Cake Insure wins SMA’s 2018 Innovation in Action award
Digital workers’ compensation platform recognized by national firm for reshaping industry
BOSTON, Oct. 2, 2018 — Strategy Meets Action (SMA), a national advisory and consulting firm specializing in future-focused insurance providers, honored Cake Insure with its 2018 Innovation in Action Award, presented to companies shaping the future of the insurance industry through technology and visionary thinking.
Cake Insure, the online workers’ compensation solution for small businesses, was developed by Pinnacol Assurance, Colorado’s leading provider of workers’ compensation insurance. SMA recognized Cake for excelling in six of its Seven Fundamentals for a Future-Ready Organization, including utilizing emerging technology, providing a superior customer experience, and innovation.
“This award, along with the high level of customer satisfaction we’re seeing, proves that we’ve created something that will be a model in the insurance industry for years to come,” Cake Insure CEO Rob Norris said. “Cake’s success demonstrates how even a 100-year-old insurance company can reinvent customers’ experiences by combining advanced technology and compassionate personal support. I’m profoundly grateful for the sharp minds, big hearts and hard work of all the employees at Cake and Pinnacol who made this happen.”
Winning features of Cake’s mobile-friendly platform include users’ ability to receive a quote and purchase coverage in five minutes or less, partly enabled by Cake’s proprietary AI-driven classification engine, which allows users to describe their company in their own words instead of using confusing policy codes or industry-specific jargon.
Once customers have Cake coverage, they can also share proof of coverage quickly via email through Cake’s client portal, which saves small-business owners precious time.
Other remarkable Cake platform attributes SMA recognized include:
- A companywide foundation for further innovation — digital tools created specifically for the Cake platform are being used to improve processes at Pinnacol Assurance.
- Underwriting AI that completes more than 90 percent of policies without relying on underwriting staff.
- Customers’ ability to manage policies anywhere via the mobile-friendly platform.
- Responsive, on-demand customer support.
“Pinnacol has always been an innovative company, and Cake was set up to look at unexplored possibilities and forge new paths,” Norris continued. “This award validates that our unique approach, innovating at the nexus of a startup and an established carrier, is really working.”