Pie Insurance is revolutionizing insurance for small businesses with AI-driven solutions

Summary

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

00:00

🎤 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.

Keywords

💡insurance

Insurance is a key concept in the video. As a co-founder of an insurtech company called Pi Insurance, John provides commercial insurance products like workers' compensation and commercial auto insurance to small businesses. He talks about using technology and data to make insurance more affordable and accessible.

💡small business

The video focuses on small businesses as the target customers for Pi Insurance. John mentions they serve small businesses in blue collar industries like restaurants, contractors, landscapers etc. These small businesses have difficulty getting affordable insurance that meets their needs.

💡technology

Technology, especially AI and machine learning, powers many aspects of Pi Insurance's offerings - from accurate pricing and underwriting models to efficient customer service. John emphasizes their goal is to leverage technology to benefit small business customers.

💡pricing

Competitive and accurate pricing is a priority for Pi Insurance. John talks about using proprietary algorithms and machine learning models to price insurance policies based on risk analysis of individual small businesses.

💡expansion

For 2024, Pi Insurance is focused on expanding into new lines of business like commercial auto insurance through a deal with Ford. They are also improving their pricing algorithms and claims servicing process to provide an enhanced customer experience.

💡partnership

John mentions an exclusive partnership deal Pi Insurance signed with Ford to be the commercial auto insurance provider on the Ford Pro platform that targets small business owners. Strategic partnerships are key for their growth.

💡readiness

Though going public via an IPO is a long-term goal, John emphasizes the need for readiness in terms of processes, systems, and infrastructure before taking that step. The IPO summit is an opportunity to learn about readiness requirements.

💡customers

The entire business model and product development at Pi Insurance revolves around better serving small business customers - from affordable pricing to efficient claims servicing. Their technology innovations also aim to improve customer experience.

💡claims

Pi Insurance has brought claims servicing in-house in 2023 to deliver a tailored experience for their injured worker and small business customers. Efficient claims processing is an important service aspect.

💡underwriting

Accurate automated underwriting processes using machine learning algorithms help Pi Insurance gather and analyze risk data to price and issue policies. John mentions combining this technology with human underwriters to focus on high-value tasks.

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