Google Insurance: How the Search Giant is Disrupting the Insurance Industry

Over the last few years, Google has been quietly but steadily making inroads into the insurance industry. From launching its own insurance comparison site to partnering with established insurance companies to offer innovative products, Google is fast becoming a key player in this space. In this article, we’ll take a closer look at what Google insurance is all about and what it means for consumers and the industry as a whole.

What is Google Insurance?

At its core, Google insurance refers to the various products and services that the search giant is offering in the insurance space. These range from its own comparison site to partnerships with established insurers to offer new and innovative products. Here are some of the key offerings that fall under the Google insurance umbrella:

As you can see, Google’s insurance offerings are varied and range from its own products to partnerships with established players. The goal is to offer consumers more choice and transparency when it comes to insurance products and services.

How Does Google Compare Work?

One of Google’s most visible insurance offerings is Google Compare, its own insurance comparison site. Here’s how it works:

The user enters some basic information about themselves and their insurance needs. Google then presents them with a list of insurers and their policies, along with rates and coverage details. The user can compare these policies side-by-side and select the one that best meets their needs. Once they’ve made a selection, they can purchase the policy directly through the Google Compare site.

Google Compare is currently available for car insurance, but the company has plans to expand into other insurance products like home and travel insurance.

Is Google Compare Available in My State?

Google Compare is currently available in select states in the US, including California, Texas, and Illinois. However, the company has announced that it will be shutting down the service in March 2016, citing low user adoption rates.

What are the Benefits of Google Insurance?

So why should consumers care about Google’s foray into the insurance industry? Here are some of the potential benefits:

Increased Transparency

By offering an insurance comparison site and partnering with established insurers, Google is bringing more transparency to the industry. Consumers can easily compare rates and policies from multiple insurers and make informed decisions about their coverage.

More Innovation

Google’s partnerships with startups and other insurance companies are leading to innovative products and services that could benefit consumers. For example, Lemonade is a peer-to-peer insurance platform that allows users to “crowdsource” their coverage. Trov is a “digital insurance locker” that lets users insure their possessions on a per-item basis.

More Choice

By offering more insurance options through its comparison site and partnerships, Google is giving consumers more choice when it comes to coverage. This could lead to more competitive pricing and better coverage options.

What are the Drawbacks of Google Insurance?

Of course, there are also potential drawbacks to Google’s entry into the insurance industry. Here are some of the concerns that have been raised:

Privacy Concerns

Google is already known for collecting vast amounts of data about its users. Its foray into the insurance industry could give it even more information about our finances and personal lives. Some consumers may be uncomfortable with this level of data collection from a company that already has so much of our information.

Lack of a Personal Touch

While Google’s insurance offerings may be more transparent and convenient, they lack the personal touch that many consumers look for when it comes to insurance. Some people may prefer to work with a local agent who can offer personalized advice and assistance.

The Bottom Line

Google’s entry into the insurance industry is shaking things up and offering consumers more choice and transparency. While there are some concerns about privacy and the lack of a personal touch, the potential benefits are also significant. As the insurance industry continues to evolve, it will be interesting to see how Google’s offerings continue to develop and change the landscape.

FAQs

What is Google Compare?

Google Compare is Google’s own insurance comparison site that allows users to compare rates and policies from multiple insurers.

Is Google Compare Available in My State?

Google Compare is currently available in select states in the US, but will be shutting down in March 2016.

What Other Insurance Offerings Does Google Have?

In addition to Google Compare, Google has invested in insurance-related startups like Lemonade and Trov, offers its cloud platform and data analytics tools to insurers, and has smart home device partnerships with insurers like Liberty Mutual and American Family.