In August, Google announced a deal to help provide quality, affordable healthcare to Americans, with news that Google’s parent firm Alphabet has invested $375m (£295m) into insurance provider Oscar Health.
This followed an initial $165m (£129m) round of funding earlier this year. In addition, Google executive Salar Kamangar is set to join the board of Oscar Health, which was founded in 2012.
In July, the Capgemini World Insurance Report 2018 revealed that 29.5 per cent of consumers would be open to purchasing insurance from Big Tech firms, such as Apple or Amazon.
While this figure may seem small, this is already a 69 per cent increase on those who were prepared to buy insurance from Big Tech when polled in 2015; the figure is rising, not shrinking.
To remain competitive and relevant, insurers and brokers will have to upgrade and improve their proposition, service, speed of delivery and communications.
But, as Mr McKenna stated: "There has been a huge amount of complacency in the insurance industry for more than 20 years.
"Many things could have, and should have, been done - and still could - but the sales-led focus of protection insurers has seen them trying to squeeze out every possible pound from the old model, rather than invest to transform the future.
"Most life companies look remarkably like Kodak right now. It will be interesting to see if any wake up and smell the coffee."
A spokesman for Amazon said the company did not comment on speculation.
Find out more
To read more about how insurers and brokers can develop their proposition to compete against Big Tech, read FTAdviser's CPD feature on how Amazon is reshaping the insurance market, which qualifies for an indicative 30 minutes' worth of CPD.
simoney.kyriakou@ft.com
