Amazon closes insurance store after less than 18 months

Alex Sword


The Financial Services Forum

Amazon has closed down its Insurance Store less than 18 months after launching.

“Over the last year, we have been evaluating various businesses and programs, and as a part of that we’ve made the difficult decision to discontinue the Amazon Insurance Store,” Vassil Gedov, Head of the Amazon Insurance Store, said in a statement.

The insurance offering was designed to try to solve the major pain points in buying insurance, including by reducing the list of questions required by insurers to generate a quote. It launched with partners including Ageas, Co-op and LV= General Insurance.

In August, the ecommerce giant pushed the insurance store with an ad campaign across out-of-home, social and digital campaigns.

Amazon did not give any specific reasons for the closure, nor share any details of the volumes of customers who had signed up. It may be that the UK market is already well served by existing comparison sites, or that customers did not naturally view Amazon as somewhere that they would buy insurance.

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