How Google's new insurance platform in the US could disrupt the industry
HAMILTON, Bermuda, May 16, 2015 /PRNewswire/ -- This year Google launched an insurance price comparison site in California, allowing users to easily compare auto insurance from different providers, with more US states to follow soon. This follows the launch in 2012 of Google's UK price comparison site, providing comparisons on car insurance, travel insurance, credit cards and mortgages.
InsuranceLinked talked to Ellen Carney, principal analyst at Forrester Research, about what she thought Google might do next.
Read the full article here: http://insurancelinked.com/what-will-google-do-next/
What is the scope of Google's plans for the US insurance industry?
The terms and conditions on Google Compare make it very clear how they are planning to use the data. The excuse that Google will not have the appetite to deal with the regulators couldn't be further from the truth. They are already courting them; they are understanding how the regulators work and how they make decisions - there are very few hurdles for Google here.
We like to think our industry is so complicated. But anyone can be an insurance carrier with enough capital, a distribution network and access to low cost debt, and there are an awful lot of companies besides insurance that meet that criteria. The excuses we've had in insurance - our compliance people won't let us do it our legal people won't let us do it - that stuff isn't going to hold water anymore.
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Vice President, Business Development