Tuesday, August 25, 2020

Google Enters the Health Insurance Business (GOOG)

Technically it is "Google parent Alphabet's healthcare subsidiary Verily enters..."
Stupid Google names.

Should just be "All your base are belong to us, Inc."

From Reinsurance News:
Google’s Verily launches insurance partnership with Swiss Re
Swiss Re Corporate Solutions (Swiss Re CorSo), the commercial insurance arm of reinsurance giant Swiss Re, is backing a new Verily subsidiary focused on employer stop-loss called Coefficient Insurance Company.

Verily is the life sciences and healthcare subsidiary of Alphabet, the parent of Google. The firm’s new insurance subsidiary, Coefficient, has been launched to help employers realise improved value via its “precision risk” solution.

The new insurer will combine innovative health technology solutions with novel insurance and payment methods, leveraging Verily’s strengths integrating hardware, software and data science. Coefficient will also make use of Swiss Re CorSo’s risk knowledge, distribution capabilities and position in the employer stop-loss marketplace.

According to an announcement on the launch and backing, its precision risk solution enables self-funded employers to control cost volatility via a data-driven model that is unique in the traditional employer stop-loss market.

The solution is designed to provide self-funded employers with a more predictable benefit plan, and uses an analytics-based underwriting engine to highlight areas of cost volatility, and cover those exposures with relevant policy provisions....

That reads like a press release.
Depending on the California fires and Texas major hurricane (110+ mph winds) we'll swing by Artemis and see what they think.