Consumer Desirability, (data) Point of View

Following up on our recent post about market fit with an example from an R&D project we ran in the insurance space (if you missed it, see it here):

1. Supporting market assumption with literature and quantitative evidence:

Assumption: a significant portion of gig economy workers are professionals, who are the desired users for the product.

Evidence: 53% of gig economy workers in Canada are professional service providers. 20% of Canada’s labour force are gig economy workers (which is by the way the fastest growing labour segment). That amounts to just over 2M people.

2. Identify shared needs between user types:

A significant portion of research participants indicated their work opportunities are inconsistent over the year and they didn’t need the current types of insurance protections available to them all the time. Specifically creative professionals indicated their scope of work varied between projects.

All groups of participants had a shared need for flexible protections both with respect to coverage and duration.

My freelancing activity is inconsistent and I don’t need insurance all the time

3. Collect and measure qualitative evidence from early-adopters supporting product values as opposed to features:

Unfortunately we can’t reveal this publicly at this stage of the product development. If you are interested in more insights about the future of insurance, reach out to connect with us. We would be happy to discuss more 1-on-1.