Lake Group Insurance

What Lake Group Insurance does

Lake Group Insurance is an independent insurance brokerage headquartered at 3521 88th Ave NE, Circle Pines, Minnesota, operating as a private, founder-led firm under CEO Cory Lake. The firm operates as an appointed agent with more than 50 national and specialized insurance carriers, including Progressive and Nationwide, and earns commission revenue on policies placed across six core product lines: Business, Home & Auto, Cannabis, Hospitality, Life, and Health insurance. Its go-to-market is sales-led and direct-to-consumer, leveraging a website quote request funnel, phone (612-251-9191), and email ([email protected]), supported by organic social channels (LinkedIn, Instagram, X, Facebook) and earned media including Star Tribune coverage and appearances on cannabis business podcasts.

The firm's primary differentiator is domain specialization in Minnesota's regulated cannabis market, where it currently insures 20+ cannabis operators covering dispensaries, cultivators, and wholesalers. Beyond cannabis, the brokerage targets Minnesota SMBs and individual consumers with general commercial and personal lines, plus a hospitality vertical focused on restaurants, bars, and venues. There is no disclosed proprietary technology, AI, or platform product; operations rely on standard broker workflow tools and the carrier comparison process is human-mediated. The company website was built by Delta9 Digital, a cannabis-specialized digital agency, reinforcing the cannabis vertical's strategic emphasis.

The business model is commission-based: Lake Group is paid by carriers on policies sold and serviced, with no disclosed pricing tiers and monthly billing on placed policies. The firm reports 1-10 employees, no external funding, no parent company, no subsidiaries, and no M&A activity. Geographic scope is currently limited to Minnesota, with no multi-state licensing signals in the available data. Industry positioning is reinforced through the firm's featured presence at the 2025 Big I Minnesota Expo, the state association for independent insurance agents.

Name

Lake Group Insurance

Legal name

Lake Group Insurance

Website

https://lakegroupinsurance.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Lake Group Insurance is an independent Minnesota-based insurance brokerage offering Business, Home & Auto, Cannabis, Hospitality, Life, and Health coverage through 50+ carrier partnerships, serving SMBs and individuals with a focus on cannabis operators.

Ownership category

akta.pro rank

Headquarters

HQ city

Hopkins

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D, Others

Revenue model

1. Insurance Brokerage Commissions: Lake Group Insurance operates as an independent insurance agency/broker, earning commissions from insurance carriers for policies sold. They represent over 50 insurance providers including Progressive and Nationwide, collecting commissions on auto, home, business, life, health, cannabis, and hospitality insurance policies.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Lake Group Insurance is an independent insurance brokerage based in Circle Pines, Minnesota that sells business, home, auto, life, health, cannabis, and hospitality insurance policies on behalf of over 50 national and specialized insurance carriers including Progressive and Nationwide. The brokerage shops and compares coverage across carriers and provides personalized guidance, claims support, and annual policy reviews to customers throughout Minnesota.

Product overview

Lake Group Insurance is an insurance brokerage offering a single unified service rather than a platform-plus-modules architecture. The company provides access to insurance products through partnerships with 50+ national and specialized carriers. Their core product offerings consist of five main insurance categories: Business Insurance, Home & Auto Insurance, Cannabis Insurance, Hospitality Insurance, Life Insurance, and Health Insurance. The flagship service is an insurance quote comparison platform that allows customers to shop and compare policies across multiple providers, with personalized guidance and support beyond policy sign-up.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Insurance Commercial insurance coverage including general liability, property, workers' compensation, and custom solutions to safeguard business operations of small to mid-sized companies.
• Home & Auto Insurance Personal insurance coverage providing reliable protection for families, homes, and vehicles through partner carriers.
• Cannabis Insurance Specialized insurance tailored for dispensaries, cultivators, and wholesalers operating in Minnesota's regulated cannabis industry, covering product liability, property, compliance-related protections, and inventory risks.
• Hospitality Insurance Insurance coverage for restaurants, bars, venues, and hospitality businesses including general liability, property, liquor liability, and workers' compensation.
• Life Insurance Personal life insurance coverage to protect families and secure financial futures, sourced through partner carriers.
• Health Insurance Health insurance coverage options for individuals and families, sourced through partner carriers.
• Insurance Quote Comparison Service Marketplace-style brokerage service that compares and customizes coverage from over 50 insurance providers, including Progressive and Nationwide, helping customers find the right balance of protection and price.

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Progressive InsurancecoreChannel Partner/ Reseller/ DistributorProgressive Insurance is one of over 50 insurance carriers represented by Lake Group Insurance. As a partner carrier, Progressive provides the underlying insurance products that Lake Group sells and services to end customers, receiving commission payments for policies placed.
• Nationwide InsurancecoreChannel Partner/ Reseller/ DistributorNationwide Insurance is one of over 50 insurance carriers represented by Lake Group Insurance. As a partner carrier, Nationwide provides the underlying insurance products that Lake Group sells and services to end customers, receiving commission payments for policies placed.
• 50+ Insurance Carriers (National and Specialized)coreChannel Partner/ Reseller/ DistributorLake Group Insurance partners with over 50 national and specialized insurance carriers enabling them to shop the market on behalf of customers and find the best coverage fit. This extensive carrier network is central to their value proposition of comparison and customization.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• HUB International: Global insurance brokerage providing commercial, personal, and specialty coverage through broad carrier relationships; comparable as a multi-carrier, multi-vertical brokerage, though operating at vastly greater scale.
• Marsh & McLennan Agency: National insurance brokerage affiliate of Marsh; offers commercial, personal, and specialty lines via large carrier networks — comparable in product breadth though at much larger scale.
• IMA Financial Group: Large independent insurance brokerage serving commercial and personal lines across the U.S.; broader incumbent with overlapping multi-line, multi-carrier brokerage capabilities.

Direct peers

• Burns & Wilcox: Specialty insurance brokerage placing complex and niche commercial risks across a broad carrier network; comparable to Lake Group's multi-carrier, specialty-vertical brokerage approach.
• The Hilb Group: Multi-line independent insurance agency serving small and mid-sized businesses across personal and commercial lines; comparable as a multi-vertical, multi-carrier independent brokerage model.
• RPS Insurance Brokerage: Specialty wholesale and retail insurance brokerage offering multi-carrier placement for niche commercial risks including hospitality and cannabis-adjacent classes.
• Catalytic Cannabis Insurance: Cannabis-focused insurance agency placing coverage across multiple carriers for dispensaries and cultivation operations; comparable in target customer and product mix to Lake Group's cannabis practice.
• Brown & Riding Insurance Services: Specialty insurance brokerage with deep expertise in cannabis, hospitality, and other niche commercial lines; directly comparable given Lake Group's cannabis + hospitality vertical focus.
• CannaCoverage: Independent insurance agency focused exclusively on cannabis coverage for dispensaries, cultivators, and related businesses; directly comparable to Lake Group's cannabis-vertical specialization.
• Grassroots Insurance: Specialty insurance brokerage serving cannabis and ancillary-industry clients with multi-carrier access; matches Lake Group's niche-led, multi-carrier brokerage model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/clakeinsurance
• Facebookfacebook.com/CoryLakeInsurance
• LinkedInlinkedin.com/company/lake-group-insurance
• Instagraminstagram.com/lakegroupinsurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lake Group Insurance