Amazon Inc. has started a new business that will offer its UK customers home and contents insurance from third-party providers. Amazon will primarily provide shoppers with quotes from LV=General Insurance, Ageas UK, and several more insurers will be added in the upcoming months.
The Amazon Insurance Store will show customer reviews, star ratings, and claims acceptance rates for the insurers, which are similar to the other products for sale on the site. Amazon will also get a commission from the insurers for policies sold on the platform.
The Amazon Insurance Store marks a departure for Amazon, and will take on comparison between banks and websites that sell insurance alongside mortgages. Amazon is seeking to simplify the process of purchasing insurance that will allow customers to request and review quotes, check out, and select a policy.
Jonathan Feifs, Amazon’s European Payment Products Division general manager, said this is just the beginning, and it is yet to be seen whether the company will expand into more markets and offer other types of insurance.
Jonathan Feifs added that there are many different categories of insurance, and they are always listening to customers to find several other ways where they can exceed their expectations and make their lives much easier.