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Analysts at Research and Markets, predict that the global insurance market will reach $1.11 billion by 2023, fueled by growth in verticals like health, property, casualty, and life insurance.

Moreover, according to a recent analysis of CB Insights data by XL Innovate, over $1 billion has been invested in commercial insurance startups since 2015.

And FinTech Global estimates that deals totaled $2.5 billion in the first three quarters of 2018 – an 89.8 percent increase year-over-year.

Riding this wave is Pie Insurance, a Washington, D.C.-based workers’ compensation insurance provider that just announced it has raised $45 million in a series B funding round led by SVB Capital, with participation from Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures, and Elefund. This follows an $11 million series A round in July and brings Pie’s total capital raised to $61 million.

CEO John Swigart, previously a senior executive at Esurance, says the fresh capital will be used to expand Pie’s geographic footprint and add new distribution sources.

Pie was founded in 2017 and operates as a managing general agency for Sirius America Insurance company. It sold its first insurance policy in March 2018 and claims to have generated nearly $10 million in written premiums from the “thousands” of small businesses among its customers.

It claims it saves those customers an average of 30 percent, thanks to a proprietary analytics backend that identifies risk, prices policies, and eliminates steps from the purchase process.

Is policies are available in 19 markets across the country: Arizona, Arkansas, California, Colorado, Georgia, Iowa, Illinois, Kansas, Kentucky, Louisiana, Maryland, Michigan, Nebraska, New Mexico, New York, North Carolina, Pennsylvania, Tennessee, and Texas.