Former Chubb executive joins the fastest growing workers’ compensation insurer
DENVER, CO – October 2nd, 2023 —Pie Insurance (“Pie”), an insurtech company specializing in commercial insurance for small businesses, today announced the appointment of insurance executive Audra Foglietta as the company’s new chief financial officer (CFO). Foglietta joins Pie during a pivotal period of growth—Pie is the fastest growing workers’ comp insurer in the U.S.*, achieving a 271 percent increase in direct written premiums, surpassing the growth of all other insurers.
Foglietta brings a wealth of financial leadership and strategic expertise to Pie, having spent more than twenty years at Chubb, the world’s largest publicly traded property and casualty insurance company. Most recently, Foglietta served as Chubb’s executive vice president and CFO of Global Operations and Technology, in addition to previously serving as CFO of Westchester Specialty, the company’s excess and surplus division. Foglietta has a proven track record of driving financial performance and optimizing operational efficiencies in the public insurance sector. Her expertise includes global business transformations, corporate finance, financial planning and analysis, business analytics and operations.
“I’m honored to join Pie as its CFO and be part of an organization that is redefining the small commercial insurance landscape and growing at an impressive rate,” said Audra Foglietta, incoming CFO at Pie. “Pie’s commitment to technology and innovation combined with its dedication to serving the unique needs of small businesses resonated with me. I look forward to working with the talented team at Pie to support the company’s mission and customers, and ultimately drive optimal financial performance and excellence.”
Pie’s rise as the fastest growing workers’ comp insurer is driven by the company’s commitment to making the entire insurance journey more affordable, efficient and simple for small businesses through agency partner expansion, API integrations and market expansion. Recent milestones include:
– Agency Partners: Agency partners have continued to be a key contributor to Pie’s overall growth. In the past year, Pie’s agency partner channel has grown to more than 4,000 insurance agency partners, expanding by nearly 30 percent. Pie Partner submissions grew by 63 percent over the same time period.
– Full stack evolution: In addition to being the fastest growing workers’ comp insurer, Pie quickly transitioned from an MGA to a full stack carrier after receiving an AM Best A- (excellent) rating in February 2023.
– Pricing: In August 2023, Pie introduced pricing enhancements and expanded appetite to partner agents by leveraging the company’s extensive in-house data and sophisticated machine learning algorithms.
– Claims: Pie has made significant progress transitioning from using a TPA to building and staffing an in-house claims organization, expanding the team from 16 to nearly 50 professionals in the past year.
– APIs and Integrations: Pie continues to add API integration partners including Talage, Tarmika, Appulate, and Bold Penguin to broaden its availability with agents. Pie’s agency partners can also connect directly with Pie’s APIs, unlocking the ability to submit business without leaving their own platforms. This easy-to-implement option has resulted in a 41 percent year-over-year increase in API-driven submissions.
In addition, Ford Pro Insure, a commercial auto insurance product powered by Pie, launched in Arizona, Illinois and Tennessee this year and will roll out to additional states over time.
“In addition to our many exciting milestones shared today, Pie’s rise as the fastest growing workers’ comp insurer is a testament to the value we bring to our small business customers and partners,” said John Swigart, co-founder and CEO of Pie Insurance. “We’re also thrilled to welcome Audra Foglietta to the team as Pie’s new CFO. Her extensive experience in the insurance industry and her leadership in developing top global finance and accounting teams will be instrumental in building upon our strong growth to date and preparing Pie for a long-term, sustainable future ahead.”
Foglietta’s first day as Pie’s CFO will be Monday, October 9th.
Pie Insurance is leveraging technology to transform how small businesses buy and experience commercial insurance, with the goal of making it affordable and as easy as pie. Pie’s intense focus on granular, sophisticated pricing, and data-driven customer segmentation enables Pie to match price with risk accurately across a broad spectrum of small business types, which allows Pie to offer more affordable insurance to small business owners. Since 2017, Pie has received over $615M in funding and partnered with over 4,000 agencies nationwide.
*Pie’s ranking is based on the company’s direct written premium growth as an MGA for SiriusPoint America Insurance Company. The ranking was made by growth percentages calculated by Pie using 2022 and 2020 direct written premium data in the August 2023 S&P IQ Insurance Statutory Market Share report.
