Consumer interest in Amazon, Google and Facebook insurance products
More than half, 55%, of consumers would be interested in buying a hypothetical insurance product from Amazon, which uses data analytics to determine policy pricing, compared to an incumbent, according to an online Breeze survey, an insurtech.
Some respondents also indicated that they would be interested in purchasing insurance products from companies such as Google, 46%, and Facebook or Meta, 38%. The survey was commissioned by Breeze and conducted by Pollfish Online in January. It includes responses from 1,500 adults.
“Of the three tech giants, Amazon is the most trusted by consumers to offer insurance products,” according to a Breeze blog post about the survey results. “Perhaps because Amazon has already made a foray into health insurance; he launched Haven since it closed in 2018 and more recently launched Amazon Care. Additionally, Amazon has explored other financial services – like checking accounts – so there is some consumer familiarity with Amazon and personal finance.
Consumers were also asked about other specific questions related to purchasing auto insurance and renter or home insurance from specific companies in these various industries such as Tesla, Ford, CVS and Zillow.
Sixty-six percent of respondents were interested in purchasing car insurance from automakers like Tesla, Ford or Honda that use data analytics to determine policy pricing instead of a traditional insurer. Only 34% said they wouldn’t.
Survey respondents seemed more interested in purchasing car insurance from Tesla, which is already a possibility for some. Tesla launched its usage-based insurance product in Texas and Illinois last year, with plans to expand. Products are only available for Tesla vehicles. The company originally launched its auto insurance product in California in 2019.
Other findings of note are:
- Respondents were also interested in purchasing tenant or home insurance from real estate companies like Zillow or Trulia, 61% said they would be interested and 39% said they would not.
- Just over half, 51%, of respondents said they would be interested in purchasing disability insurance from a human resources or payroll company like Zenefits or Intuit Quickbooks and 49% said they would not. wouldn’t do.
- Respondents were also intrigued by the idea of buying health or life insurance products from companies like CVS or Walgreens, 59% said they would be interested and 41% said they would not. .
“Driven by insurtechs, insurance is moving towards efficiency driven by technology, data and predictive analytics. It’s about moving away from legacy operations defined by human underwriters, nine-to-five transactions and cumbersome processes. A computer only needs a few minutes to get an insurance policy,” according to Breeze’s blog. “Now is an opportune time for technology companies to come to the insurance table. They have a robust data and technology infrastructure that could be leveraged to underwrite and sell insurance products.