Eric Schmidt (Google) has said before that data can change Insurance, As this rather expensive $900 report points out "Google’s rapid advances in technology create a paradox where an insurance industry that traditionally changes slowly meets a world that is changing rapidly."
The SMA brief, “Google and Insurance: Far Reaching Implications,” authored by SMA Partner Denise Garth, notes that in the insurance world Google acquired a UK auto-insurance aggregator and launched its own comparison site shortly thereafter. While it might be more difficult for Google to launch a comparable aggregation site in the U.S. due to regulatory and business-model challenges, SMA notes that these moves highlight a strategic focus on the insurance industry by companies like Google that have traditionally been viewed as insurance-industry outsiders. Beyond its direct involvement in the insurance business, SMA says other products developed and contemplated by Google could significantly influence the insurance industry and the risks it protects. Google, for example, pioneered the driverless car, SMA notes, with automakers now getting involved and adding momentum to the concept. Google also announced that optical-health insurer VSP will offer subsidized frames and prescription lenses for Google Glass, and Google also said it is developing smart contact lenses that will monitor diabetics’ blood-sugar levels in real time.