I just watched the Science Behind Lemonade and the App demo. There has been so much hype about the Lemonade launch over the past months -- this is the real deal. A few additional points that stood out for me:
- It's well-known that Millennials are under-insured - what a smart move to make renters part of the V1.0 offering - an easy to understand, basic insurance product to bring a receptive audience into a relationship with the brand.
- Lemonade has broken the win/lose basis of traditional insurance. In my work within the industry, speaking with people who own or seek to buy insurance, it's not uncommon to hear people literally say, "when I win they lose." Or vice versa. Aligning interests between the person buying insurance and the insurance carrier reframes the relationship, can reinstate trust, and gets back to the original idea behind insurance -- pooling funds so members of a community can care for each other.
- Love the Intelligent use of UX + Data + Virtual agent to have a truly personalized, relevant conversation that results in giving the person something they need, in easy to understand terms. This is surely an exemplar that will be studied -- with attempts to imitate -- within insurance and beyond. But putting 'lipstick on a pig' won't work. The fact that Lemonade has been built from the ground up will make imitation hard.
A stat shared at a conference I recently attended: 70% of millennials would rather do business with Google, Facebook, Amazon than a traditional FI. Insert "Lemonade" in that sentence.
BTW also note that Lemonade is powered by one of the most renowned behavioral economists in the world, Dan Ariely.
Kudos for a true disruptor having the tenacity and focus to make a statement about what insurance can be. I'll be shopping as soon as they offer coverage in my state!