In the Spotlight: Adam Bowe

In the latest episode of the Middle Tech Spotlight Series, we sat down with Adam Bowe, the founder of Cake which is a marketplace for successful independent insurance agents allowing them to sell or buy slices of a book of business.

The conversation delves into the complexities of the insurance industry, the challenges faced by startups, and the future of Cake. Adam discusses the importance of understanding the industry, the difficulties of training new staff, and the value of partnerships. He also touches on the challenges of starting a new company, particularly in a complex industry like insurance.

Key Takeaways

1. Future of Cake and FinTech Solutions - Looking ahead, Cake plans to focus on developing targeted FinTech solutions for the insurance industry over the next three to five years. These solutions aim to provide optionality for the sell side and empower agents.

2. Concept of 'Slicing' Business - Cake introduces the concept of 'slicing' their book of business, allowing insurance agents to sell portions of their business. This provides more flexibility and options for agents, optimizing their business operations.

3. Increase in Insurance Transactions - The conversation highlights a significant increase in transactions in the insurance industry over the last 15 years, attributed to the steady recurring revenue in the industry. This trend has attracted private equity firms and large aggregators, changing the landscape of the industry.

For more information about Cake, you can visit their website at https://www.haveyourcake.com/

ICYMI

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