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.

David Williamson has no position in any stocks mentioned. Follow David on Twitter: @MotleyDavid.

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