Technology giants to disrupt healthcare
Friday, 02 02 2018, Category: Technology, Country: United States
Amazon, Berkshire Hathaway and JPMorgan Chase & Co have teamed up to create a new healthcare company, causing the share value of major US health and insurance firms to plummet.
The new not-for-profit company aims to harness the power of technology in order to provide employees with simplified, high-quality and transparent healthcare at a reasonable cost.
This has fuelled speculation that Amazon could also attempt to enter foreign markets, capitalising on its vast resources, consumer data, and reputation for excellent customer service.
“Amazon may also look overseas,” GlobalData insurance analyst, Danielle Cripps, said.
“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.”
Berkshire Hathaway is the third-largest public company globally, as well as an insurance provider, while JP Morgan is the biggest bank in the US, and Amazon the largest internet retailer in the world.
In a joint statement released yesterday, the three companies said they would bring their scale and complementary expertise to the healthcare initiative in order to tackle one of the “greatest issues facing society today”.
Source: The Actuary