Vendors
日本語
search
  2. //
  3. Reports & insights
  4. //
  5. Innovating from the Outside In

Innovating from the Outside In

Create a vendor selection project
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
We are waiting for the vendor to publish their solution profile. Contact us or request the RFX.
Projects allow you to export Registered Vendor details and survey responses for analysis outside of Marsh CND. Please refer to the Marsh CND User Guide for detailed instructions.
Download Registered Vendor Survey responses as PDF
Contact vendor directly with specific questions (ie. pricing, capacity, etc)
31 October 2018
Michael Fitzgerald

Cake Insure: Combining the Scale of an Incumbent with the Advantages of a Startup

Key research 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?

Abstract

How can a 100-year-old insurer transform its business? Pinnacol Assurance has established Cake Insure, a subsidiary startup, to combine the strengths of a startup with the knowledge and scale of an incumbent. This model of innovation, an incumbup, offers a valuable alternative to more traditional transformation approaches.

Multiple Celent surveys have identified the top barriers to successful innovation / digital transformation. There are multiple innovation models from which to choose -- incubators / accelerators, insurtech startup partnership/ownership, hackathons, laboratories / centers of excellence, listening posts, and greenfield startups. Leading firms use multiple approaches. Choosing which are best for a firm is an individual decision which must account for the type of innovation sought (incremental vs. disruptive), the level of opportunity and/or threat, tolerance for risk, and cultural biases.

Given the barriers which insurers identify at in play during transformation, the greenfield approach has particular value, especially for disruptive transformation.

Client Access