Google, Apple and Amazon have all moved into the healthcare space and are now eyeing the $6 trillion health insurance market, according to a new report from CB Insights.
Four trends to know:
1. Big tech companies have data and distribution platforms to reach insurance buyers digitally and can utilize information from smart home and wearable products for underwriting and claims, according to the report. Insurers are also transitioning data to the cloud and using artificial intelligence provided by big tech companies.
2. The big tech companies are currently distribution partners or digital enablers for insurance companies but they could break into the field if they own the data, analytics and distribution. Read More: BeckersHealth IT