In industry news:

More than 40 percent of insurers see Google as a potential threat because of its strong brand and ability to use customer data, according to Capgemini’s annual world insurance report. Google beat other household names Amazon and Wal-Mart as the biggest new entrant threat, based on interviews with more than 150 insurance executives. Insurers are looking to use technology to gain more information about their customers and potentially offer them lower-cost insurance, a space where Google has a clear advantage over traditional insurance models. However, it is unclear whether or not the results of the report in this regard are entirely accurate, as the interviews were conducted prior to last week’s news that Google is shutting down its Google Compare auto insurance service in both the U.S. and the UK.

Read more about the report via Insurance Journal here. Access the report here.

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