What is Google’s role in the insurance industry? Several factors may contribute to the company’s entry into the industry. Millennials represent the largest consumer demographic today, and they are expected to surpass the baby boomers by the year 2015. Moreover, according to a recent study by Strategy Meets Action, two-thirds of insurance customers would purchase products from outside insurers, while 23 percent would use online service providers. All of these factors, combined with Google’s unique approach, should make the industry more competitive.
The internet giant has also made investments in the insurance industry, and one of them is Duplex. Duplex is a platform for insurance consumers to speak with agents before purchasing a policy, and it has already caught the attention of at least one insurance company. Google has also made significant investments in insurance startups. In 2018, Alphabet backed Oscar Health and Ethos. Despite the challenges in the insurance industry, Duplex may be the next big thing in the industry.
As the volume of data from insurance consumers continues to grow exponentially, insurance companies must rethink how to use this information to benefit their customers. Google Cloud adoption is one way to achieve that. Because it is a partner of the Burwood Group, Google Cloud is designed to address the needs of both the insurance industry and IT professionals. Google Cloud can help insurers improve their own processes. Google Cloud is a proven and powerful cloud solution for insurance.