Amazon seeks to bring “customer obsession” to insurance sector

Alex Sword


The Financial Services Forum

Amazon is hoping to bring its trademark “customer obsession” to the UK’s home insurance sector with the launch of a new comparison portal.

The Amazon Insurance Store will offer quotes, policy selection, checkout and policy management from multiple insurers through the company’s website and app.

The store aims to solve some of the key pain points of buying insurance online, including reducing the list of questions required by insurers to receive a quote.

The online marketplace will offer an “Amazon Standard of Cover”, which protects against some of the most common home insurance claims based on extensive market research, in order to allow easier like-for-like comparisons.

The site will also display customer reviews, star ratings and claims acceptance rates next to policies in the future.

Initial insurers participating include Ageas, Co-op and LV= General Insurance.

Jonathan Feifs, general manager of Amazon’s European Payment Products, said: “Shopping online for home insurance is a well-established experience, and our goal is to exceed customers’ expectations when it comes to the Amazon Insurance Store.

“This initial launch is just the beginning—we’ll continue to innovate and make refinements, all with the aim of delighting customers and providing the most convenient shopping experience possible.”

He added: “Finding the right home insurance policy can be a time-consuming and confusing task, with quotes that often leave out essential coverage in order to lead with the lowest price.

“When we set out to create the Amazon Insurance Store, we wanted to improve the experience for customers shopping for home insurance so they could easily compare options and make an informed, objective decision—just like shopping on Amazon.”

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