Weekly News Roundup – 28th October
Need a chicken harness, a Nicholas Cage pillow or an inflatable elephant party decoration? Amazon is your go-to. However, the retail giant is now making their mark on the insurance market and from the end of the year UK homeowners will be able to purchase policies on the website/app. In a highly informative article, consultants at Oxbow Consultancy explore how the data from Amazon’s smart home assets (think Alexa and Ring) “provide incredible underwriting-relevant insight” and that it has “incredible opportunities to build a differentiated insurance proposition”. The industry should be worried, especially as rumours swirl that the electronics behemoth Apple is making a foray into the sector and are set to launch a health insurance product.
Amazon’s entry into the UK home insurance: spooky (Source: Oxbow Partners)
Amazon have announced their entrance into the UK home insurance market and consultancy, Oxbow Partners, say the industry should be “very scared”.
Apple will launch health insurance in 2024 says analyst (Source: Insurtech Insights)
An analyst at CCS Insight predicts that health insurance is the natural next step for the electronics giant, due to its “wealth of personal health data through Apple Watch”.
David Howden fears insurance is sleepwalking into irrelevance (Source: Insurance Business Magazine)
Howden Group CEO David Howden argues that the insurance market has forgotten about the clients, focussing too much on internalisation.
Embedded insurance is everywhere (Source: Insurance Thought Leadership)
Matteo Carbone, founder of the Connected Insurance Observatory, highlights that although embedded insurance is everywhere, it doesn’t guarantee business success.