‘If tech firms can assist convey the insurance coverage business in control with using information and predictive analytics, then shoppers are all for it,’ says one insurtech chief.
Are shoppers prepared to purchase medical health insurance from Jeff Bezos? Perhaps not the person however fairly presumably his firm. A January 2022 survey by insurtech supplier Breeze suggests sure. Whereas hypothetical and based mostly on a small inhabitants, solutions like these are one among many the reason why healthcare is making up for misplaced time on digital transformation. The gravity of its challenges and simply how far behind different industries healthcare is are driving a speedy tempo of innovation led by incumbents, startups, company buyers, and sure, non-traditional rivals.
However who would shoppers belief most? For medical health insurance, the reply was Amazon. The Breeze survey discovered that:
- 55% of respondents would purchase a hypothetical insurance coverage product from Amazon over conventional carriers.
- This compares to 46% from Google.
- Solely 38% would purchase medical health insurance from Meta (Fb).
Google father or mother Alphabet is already a participant, launching Coefficient Insurance coverage (now Granular Insurance coverage Firm) via one among its subsidiaries. But it surely’s Amazon that has probably the most avenue cred. True, the corporate has tried and failed twice with medical health insurance, first with Amazon Care, then its Haven three way partnership. However Amazon Care continues to be round as a digital care platform, one that’s discovering traction with payers and suppliers.
The corporate can be a participant within the one space most healthcare shoppers can agree on, and that the federal authorities is struggling to do something about: controlling skyrocketing prescription drug costs. And whereas some analysts query whether or not Amazon Pharmacy will actually be a disrupter, it is clear that the corporate’s medical providers desires to make substantial investments in a number of features of healthcare supply.
Breeze’s Director of Communications Mike Brown places it this manner: “Shoppers are very receptive to the thought of tech firms and different outsiders entering into the insurance coverage business. The fashionable shopper desires issues quick, streamlined, and utterly on-line, and that applies to monetary merchandise too. If tech firms can assist convey the insurance coverage business in control with using information and predictive analytics, then shoppers are all for it.”
Conversely, would shoppers purchase a brand new kind of insurance coverage product from an present healthcare supplier? Almost 60% stated sure, favoring CVS Well being or Walgreens as a supplier of life in addition to medical health insurance. Aetna prospects might not notice they’re already doing so. The insurer merged with CVS Well being in 2018 and their affiliation has tightened via Aetna merchandise linked to CVS’ HealthHUB providers.
To this, Brown provides: “Whether or not it’s for incapacity, life, or auto insurance coverage, nearly all of Individuals can be fascinated by shopping for these insurance coverage merchandise from non-traditional sources that would assist simplify the method.”
See the complete Breeze survey outcomes and infographics right here: www.meetbreeze.com/weblog/buy-insurance-amazon-facebook-google-survey/.
Laura Beerman is a contributing author for HealthLeaders.