Did you hear about the huge insurance company that tried to squash the insurance startup? It’s a classic “triumph of the underdog” moment. In October 2018, insurance giant State Farm released an ad that attempted to minimize the strides of InsurTech disrupter Lemonade – only to find that Lemonade could override the effort in a surprising twist.
In case you missed it: State Farm ran an ad that mocked the use of artificial intelligence (AI) – in particular, chatbots – in insurance companies. Lemonade, which uses chatbots to fuel its fast claims processing service, was quick to respond. Shai Winiger, co-founder and CTO of the Israeli startup, focused on State Farm’s defensiveness. Winiger ran a campaign paying to promote State Farm’s ads, because “we think it reveals far more about State Farm than it does about Lemonade.”