The world’s second-largest reinsurer has signed an agreement with Google-owner Alphabet – the second major tech-tie-up within weeks by the Zurich-based company.
Swiss Re and U.S. firm Verily, a life science company, have founded insurance firm Coefficient Insurance Company, «Reuters» reported. Verily belongs to Google-owner Alphabet and used to be a unit of research platform Google X.
Protecting Against Exorbitant Health Costs
Swiss Re holds a minority stake in the new company and will support the startup with solutions out of the corporate client toolbox. Coefficient Insurance is a niche service provider: employees in the U.S. are typically have their health insurance paid for by their employers. The new company aims to provide employers with insurance against exorbitant health costs.
The cooperation with Verily is an example for a global trend, with co-operations sought with global tech providers. Earlier this month, Swiss Re signed an agreement with the fintech division of Ping An, a Chinese insurer. The pilot project that will emerge from this tie-up will be launched later this year in Switzerland.
