Alphabet’s Verily is getting into insurance

verily

Verily Life Sciences, the health care company owned by Alphabet, is getting into insurance, the company announced today. Verily is launching a new subsidiary for the effort called Coefficient Insurance Company, which will be backed by the commercial insurance unit of Swiss Re Group.

Coefficient plans to offer stop-loss insurance. The explanation for stop-loss is a little technical, but it boils down to this: Employers that pay for employee health claims out of pocket buy stop-loss insurance. Once they hit the predetermined point of money they pay for their employees’ health, the stop-loss insurance company pays the rest.

Insurance is something of a departure for Verily. A previous…

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via The Verge – All Posts

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