WHAT WE DID:
In order to understand the role of technology in consumer decisions, we invited people to review Lemonade, an AI based insurance company in the US. We leveraged our validated key measures and benchmarked the results against the world’s largest database of financial services, technology and durable products (39,000+ concepts). We assessed its potential for success with the market success score and also diagnosed which elements of the concept succeeded and failed.
WHAT WE LEARNT:
Lemonade is a strong offer with a market success score of 135, it has a high likelihood of success in market. People find the improved experience and speed of delivery unique. However what’s most relevant to them is the simplicity and transparency of the offer (flat fee) with its frictionless process – insurance in 90 seconds and claims paid super fast. Lemonade conveys to consumers that the secret to the speed are Maya and Jim, the AI bots along with the use of voice and camera to make the process intuitive. However, the technology itself is least relevant for people.
WHAT IT MEANS FOR MARKETERS:
Innovation requires a singular focus on consumer benefits. Technology offers a path to stronger user benefits, but is not in itself a driver of consumer interest. It is critical to emphasize user benefits and allow technology to be a reason to believe. This also helps build credibility in benefits that may seem too good to be true for users.