New competition ?: Prudential CEO: Apple and Google could become competitors in the healthcare sector | message
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• Apple and Google are increasingly concerned with the health sector
• Verily announces creation of Coefficient Insurance subsidiary
• Regulatory hurdles are no problem for the tech giants
Mike Wells, CEO of UK finance and insurance company Prudential, spoke to CNBC’s Geoff Cutmore at the East Tech West conference about the launch of the Prudential health app Pulse and Apple and Google that could compete in the health care industry.
Apple and Google are advancing into the health sector
Apple and Google have been dealing increasingly with the health sector for a number of years. In an interview with CNBC, Mike Wells explains that the tech giants certainly have the platforms to compete in the healthcare sector, but added, “They don’t have the licenses yet.”
Whether the two giants from Silicon Valley wanted to start selling insurance is, as CNBC Wells quotes, an “interesting question”. This depends on whether they want to operate on “more or less regulatory fronts”. Neither company has such a product on the market yet, but according to CNBC, initial signs suggest that Apple and Google are not afraid to enter this market.
For example, Google’s health-oriented sister company Verily, as reported by CNBC, has been dealing with health insurance for years. Then, in August, Verily announced the creation of a subsidiary called Coefficient Insurance. The company is supported by the business insurance division of Swiss Re and, as Verily writes in a press release, is to combine innovative health technology solutions with new types of insurance and payment models.
Meanwhile, Apple has entered into a partnership with the insurer Aetna. In the Attain by Aetna app, which was developed in collaboration with Apple, users can earn an Apple Watch or gift cards from retail partners through health-promoting behavior.
A highly regulated environment is not a problem for the tech giants
The Prudential CEO is not worried about regulatory hurdles for Apple and Google. While some smaller technology companies may have difficulty dealing with strict regulations, Apple and Google are not – they are “very capable of dealing with regulation.” And Prudential is also “used to working in a highly regulated environment. For us, this is a natural extension of our business models and we work closely with political decision-makers.”
Finanzen.net editorial team
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