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BlogAre internet giants like Google and Amazon eyeing on the insurance sector?

Posted by Nash Ogden | July 21, 2014 | google

Are internet giants like Google and Amazon eyeing on the insurance sector?

Are internet giants like Google and Amazon eyeing on the insurance sector?
Polls conducted by Accenture and LIMRA suggest that the internet giants, such as Google, and Amazon are likely to enter the insurance sector. While the poll conducted by Accenture included executives from seventy-eight European companies, LIMRA has surveyed the mood in the IT sector of the US. According to the survey results, it seems most of the experts in the industry expect the internet giants to step into the insurance sector within a time span of three years. In fact, many of the executives feel that Google and Amazon could end up as competitors in the online insurance sector. Analyzing the present day scenario reveals that both Google and Amazon are experts in conducting online sales worldwide. With a perfect infrastructure to market any type of product over the internet, the feasibility of both Amazon and Google succeeding in the insurance sector is strong. Many of the insurance companies are already willing to form alliances with alternative distribution channels that could expand their reach. Although the reach of the insurance sector has reached new heights with the debut of mobile apps, the insurance companies are on the lookout to strike a partnership with internet giants that are capable of taking their products and services to the unreached areas. Today, the insurance companies have made the job easy for their field executives by empowering them with mobile applications.The insurance mobile apps enable the field staff to avail all of the required information on the go.Unlike the early days, when the agents had to fill dozens of paper forms and take it to the office premises to be entered into the centralized systems, today, executives have mobile forms app to quickly insure people on the go. Apart from filling the details of the person to be insured, insurance mobile apps also allow the executive to shoot photos get the electronic signature and even pay via the app.Thus the use of the internet and mobile apps has given the impetus to the insurance companies to look for greener areas by joining hands with the internet giants. The trial alliance of Met Life with Wal-Mart stores is being pointed out as an example of how desperate insurance companies are joining hands with leaders to promote their products and services. Both Google and Amazon have good experience in locating potential customers and wooing them. The acquisition of BeatThatQuote.com an insurance quote service provider, by Google in the year 2011 is cited as the first step by experts. In fact, today, Google offers quoting services in various sectors of the insurance business, such as auto insurance and travel insurance in the European market. Seers estimate that it won’t take long before the internet giants take a plunge into the insurance market. Our Orange949′s Mobile app developers in Miami have also shown their innovation in developing highly benevolent mobile apps for insurance companies.

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