About Us | Pie Insurance

Summary

The transcript highlights the vital role of small businesses as the backbone of the U.S. economy, emphasizing the entrepreneurial spirit and the importance of grit. Pi, an insure tech company, aims to empower these businesses by offering affordable and efficient commercial insurance solutions, addressing the shortcomings of traditional insurers. By leveraging advanced technology and data, Pi tailors pricing for small businesses, exemplified by a case of a small concrete company that found coverage when denied by others. With a vision to be the primary resource for small business insurance, Pi combines industry expertise with innovation to disrupt a long-standing market.

Takeaways

• 😀 Small businesses are considered the backbone of the economy, embodying the entrepreneurial spirit of turning ideas into reality.
• 💪 The journey of a small business owner is filled with challenges, requiring significant grit and resilience.
• 👨‍👩‍👧‍👦 The speaker comes from a family of small business owners, highlighting a legacy of entrepreneurship and its associated struggles.
• 🏢 Pai is an insure tech company aimed at empowering small businesses through affordable and accessible commercial insurance.
• 💰 Workers' compensation is a major expense for small businesses, often ranking just below payroll in terms of costs.
• 📈 Traditional commercial insurance processes are inefficient and often do not serve small businesses effectively due to their simplistic underwriting methods.
• 🤖 Pai leverages advanced data and technology, including machine learning and AI, to offer personalized pricing for small businesses.
• 🔍 An example of Pai's impact is a concrete business that saved 30% on insurance compared to its previous provider after being turned away due to its size.
• 🌟 Pai aims to be the go-to source for small businesses and their agents when shopping for commercial insurance.
• 🏆 The company's vision includes disrupting a long-standing industry by combining insurance expertise with innovative technology for sustainable growth.

Q & A

Why are small businesses considered important to the economy?

Small businesses are seen as the backbone of the country, embodying the entrepreneurial spirit and providing jobs for people. They represent the ability to create something from nothing, contributing significantly to the economy.

What does the speaker attribute as essential qualities for small business success?

The speaker emphasizes the importance of 'grit' as a crucial quality needed to navigate the challenges and ups and downs of running a small business.

What is the mission of the insurtech company, pi?

pi's mission is to empower small businesses by providing them with affordable and accessible commercial insurance, helping them thrive and succeed in their operations.

How does pi differentiate itself from traditional insurance companies?

pi differentiates itself by utilizing advanced data and technology to customize pricing at the individual business level, addressing the needs of small businesses that traditional insurers often overlook.

What challenges do small businesses face with traditional insurance underwriting?

Traditional insurance underwriting often relies on limited data and does not cater well to small businesses, which may result in higher costs or denial of coverage due to their size and policy amounts.

Can you provide an example of a small business that benefited from pi's services?

Yes, a small flatwork concrete business was dropped by its insurance company due to its low policy amount. After finding pi, it received a new policy that saved approximately 30% on its previous costs, showcasing pi's ability to serve smaller businesses effectively.

What are the main advantages pi claims to offer small businesses?

pi offers advantages such as more accurate pricing through sophisticated algorithms, personalized service, and the ability to serve businesses that traditional insurers might reject due to size.

What is pi's vision for the future of small business insurance?

pi aims to be the first choice for small businesses and the agents who serve them when shopping for commercial insurance, aspiring to disrupt the traditional insurance industry with innovative technology.

What technologies does pi employ to improve insurance pricing and underwriting?

pi uses advanced machine learning and artificial intelligence algorithms to analyze data and tailor insurance pricing for small businesses, allowing for more precise and competitive offerings.

How does pi ensure sustainable competitive advantage in the insurance industry?

pi combines insurance expertise with cutting-edge technology, maintaining disciplined pricing and underwriting practices to create a long-term competitive advantage in the market.