Insurtech chemistry 101: Incumbent scale + startup insights
Businesses in every industry are using digital technology to change the standards of customer service, and insurance is no exception. But finding the organizational will and support to sustain a successful effort has proven challenging. A new case study from the research and advisory firm Celent highlights how Pinnacol identified disruptions, gained buy-in from leadership and directors, and created a sustainable innovation engine in Cake Insure.
A sense of urgency fueled Pinnacol’s efforts. Through a scenario analysis exercise, executives gained clarity around transformative threats and opportunities, which galvanized them to act. Company leadership realized that the price of inaction exceeded the price of change.
Key to Pinnacol’s success was its ability to combine the capabilities of a startup with the knowledge and scale of an incumbent. The Celent report highlights how this combination could be adopted by leaders in other established organizations.