Google is actively looking for further investment in the insurtech space, following its acquisition of a minority stake in Applied Systems.
Jesse Wedler, principal in Google’s venture capital arm, Capital G, said it was specifically looking for technology and software businesses in the insurance space, or anywhere the company could “add value”.
However, Wedler said Google would never invest in a competing business to broker software provider Applied.
Capital G announced a “nine figure” investment into the company last week at the Applied Net 2018 conference in Nashville, Tennessee.
“We will never invest in anything that’s competitive with Applied, that’s the model we have,” said Wedler. “We like to make a single bet in a specific market, and back it with everything we’ve got.”
However, he said the company would look at other areas where technology relates to insurance. The announcement follows Amazon’s major investment in Indian insurtech start-up Acko.
Wedler said: “We will definitely be looking for additional investments related to technology in the digital insurance space.
“We will continue to be on the lookout for businesses like Applied that are leveraging technology to add more value to the insurance market. There’s a wide group of categories that would fall into that. We will certainly be looking at the market going forward.”
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