Google to Sell Insurance

[goillini52]

They have been taking baby steps in this direction for years. They are accumulating so much data about consumers and constantly trying to figure out ways to leverage it.

Google to start selling auto insurance in the U.S., analyst says | Reuters

They know where we've been on the internet. Everyday when I go on The Weather Channel site, there are ads for the sites I've recently been on/Googled. It spooked me the 1st couple of times until I realized what was happening.

 

[HoosierLife]

They know where we've been on the internet. Everyday when I go on The Weather Channel site, there are ads for the sites I've recently been on/Googled. It spooked me the 1st couple of times until I realized what was happening.

Yeah and facebook now has some super fancy facial recognition software. If you post a photo, it will auto tag everybody in it.

1984....here we come.

For the record, I also think the NSA is recording our conversations when we are NOT making phone calls too. But only if you're not wearing your tin foil hat.

 

[Continuum]

Yeah and facebook now has some super fancy facial recognition software. If you post a photo, it will auto tag everybody in it.

Back in March FB bought Oculus for $2B

Now you've done it LOL

 

[ctg]

They know where we've been on the internet. Everyday when I go on The Weather Channel site, there are ads for the sites I've recently been on/Googled. It spooked me the 1st couple of times until I realized what was happening.

Yep, My wife figured out what I got her for Christmas by looking at the ads that came up on unrelated websites.

 

[scooter33]

I'm thinking for the 30ish and under crowd google will be their first stop. They(my experience) never seem to want to talk to anyone.

And just think of how much Google knows about them (us) already, they can target them with individually specific ads.

I don't think this is the end of the agent, just a continuing slow erosion.

sadly, I think I agree with you. I don't think agencies will go away tomorrow, but over the next 5-10 years I think a personal lines agent will be a dinosaur.

This is different than buying online from GEICO or Progressive. Google is acting as an independent agency. Also, they know more about us from all their data than we probably know ourselves. I don't know about you, I would safe 1/2 our clients probably have a Gmail account... which I am sure Google collects data from.

The really sad thing is the carriers we have worked so hard for could care less about us agents. They tell us how important we are, but at the end of the day, they stab us in the back and work w/ Wal-Mart, Google, etc.

If I continue to think about this stuff, I probably will start drinking more...If you are an agency and you don't think this is a legit threat to our livelihood, you are in major denial!

 

[AZDave]

Let's just hope the Carriers pricing is the same as ours. Would really suck if they are given a 'direct' rate, due to volume.

 

[scooter33]

Let's just hope the Carriers pricing is the same as ours. Would really suck if they are given a 'direct' rate, due to volume.

I'm sure they will. insurance carriers are all whores!! It's so crazy how the carriers have created this public consumer mentality that insurance is a commodity. They continue to do so by working with Walmart, Google, etc with promise to insureds to save hundreds by switching.

Good times!

 

[mdw]

I can see them very easily integrating any quote engine anytime they feel is necessary (term comes to mind). Interestingly, insurance ads have historically been some of the more expensive serp ads. I wonder if revenues are slipping to the point they would receive more rev from direct quoting. If so, watch out below... They will polish it, make it totally *** proof (for millennials that's the only way) and crush it.

Just read today that their foray into the music lyrics "business" is having a direct impact on lyric sites. Lyric sites make money primarily from ad placements; less eyeballs, less revs.

I guess I cant post a url... The story is on today's WebProNews.

 

[Aram Fingal]

It's my understanding that Amazon is also getting in on this game. I'm not terribly worried about it. There have always been places people could go to buy insurance without having an agent. But the people who prefer to do business that way probably weren't going to do business with us anyway.

Even when competing with other local but much larger agencies, I quite often win out because of the personal touch. People quite often feel like they are ignored by larger agencies. How are they going to feel when they're with a mega agency?

If they get special pricing, that could be a problem for us. But it could end up being a blessing in the end. Here is how. If they get a special rate, it will be a rate set, which will adjust based on their loss history. If they're getting primarily price shoppers, these don't tend to be the best of the best when it comes to risk. They may eventually end up with HIGHER rates than what we can offer people. I've seen this happen before where some companies have a group rate that is supposed to save people money, but due to loss experience that group rate eventually ends up higher than the retail rate.

The bottom line is, if you're threatened by the likes of Google or Amazon getting in the insurance business, you're not doing business the right way.

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P.S. I hear that their customer service number will be 1-800-WHO-R-U? and their claims number will be 1-800-GET-LOST. I'm not sure how reliable my source on that was though.

 

[walthamny]

Are they going to charge you more in car insurance because you watch violent movies on Netflix and give you a discount if you go to disneyland for summer?