- Amazon is launching an online insurance marketplace in the U.K.
- The company is partnering with Ageas UK, Co-op, and LV= General Insurance to offer the Amazon Insurance Store, a new tool to help U.K. customers shop for home insurance.
- The Amazon Insurance Store is now available to “select customers” and will be available to all U.K. customers by the end of the year.
The fintech industry loves to talk about Amazon’s weight as a competitor in the financial world. This week, the online retail giant is offering more points to that discussion with the launch of an online insurance comparison website for the U.K. market.
The Amazon Insurance Store serves as a way for U.K. customers to shop for home insurance by helping consumers compare quotes, select a plan, and pay for it using a checkout experience integrated with Amazon.co.uk. The element Amazon is seeking to differentiate its service with is the questionnaire experience. The company has simplified the process by only asking essential questions insurers require to issue a quote.
After the Amazon Insurance Store gains some traction, the company will integrate elements consumers expect from Amazon, such as customer reviews, star ratings, and even claims acceptance rates. The company expects the user-submitted data will help customers make more informed selections surrounding insurance companies and policies.
After finalizing their purchase, customers can use the Amazon website or mobile app to view their policies, change their payment method, and view renewal information.
“Finding the right home insurance policy can be a time-consuming and confusing task, with quotes that often leave out essential coverage in order to lead with the lowest price,” said Amazon European Payment Products General Manager Jonathan Feifs. “When we set out to create the Amazon Insurance Store, we wanted to improve the experience for customers shopping for home insurance so they could easily compare options and make an informed, objective decision—just like shopping on Amazon.”
At launch, Amazon is partnering with Ageas UK, Co-op, and LV= General Insurance. The company plans to add more insurers early next year. Amazon’s comparison website competes directly with Moneysupermarket, Uswitch, Compare the Market and GoCompare.
This isn’t Amazon’s first foray into the insurance market. Last year, the company partnered with Superscript to offer members of its Business Prime program contents insurance, cyber insurance, and professional indemnity insurance.
“Shopping online for home insurance is a well-established experience, and our goal is to exceed customers’ expectations when it comes to the Amazon Insurance Store,” said Amazon European Payment Products General Manager Jonathan Feifs. “This initial launch is just the beginning—we’ll continue to innovate and make refinements, all with the aim of delighting customers and providing the most convenient shopping experience possible.”
Amazon said that its Amazon Insurance Store is now available to “select customers,” and that it will be available to all U.K. customers by the end of the year.