Amazon launched a home insurance comparison site in the United Kingdom today. The eCommerce behemoth has teamed up with three launch partners — Ageas UK, Co-op, and LV + General Insurance — with more to follow next year.
The store will be available to select customers starting today on the web and will be available on the Amazon UK mobile app by the end of the year, according to the company.
Customers can get a quote from insurance providers by filling out a questionnaire about their needs, the type of property, and available amenities. Users can then compare various offerings with user ratings to select the best plan. On the portal, Amazon offers a checkout experience for insurance, just as it does for other consumer goods. It will take a cut of these sales, but no information about the commission percentage was provided.
With this new product, the company will compete directly with other insurance comparison services such as Moneysupermarket, Uswitch, and GoCompare.
“Shopping online for home insurance is a well-established experience, and our goal when it comes to the amazon a to z Insurance Store is to exceed customers’ expectations.” “We’ll continue to innovate and refine, all with the goal of delighting customers and providing the most convenient shopping experience possible,” said Jonathan Fiefs, general manager of Amazon’s European Payment Products, in a statement.
With its partner Acko, the eCommerce company sells auto insurance in India. As a result, it has the potential to expand into other insurance categories in the UK in the future. Amazon already offers credit cards, “Buy now, pay later,” and installment plan payments through Barclays.
Lemonade, a New York-based insurance company, launched in the United Kingdom earlier this month. Investors in the insurance sector believe that, while it may be difficult to obtain a high valuation in the current environment, the sector is “far from dead.”
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Amazon’s revenue increased by 7% year on year to $121.2 billion in Q2 2022, exceeding Wall Street’s expectation of $113.1 billion. However, because the company also recorded a $2 billion loss, it will seek to reduce that with new offerings such as insurance.
