100-year-old insurer’s digital platform wins prestigious digital innovation award
Pinnacol Assurance’s Cake Insure reimagines the workers’ compensation experience for small businesses.
DENVER, April 30, 2018 — Pinnacol’s new digital platform, Cake Insure, joined some of the biggest names in the industry in winning a 2018 Celent Model Insurer Award this week. Founded in 1915, Pinnacol didn’t let tradition get in the way of conceiving, developing and launching the platform in just nine months.
Cake is an all-digital platform designed to make workers’ compensation fast and easy for small businesses. It features quoting and purchasing in less than five minutes, mobile-friendly features like certificates of insurance via text, and customer support any time with any device.
“Small businesses have little time and less interest in managing a workers’ comp policy,” said Rob Norris, Cake CEO. “So we rebuilt the entire experience around the evolving, mobile-first customer, and we did it fast to stay ahead of the rapid changes disrupting the industry.”
While Cake only launched in October 2017, it has already reached some significant milestones:
- Total written premium: $1,050,000 (exceeding revenue projections by 140 percent)
- Total policies: 675
- Net Promoter Score of 76 percent, 39 percent higher than the insurance industry average
“The Model Insurer Awards recognize how insurers are using technology to change the face of insurance,” said Nicolas Michellod, Senior Analyst at Celent. “These insurance carriers should serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall. The entry from Pinnacol and Cake clearly demonstrated this.”