Amazon, Berkshire Hathaway and JP Morgan Healthcare Announcement

Following the recent news that Amazon, Berkshire Hathaway, and JPMorgan have collaborated to create a healthcare company to serve their US employees,

Danielle Cripps, Insurance Analyst at leading data and analytics company GlobalData said:

“This will likely only be the start of the companies’ proposition. Its scope could expand to partner with other employers in the US market. This would provide a major competitive threat to other US healthcare providers, which has already been confirmed by their shares dropping in value following the announcement.

Amazon for example may also look overseas. In late 2017, Amazon was recruiting insurance professionals in London to join a new team looking to disrupt the insurance market in the UK, Germany, France, Italy, and Spain. This highlights the global outlook of the online retailer.’

If Amazon establishes itself in the insurance market, it will not be long before other alternative providers follow suit. Apple is already a partner with Vitality in the UK, with the pair receiving press for their offer allowing Vitality customers to receive the newest Apple Watch at a discounted price. Apple has also updated its health app, enabling US customers to see their medical records on their phone. This could signal a potential move into the healthcare space.’

Alternative providers are highly influential brands, have masses of consumer data and resources, and are known for providing exceptional customer experiences – all of which makes them a significant threat to the insurance industry.”

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