Amazon launches UK insurance comparison site

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Amazon today launched an insurance comparison site 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 to the Amazon UK mobile app by the end of the year.

Customers can fill out a questionnaire about their needs, type of property and available amenities to get quotes from insurers. Users can then compare different offers with other people’s reviews to choose the best plan. Amazon offers a payment experience for insurance on the portal, just like for other consumer goods. It will take a reduction of these sales, but he did not mention any information on the percentage of commission.

Picture credits: Amazon

With this new offering, the company will directly compete with other insurance comparison services such as Moneysupermarket, Uswitch and GoCompare.

“Buying home insurance online is a well-established experience, and our goal is to exceed customer expectations for the Amazon Insurance Store. This initial launch is just the beginning – we will continue to innovate and to make improvements, all with the goal of delighting customers and providing the most convenient shopping experience possible,” said Jonathan Feifs, general manager of Amazon’s European payment products in a statement. .

The e-commerce company sells car insurance in india with his partner Acko. So it may extend to other categories of insurance in the UK in the future. Amazon already offers financial products such as credit cards and “Buy now, pay later” and installment payments with Barclays.

The news falls in stride New York insurance company Lemonde launches in the UK earlier this month. Insurtech investors believe that while it may be difficult to obtain a high valuation under current conditions the sector is “far from dead”.

Amazon saw 7% year-over-year growth as it recorded revenue of $121.2 billion in the second quarter of 2022 – beating Wall Street’s expectation of $113.1 billion. But since the company also posted a loss of $2 billion, it will aim to reduce it with new offerings like insurance.

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