Client Stories

Random Thoughts: Googlesurance

Share this post:

As far back as 2006 – when presenting the Insurance 2020 study – I tended to hear the question “What if Google did insurance?” Well, Google has been doing insurance for about 2 years in the U.K. now, and very recently announced the big launch of the auto insurance aggregator part of Google Compare in the U.S. Time for some random thoughts on Google and insurance.

  • The reason this isn’t a full post is that there is already a bunch of good blog commentary about this on the Interwebz. This one by Jaffa Cohen-Iffra is a good one to check out.
  • How much will Google change the aggregator game? Consider these graphs [1]:
    imageimage
    The data are fresh off the surveys for the upcoming study – so Sneak Peek (!) – and show pretty much the same picture as the last couple of years: young people prefer openly biased information, or put differently, they want to compare for themselves. You get a similar chart graphing agent and broker usage by age.
    Now Google isn’t just your average aggregator – they are an data collecting giant that knows much more about us than any aggregator does. Whether this translates to a change in the above picture? I don’t know.
  • In the end, it will come back to the issue of trust. The reason why millennials prefer biased information is that they understand the “comparison motivation”, and they choose the comparison criteria. If Google can make that transparent, it might change the game.

Thoughts?

Insurance Leader, IBM Institute for Business Value

More stories

Why the world should watch a German non-profit insurer

While health insurance is typically viewed through a local lens, now is a good time to pay attention to what is happening in global markets.  Techniker Krankenkasse (TK) is the largest public health insurance fund in Germany. Their digitalization strategy could provide a test pattern for how insurers globally will provide more control and transparency […]

Continue reading

Key takeaways on the IBM Insurance Platform

At the IBM Think 2019 session, Drive Differentiating Value and Fill Critical Gaps with the IBM Insurance Platform, Noel Garry, Global Offering Manager, IBM Insurance Platform, and Ed Ossie, Chief Operating Officer, Majesco, discussed the current state of the platform and illustrated how it works. Majesco, a multinational provider of insurance technology software and an […]

Continue reading

Pushing the boundaries of policyholder experience

It is no secret that the entire insurance industry is realigning to be customer-centric. It was a central theme in almost every digitalization story at IBM Think 2019. Salesforce, an IBM partner, is a company that very well could be credited with driving the business in this direction. At the Think session, Pushing the boundaries […]

Continue reading