Google Car Insurance “Marketplace”
Google is in the process of launching a car insurance “marketplace” which will allow individuals to purchase lower cost car insurance though this comparison site. It’s somewhat modelled after Healthcare.gov, sporting the side by side comparisons of health insurance plans (in this case car insurance plans) but without the political issues surrounding it.
However in this case it’s noted that Google themselves will be in the process of offering their own car insurance packages. A Google employee in San Francisco recently also became a licensed insurance agent, and analysts speculate Google will start the process of buying insurance agencies.
If the rumors are true, car insurance companies should start to worry about how they will preform against a company like Google. Google that can leverage huge amounts of data and better estimate risk liability than virtually any other insurance company. In fact I’m willing to speculate that Google can leverage data that insurance companies cannot leverage. Allstate doesn’t have access to that search query you put in last month about “do I have to tell my insurance company about fender bender”