
for their Ford Pro platform so we're
continuing to build that out we're also
expanding um within workers compensation
our Coral line of business we've brought
uh claims servicing inhouse so now we're
delivering a pi uh specific experience
for our Injured Workers and our small
businesses and we're continuing to
develop and build out those pricing
algorithms so we launched our um sort of
next generation of Pi pricing algorithms
in late 23 that are um going to really
improve and drive our business in 24
okay and finally we're here at the NYC
at the IPO summit tell tell me what are
you hoping to gain from attending this
event it's an exciting event um we're
we're focused on building our business
right now but we do think in long term
uh the right answer for a company like
Pi is to get to self- sustainability and
to be a public company um and so we've
we've heard and we know and we're
getting a lot of exposure today that
that is not a decision that you make all
of the sudden on one day and then the
next day you're sort of doing it it's a
process it's a Readiness aspect and um
we just want to get exposure to the
different opportunities and what what
it's going to take and think about what
that 12 18 24mth process really is um
for a business like ours all right well
John fantastic to talk with you thanks
for joining me thank you thank you so
much
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