Google's Opinion on the Future of Insurance
BY: CHRIS BURAND President & Owner, Burand & Associates, LLC
There is a fascinating article by Russ Banham in the January 11, 2021, edition of Carrier Management magazine (https://www.carriermanagement.com/featu res/2021/01/11/215633.htm). It is well worth reading. If you don't have access to Carrier Management, the article focuses on Google's technology and the new leader of that division. It is worth noting the leader, Dr. Henna Karna, has a deep background in insurance analytics and actuarial studies. She is not just another Insurtech who knows nothing about insurance. Combined with
Google's cloud computing services, they should be able to achieve their goal of improving the analytics and analytical needs of insurance carriers. Improved analytics to insurance carriers often results in the services of agents becoming less important. So far that has meant less need for upfront underwriting, but it may also mean better analytics with which to further minimize upfront underwriting while simultaneously providing value added services agents may now be providing and improving the actual carrier brands. The stronger the carrier brand, in many ways, the less important the agent.
