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Amazon moves closer to its arrival in the insurance industry

by

Andrea Lubeck

February 2, 2018 09:45

Photo : Freepik

The giant us technology Amazon is one step closer to its official entry in the insurance industry by entering into a partnership with the investment company of Warren Buffet Berkshire Hathaway and the financial institution JPMorgan Chase & Co to create a independent business of health care for employees and their families.

The analysis firm GlobalData says that the proposal of the new company is only the beginning for Amazon in the middle. «Its reach could extend to a partnership with other american employers. This would provide a considerable threat to the other providers of health care, which has already been confirmed by the loss of value of their shares following the announcement,» Danielle Cripps, analyst, insurance, for GlobalData.

Disrupt the insurance industry

The firm cites as an example the fact that Amazon has been recruiting professionals for the insurance industry in London to join their new team insurance in order to disrupt this market in the United Kingdom, Germany, France, Italy and Spain. This sheds light on the global perspectives of the online merchant, adds GlobalData.

«If Amazon establishes itself in the insurance market, other alternative providers will not wait to do the same. Apple already has a partnership with Vitality in the United Kingdom, where the clients of the program receive the watch smart Apple Watch at a discount. The company has also updated its application to health to allow us customers to see their medical records on their phone. This sends the signal of the input potential in the health care industry, » says Ms. Cripps.

Few details about the new company

The company was founded by the three american giants, whose name has not been released yet, will be presenting technology solutions to reduce costs, simplify and make more transparent the health care.

«The cost of the massive health care act as a tapeworm hungry on the american economy. Our group did not come to this issue with answers. But we cannot accept not only as inevitable, » emphasizes Warren Buffet, CEO of Berkshire Hathaway.

«We share rather the belief that by putting our collective resources behind the best talent in the country, we can, with time, control the rising costs of health care while simultaneously improving patient satisfaction and their results,» he adds.

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