Pinnacol to launch Cake, a speedy way to buy insurance online

DENVER — Workers’ compensation insurer Pinnacol Assurance will launch a digital platform next month to make it easier for small businesses that choose not to use an agent to purchase workers’ comp policies.

The platform, called Cake, will make it easier for small businesses to get a quote, and purchase and manage their workers’ comp policies from Pinnacol.

Cake will enable employers to secure coverage in three to five minutes, as opposed to the more typical three to five days, according to a statement released by Denver-based Pinnacol. Businesses will be able to receive customer support via text and manage their account digitally. Cake will start selling policies Oct. 10.

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“Colorado’s small businesses and entrepreneurs tell us they want a customer experience that matches the speed and customer orientation they’re working in,” Pinnacol’s president and chief executive Phil Kalin said in a prepared statement. “In Cake, we combined cutting-edge digital technology with Pinnacol’s 100-plus years of workers’ comp expertise to provide speed, convenience and user control.”

Features on Cake include the use of artificial intelligence to speed quotes for most small, low-risk policies in less than five minutes, easier policy management, elimination of most paper forms and physical signatures, chatbot text engines providing policy status information and delivery of certificates of insurance and live support online via desktop or mobile device.