Google Gets into Insurance

March 3, 2021

Worrying about the relevance of search results? You probably should. The online ad giant is facing some big problems. And what do giant corporations do when their core business faces competitive, legal, employee, management, and customer pressure?

Give up.

Here’s the answer: Sell insurance.

Google Rolls Out First of Its Kind Cyber Insurance Program for Cloud Customers” reports:

Google LLC has teamed up with two major insurers to develop a cyber security insurance offering that will provide Google Cloud customers who sign up with coverage against cyber attacks.

Ask an actuary. Is insurance a good business? Listen to the answer… carefully.

The article notes:

The Risk Manager tool is available to Google Cloud customers by request. As for the cyber insurance coverage against data breaches, it will initially be offered to organizations in the U.S.

There are several implications of this deal. But it is early days, and one cannot purchase insurance to cover a ride in a Waymo infused vehicle directly from the GOOG yet.

The thoughts which ran through my mind after reading the news story were:

  1. Is Google cashing in on SolarWinds’ paranoia?
  2. Does selling insurance for cloud services suggest that cloud services are a big fat bad actor target which cannot be adequately protected?
  3. Will Google insure homes, yachts, and health?
  4. Has Google run out of ideas for generating revenue from its home brew and me too technology?

I have no answers, just hunches.

The Google has looked backwards to bottomry contracts shaped in Babylon. When did this insight dawn? Round about 4,000 before common era (that’s AD in thumbtyper speak).

Will Google innovate with stone flaking methods and sell non fungible tokens for these artifacts?

Stephen E Arnold, March 3, 2021


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