An Octopus in Your Swimming Pool – “Your data in their hands”

1. An Octopus in Your Swimming Pool – “Your data in their hands” Companies evolve over time to offer new products and sometimes they surprise everyone by taking a new turn completely. Thus when a search engine such as Google gets into the insurance industry it may seem as rare as finding an octopus in a swimming pool. But how is Google doing this? It seems that remote technology is the main tentacle that allows a simple search engine to have a major dabble in insurance. In fact, Google could actually squeeze the life out of some of the traditional Australian insurance companies if they don’t watch out. It has become an accepted fact in the US that when technology that allows homeowners to monitor the safety of their home remotely is used, insurance companies will offer a discount on the policy once they can be sure that the usage is confirmed. Using such technology helps to keep the home safer, thus reducing the risk, something that insurers like very much. Older people – who can most benefit - feel that this is all an invasion of privacy, but the younger generation accepts it with equanimity.

2. Of course, once Google has dipped its first tentacle into the waters of insurance it will be sure to continue and is quite likely to try swimming in Australia in the near future. So Australian insurance companies will need to get with modern technology and start to offer better, cheaper products, if they want to compete with the google monster. If you would like to keep your insurance with an Australian Insurance Company and speak to an experienced insurance Broker then give SHC a call on 1300 550 665.