Cake Insure was the winner of a 2018 Celent Model Insurer award in the “Digital and Omnichannel” category.
Celent Senior Analyst Michael Fitzgerald, the guest editor for this section of Carrier Management magazine, wrote a comprehensive report about the creation of Cake in October 2018: “Innovating From the Outside In; Cake Insure: Combining the Scale of an Incumbent With the Advantages of a Startup.”
The report describes Pinnacol Assurance’s road to the creation of Cake, focusing on how leaders of the 100-plus-year-old workers comp insurer came to realize that “the cost of inaction was greater than the cost of change.”
In the report, Fitzgerald focuses on three key questions:
- How did Pinnacol executives identify industry disruptions?
- How did leaders gain the support of their board of directors?
- How will Pinnacol extend Cake into a sustained innovation engine?
The objective of the report is to provide lessons for other leaders to adopt.