Intact becomes newest strategic insurance investor. Insurance startups & MGA appointments. Google & AIG.
Today, Citi analysts proposed an “audacious” acquisition of AIG by Google parent Alphabet in order to “turn it into an insurance FinTech laboratory.”
Last October, we highlighted Google’s increasing moves in insurance tech, including its three health insurance tech investments in 2015. However, Google Compare CEO Nicolas Weng Kan has repeatedly said that Google has absolutely no interest in becoming the next big insurance carrier.
An Alphabet acquisition of any existing insurers (esp. one with a $67B market cap) is a nice pipe dream. It’s great publicity for the need for insurance innovation, though.
What to avoid when starting an insurance tech startup
Lots of investors have blogged about various “opportunity patterns” in the insurance industry. While great starting points, they don’t dive too deep into the more practical and operational issues entrepreneurs in the space encounter.