I see a limited number of insurers having the vision, goals, strategies and digital acumen to keep tech giants at bay and thrive.
Then a major subgroup succumbing to the commoditisation driven by data management & analytics capabilities of GAFA which become the distribution arms of these insurers.
Compelling research by McKinsey back in 2017 that only a few insurers will win the major share of industry profits. See "Winner takes most in digital transformation". Most insurers must tread the commoditisation catwalk.
Which group will you belong to?
Insurance may not be lucrative-enough for tech giants in the short-term, but as real-time data and analytics are used to create insurance policies, tech giants may be tempted to use their troves of data to compete with insurers directly. Until then, we can expect insurers and tech giants to form alliances, as they have in East Asia, with tech companies using insurance and warranties as a value-add for their customers, and insurers using tech companies as a sales channel. Regardless, the story of FAAMG (and others) in insurance is undoubtedly just getting started, and we’ll have to check back in as the landscape develops.