Hourly.io, a workers comp and payroll startup, announced today that it is expanding its reach through a collaboration with 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.
Hourly co-founder and CEO Tom Sagi said, “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 $27 million Series A to $32 million. The Series A was led by Glilot Capital Partners with participation from S Capital, Vintage Investment Partners, J-Ventures, Upshot Ventures and MS&AD.
“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,” said Teh Chen, Hourly’s chief revenue officer.