Amazon launches the Insurance Store in the UK: here’s how it works

Amazon launches the Insurance Store in the UK: here’s how it works

Amazon’s climb in the insurance sector continues. After the launch of policies for small and medium-sized businesses in the UKthe e-commerce giant has announced that it will also start selling home insurance services in the UK through its new Amazon Insurance Store.

Here’s how it works, and what are the programs and partnerships to keep an eye on to follow the path of the multinational in the insurance world.

What is the Amazon Insurance Store

On October 19 the UK section of Amazon he announced the launch of the Amazon Insurance Store, a new digital platform through which it will be possible to purchase home insurance policies directly online. For now, Amazon will not directly underwrite policies sold through its systems, but will act as a distributor of insurance products sold by external partners.

In particular, on the new Amazon marketplace it is possible to compare different offers, read customer reviews and complete an online questionnaire to receive a personalized quote and therefore select the best policy. Finally, users can subscribe to all policies directly online, through the online check-out and payment services integrated with Amazon’s e-commerce activities.

“Buying home insurance policies online is now a well-known experience among the public, and our goal is to exceed customer expectations,” said Jonathan Feifs, Amazon’s general manager for European online payment services. .

More in detail, the home policies sold through Amazon UK they all start with the same basic level of cover, known as the ‘Amazon Standards of Cover’, which includes protection for the main and most prevalent risks. It is then possible to include additional elements, if necessary.

The company has partnered with three UK insurers, Ageas UK, Co-op and LV= General Insurance, to launch the Amazon Insurance Store, but plans to expand the portfolio by early 2023. e-commerce will collect a percentage for each policy subscribed through its platform.

Amazon, the activities in the insurance world

It is not the first time that Amazon has been interested in the insurance sector, indeed. Already in March 2021 the company started a strategic partnership with the insurtech unicorn NextInsurance to offer affordable digital insurance solutions to small and medium-sized businesses based in the United States. The agreement, in particular, allows US Business Prime members to easily get a quote and purchase general liability, professional liability, workers’ compensation, auto liability, and tools and equipment insurance.

A few months later, in August 2021, the company launched theAmazon Insurance Acceleratora service to support sellers in choosing and adopting insurance coverage at a good price and from reliable providers to complement their products.

Amazon pushes on insurance: what is Amazon Insurance Accelerator

Also, thanks to a partnership with the Superscript brokerFor about a year now, the e-commerce giant has been offering Business Prime customers in the UK the opportunity to purchase policies for small and medium-sized businesses, underwritten by various local insurers and sold at particularly convenient prices.

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