As Obamacare's health insurance exchanges prepare to go live, there is a notable absence: Most of the biggest insurers are sitting on the sideline or just dipping their toe into the pool to check the temperature.

In this video, health-care analyst David Williamson gives two reasons investors should be applauding their lack of immediate participation. He also takes a closer look at the news coming out of the California exchange and explains WellPoint's pricing strategy and why consumers may not shop simply on price.