Partnering with Ford Credit
It’s been five-and-half years since we started Pie Insurance, but this week is one for the record books. You may have heard the exciting news that Pie has partnered with Ford Credit to launch Ford Pro Insure in 2023. With this, we’re happy to announce commercial auto as Pie’s next line of small business commercial insurance. The partnership with Ford Pro Insure means Pie can double down on our commitment to meet small businesses where they are and when they need commercial insurance-whether through their trusted insurance agent, their payroll provider, directly on our website, and coming in 2023, through their local Ford dealership.
We know our partners are going to have a lot of questions about what this means for you and when you can start offering Pie’s commercial auto coverage to your small business clients. There’s still a lot of work to do and questions to be answered. What we can say today is once available, our partner agents will play an integral role in selling Ford Pro Insure coverage to small businesses around the country. Until then, this new line of business will only be available in a few states to start-Arizona, Illinois, and Tennessee-we plan to expand to at least five states by the end of 2023 and nation-wide within five years.
Growing into this second line of business wouldn’t be possible without the amazing work that’s been done by our agency partners and our Pie-oneers. When we started Pie Insurance we knew independent agents would play a critical role in our success, but even I didn’t think we’d make this much progress in such a short period of time. Thanks to your efforts, earlier this year, Pie announced that we’d more than doubled our gross written premium over the same period in 2021. Additionally, in the first four months of 2022, Pie increased its annualized run rate premium to nearly $300 million. Pie’s customer base and partner channel also continued to grow at an impressive pace. Since the beginning of 2021, Pie more than doubled its number of policyholders and insurance agency partners.
When John Swigart and I started talking about the idea of Pie Insurance we imagined what a modern commercial insurance experience could be: one where data drives decisions and makes life easier for both agents and small business owners. Our vision started with a focus on workers’ compensation coverage, using innovative pricing technologies to drive cost and efficiency so the nation’s small businesses could save as much as 30 percent on the insurance that, in many cases, they’re legally required to carry. By starting with workers’ comp, we selected an area of the commercial insurance industry ripe for disruption, and the market responded. We believe commercial auto coverage is the next frontier for disruption in the commercial insurance industry. Thanks to all of your continued efforts as we launch this new line of business, we know we can make good on our mission to empower small businesses to thrive by making commercial insurance affordable and as easy as pie.