Google Potentially Positioning Itself To Enter Insurance Business
Google recently announced its intention to accept full responsibility for accidents caused by a defect in the design or components of their self-driving cars. Although some consider this statement a marketing ploy, at least one analyst considers this announcement Google’s “Trojan Horse” into the insurance industry. Blake Corbet, a managing director at PI Financial Corp., has suggested that the company’s willingness to accept responsibility for its driverless cars, along with its service allowing consumers to compare rates from different insurance providers, leaves it well-positioned to wedge itself into the insurance business. Although state insurance regulators have been silent as to whether manufacturers are permitted to personally accept such liability, other manufacturers, including Volvo and Mercedes-Benz, have made similar proclamations and more are expected to follow.
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