Cake Insure
Making Workers' Comp Insurance Easily Accessible

The workers’ compensation insurance market is witnessing a rapid transformation over the past few years due to the advent of technological advancements. Today, tech-savvy users are demanding insurance quotes at faster rates with better engagement strategy, and insurance agents are searching for techniques to create superior operating efficiency and eliminate heaps of paper-work. Such requests rising in the insurance market have sparked a need for insurance providers to embrace digital strategies that empower customers as well as their insurance agents. This is where Colorado-based Cake Insure comes into the picture.

Disruption as opportunity

Cake Insure was established in 2017 as a digital spin-off of Colorado-based workers’ compensation insurance company, Pinnacol Assurance. A few years ago, Pinnacol Assurance recognized the need for rapid transformation to better stay on par with new, digital competitors. They also recognized the challenge of creating this rapid transformation in-house while serving their current customers. Pinnacol Assurance’s team began framing this challenge as an opportunity, resulting in the business idea to launch a digital venture—Cake Insure.

Governed by a mission to transform the experience of buying commercial insurance, Cake Insure offers an intuitive digital, mobile-centric platform that allows organizations to buy workers’ compensation insurance easily online. Built on top of Salesforce, the platform bypasses traditional insurance-buying approach, enabling insurance carriers to have greater flexibility in continuous disruption of commercial insurance. “Usually, buying insurance stretches up to three to four days. But with our platform, we have drastically reduced the time down to buying the policy online within three minutes, entirely self-serviced by customers,” mentions Robert Norris, CEO of Cake Insure. “Now, we are happy to be delivering on our original promise, which was to also bring this innovation into the agent channel.”

Human innovation powered by technology

For Cake Insure, the journey toward designing, building, and launching its mobile-centric platform is filled with continuous learning about customers and the insurance market.

Usually, buying insurance stretches up to three to four days. But with our platform, we have drastically reduced the time down to buying the policy online within three minutes, entirely self-serviced by the customers

The firm has spent a considerable amount of time and research to understand what users need, such as removing intricate insurance jargon from the buying process. “Our customers are not required to choose one particular business description or class codes from a list of industries, rather they can describe their business in their own words,” says Norris. Cake Insure then leverages artificial intelligence (AI) to accurately classify the business based on this description instantly. Cake Insure’s platform also manages digital proof of coverage.

But everything about Cake Insure’s platform is not about simply digitizing insurance. While the company has designed an intuitive, easy-to-use, and fast mobile platform, customers can also reach licensed underwriters and agents for assistance through phone, chat, text, or email. “It is the combination of our digital and human experience we create that separates us from the crowd,” emphasizes Norris.

A constantly evolving platform

Cake is now licensing the platform to other insurance companies and consulting to install, configure, and integrate the platform into their existing environment.

Cake Insure’s future plans are to stay relevant in the insurance market by innovating and constantly moving forward. The company is now moving beyond serving small business owners and incorporating independent agents in the process of buying the policy. Cake Insure’s agenda for the next year is to introduce the game-changing features within its platform to help independent agents adapt to commercial insurance digitalization. “We are continuously improving our mobile experiences to enable clients to buy insurance policies easily and quickly,” concludes Norris.