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Could Google Enter WC Markets – Not Any Time Soon

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Google Could Enter WC Markets But Not Likely

Text Graphic Of Google Logo
Wikipedia – Google Inc

Google is poised to enter the US  auto insurance market according to an article in the  Insurance Journal.

Surprisingly,  they  already sell  Auto Insurance in the UK.  That caught me by surprise.  I did not think Google was interested in any type of US insurance market.  I stand corrected.

According to an article in the Insurance journal,  the megalithic web searcher could present formidable competition for other insurance sellers. As many as two-thirds (67 percent) of insurance customers said they would consider purchasing insurance products from organizations other than insurers, including 23 percent who would consider buying from online service providers such as Google and Amazon, according to research by Accenture.

This would be quite a step to reach out from auto insurance to workers compensation.  However, one cannot count them out for adopting a sales strategy that may be a profitable business.

I posted an article last year on the possibility of Wal-Mart selling Workers Compensation insurance.   Do not count out large corporations when they seek out profitable lines of business.

Walmart Google supercenter
Wikimedia Commons – Benchapple

One only has to look at Insurance Noodle as a way that they or  Wal-Mart could broker insurance and not actually be a true carrier.  Either giant corporation can cherry-pick data to the nth degree.

Google probably has the largest amount of corporate data of any company in existence.   Liberty Mutual has a large amount of data in their Workers Comp database, but Google’s insurance database could rival that amount of data very easily.

That may be hard to believe, then again think of how much data the android smart phone systems feed into Google’s data stream or databases.

This is not likely to happen soon. Agents and brokers should be the most concerned as they may one day own a large portion of the commercial insurance market.

Update – They have pulled out of the insurance market.   It is very unlikely to see an expansion into the workers comp markets for Google.    However, companies such as Amazon or Wal-Mart could look to expand into the market.

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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