The next big move for Amazon, Apple & Google: Health insurance?

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Google, Apple and Amazon have all moved into the healthcare space and are now eyeing the $6 trillion insurance market, according to a new report from CB Insights.

 Four trends to know:

1. Big tech companies have data and distribution platforms to reach insurance buyers digitally and can utilize information from smart home and wearable products for underwriting and claims, according to the report. Insurers are also transitioning data to the cloud and using artificial intelligence provided by big tech companies.

2. The big tech companies are currently distribution partners or digital enablers for insurance companies but they could break into the field if they own the data, analytics and distribution.

3. Forty-four percent of people surveyed by Capgemini said they would be willing to buy insurance from a big tech company.

4. Big tech companies may decide to become a licensed insurance broker or develop risk rating models for underwriting, according to the report. "Finding and servicing insurance customers on behalf of insurers would leverage big tech companies' established networks and could serve as an effective business model," the report concludes.

Here is a breakdown of partnerships and investments Google, Apple and Amazon have already made in the insurance industry.


• Google invested $375 million in Oscar Health, owning 10 percent of the company in 2018.
• Google also made a nine-figure investment in Applied Services, a core insurance agency management software provider.
• Google's Verily formed a subsidiary health insurance company earlier this year with Swiss Re.


• Amazon has partnerships with Geico and Allstate for Alexa skills that provide policy information and quotes for customers.
• Amazon is working with Cigna to access healthcare through Alexa.
• The company collaborated with Blue Cross Blue Shield of Massachusetts for members to access PillPack with the BCBS app.
• Amazon is also part of the collaboration that formed Haven, a self-managed health plan for employees.
• In April, the company asked 900,000 e-commerce sellers about current health insurance needs and pain points, setting the stage to offer employee health benefits to sellers.
• Amazon launched wearable Halo earlier this year and partnered with John Hancock's Vitality life insurance program for members to earn benefits and discounts through Halo use.


• Amazon focuses on personal health and wellness data through the Apple Watch, which now can record ECG and blood oxygen levels.
• Apple Watch and the new Apple Fitness+ focuses on healthy lifestyles, which have benefit for life and health insurers, according to CB Insights.
• Apple is a flagship partner in John Hancock's Vitality program and UnitedHealthcare's health plans

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