Amazon launched an insurance comparison site today in the UK to sell home insurance. The e-commerce giant has partnered with three launch providers – Ageas UK, Co-op and LV + General Insurance – with more to come next year.
The company said the store will be available to select customers starting today on the web and will roll out on the Amazon UK mobile app by the end of the year.
Customers can fill out a questionnaire about their requirements, type of property and amenities available to get a quote from insurance providers. Users can then compare different offers with ratings of others to choose the best plan. Amazon offers the insurance payment experience on the gate – just like other consumer goods. It would take a deduction from these sales but she didn’t give any information about the commission percentage.
Image credits: Amazon
With this new offer, the company will compete directly with other insurance comparison services such as Moneysupermarket, Uswitch and GoCompare.
“Shopping for home insurance online is a well-established experience, and our goal is to exceed customer expectations when it comes to the Amazon Insurance Store. This initial launch is just the beginning — we will continue to innovate and make improvements,” Jonathan Faves, general manager of European Payments Products at Amazon, said in a statement. All with the aim of delighting customers and providing the most convenient shopping experience possible.
The e-commerce company sells auto insurance in India with its partner Acko. So it could expand into other insurance classes in the UK in the future. Amazon already has financial products such as credit cards, “buy now, pay later” and installment plan payments with Barclays.
This news comes on the heels of the launch of the New York-based insurer Lemonde in the UK earlier this month. Investors in the insurance technology sector are of the opinion that while it may be difficult to get a high valuation under current conditions, the sector is “far from dying”.
Amazon posted a 7% year-over-year growth of $121.2 billion in revenue in the second quarter of 2022 – beating Wall Street expectations of $113.1 billion. But since the company also incurred a $2 billion loss, it will aim to reduce that with new offerings such as insurance.
Originally published at San Jose News Bulletin
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