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Jun 2022

Google poses threat to home insurers

Source: Asia Insurance Review | Jun 2022

UK home insurers face imminent and huge competition and from big technology companies after a recent poll found that more than a quarter of consumers would purchase an insurance policy from Google.
 
According to GlobalData’s 2022 UK Insurance Consumer Survey, 26% of consumers would buy home insurance from Google if it were to enter the insurance market, while 23% would purchase a policy from energy suppliers and 20% from Amazon.
 
The accelerated rise of digitalisation since the pandemic, and increased use of smart home devices, means that technology companies pose a particular threat to insurers due their digital expertise and strong brand recognition to attract customers.
 
The survey found that Google is perceived as the most trustworthy new entrant into the insurance market. GlobalData senior insurance analyst Ben Carey-Evans said that entry of Amazon in insurance will also be a particular concern. A 
 

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