Buy Insurance From Google Inc (GOOGL) In 2015?
Google Inc (NASDAQ:GOOGL) is facing delays in the roll out of the company’s insurance-focused operations in the U.S. market. The company has done so in the U.K. with much success and the project is expected to be replicated at home with significant success.
The company has already laid a lot of ground work for its insurance comparison site project in the U.S., but there is something that is easily noticeable so far – the company has delayed roll out plans for the project. The company was expected to start piloting its so-called Google Compare auto insurance site in California and then expand into more markets in 1Q2015. Other launches of the service beside California were expected in Illinois, Texas, and Pennsylvania. That hasn’t happened and even the California launch could be delayed to later in the 1st Quarter of 2015.
License to operate in several states
The company has already secured licenses to operate its insurance business in more than half of the states in the U.S., which in addition to the ones already mentioned, include Oregon and Missouri.
Progress made so far
At this juncture the company has already assembled a team to drive its insurance business agenda. The leading figures in Google Inc (NASDAQ:GOOGL)’s insurance operations held various roles in the bigger company. However, the team selected for the insurance mission lack experience in the field. Some have cited that Google wants to have a team that thinks differently in the field.
Google Inc (NASDAQ:GOOGL) has also been allowed to work with a handful insurers in the pilot phase of the project. More insurers are expected to join in perhaps after they see how things progress.
More importantly, Google Inc (NASDAQ:GOOGL) has tapped CoverHound, a San Francisco-based independent agency. The move is expected to accelerate Google’s penetration in the U.S. insurance market. Additionally, CoverHound also brings the much-needed insurance exposure that Google may currently lack.
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