Amazon Starts Online Home Insurance Store for UK Customers
The world's largest online retailer will initially provide shoppers with quotes from LV= General Insurance, Ageas UK and Co-op, with more insurers added in coming months, the Seattle-based company said. The rollout starts Wednesday.
The Amazon Insurance Store will show star ratings, customer reviews and claims acceptance rates for the insurers, similar to the other products for sale on the site. Amazon will get a commission from the insurers for policies sold over the platform.
The venture marks a departure for Amazon and will take on comparison websites and banks, which often sell insurance alongside mortgages. The online giant is seeking to simplify the process of buying insurance, allowing customers to request and review quotes, select a policy, and check out, all on its UK site.
“This is just the start,” said Jonathan Feifs, general manager of Amazon's European Payment Products division. It's yet to be seen whether the company will expand into more markets or offer other types of insurance, he said.
“There are many different categories of insurance and we're certainly always listening to customers to find other ways where we can exceed their expectations and make their lives easier,” said Feifs.