In 2016, however, Google ended its partnership on the comparison tool project. The company also partnered with and CoverHound to build an insurance price comparison tool. The company acquired licenses to sell insurance in 26 states and partnered with several carriers, including Dairyland, MetLife and Mercury insurance, writes Ellen Carney, principal analyst at Forrester Research. In 2015, Google announced a foray into the auto insurance market. Understanding these advantages and limitations allows P&C carriers to spot opportunities to thrive even as tech giants try their hand at insurance.
Google brings a number of advantages to the table, but it also faces limitations that established property and casualty insurers do not. Insurance is one industry that faces disruption not only from insurtech startups, but also from established players in other industries, including tech, that seek to change the way coverage works for consumers and businesses.Īs a result, “competition in the insurance industry could quickly intensify as consumers become open to buying insurance not only from traditional competitors such as banks but also from Internet giants,” says Michael Lyman, managing director for management consulting with the insurance industry practice at Accenture. Backed by ever-growing capabilities in data and its analysis, these companies aren’t afraid to step into new industries and areas of business. Google and other tech giants like Amazon are household names.
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