Hourly.io, a fast-growing workers' comp and payroll startup, announced today that it is expanding its reach through its collaboration with Cincinnati-based Great American Insurance Group.
In this expanded collaboration, Hourly will serve as a Managing General Agent (MGA), leveraging its underwriting expertise and unique workers' compensation and payroll technology with Great American's well-established reputation. Established in 2018, Hourly offers a full-service platform that connects workers' comp, time tracking, and payroll in real-time for small and medium-sized business owners with hourly workers, an innovation that ensures premiums are calculated accurately using real-time data analytics. Hourly is the only company in the industry to bridge the gap between workers' comp, payroll, and time and attendance.
"Collaborating with Great American Insurance Group was the clear choice when deciding how we will expand and develop new business in our next phase of growth," said Hourly Co-founder and CEO Tom Sagi. "Great American is the perfect match for Hourly's next stage of evolution. We're excited to align with them and help small businesses gain better insights into their exact labor costs and provide them with better tools to manage those costs, including workers' comp premiums."
As a longstanding player in the insurance industry, Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. The company provides insurance products and services aimed primarily at the property and casualty insurance markets and focuses on specialty commercial products for businesses. The relationship will bring together Hourly's leading-edge technology and Great American's established credibility to better meet the needs of more clients.
"We're excited to build on our collaboration with Hourly," said Richard Suter, Divisional President, Great American Alternative Markets. "Both Hourly and Great American Insurance Group share the same commitment to helping these businesses protect their employees. We are impressed with the cutting-edge technology Hourly will bring to Great American and the team's first-rate underwriting abilities."
In October 2022, Hourly announced that it expanded its $27M Series A to $32M. The Series A was led by Glilot Capital Partners with participation from S Capital, Vintage Investment Partners, J-Ventures, Upshot Ventures, MS&AD, and Sienna VC.
Teh Chen, Hourly's Chief Revenue Officer said, "The workers' comp industry is ripe for innovation and disruption—and I'm excited to leverage technology to simplify workers' comp for employers, help prevent injuries for employees, and outperform the market. Our expanded collaboration with Great American are big steps in making insurance more accessible and affordable for businesses across the country."
Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering workers' comp insurance and full-service payroll for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as quick as pressing a button and that you get accurate workers' comp premiums down to the penny. For more information, visit www.hourly.io.
Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Company has received an "A" (Excellent) or higher rating from the A.M. Best Company for more than 110 years (most recent rating evaluation of "A+" (Superior) affirmed December 3, 2021). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG's common stock is listed and traded on the New York Stock Exchange under the symbol AFG. Policies are underwritten by Great American Insurance Company, Great American Alliance Insurance Company, Great American Assurance Company and Great American Insurance Company of New York, authorized insurers in all 50 states and the DC., 301 E. Fourth St., Cincinnati, OH 45202.