Amazon dives deeper into financial services.
The e-commerce giant will start selling home insurance in the UK through partnerships with three local insurance companies. Described as a “simple and convenient new way to buy home insurance”, the Amazon online insurance store offers quote comparisons, a simplified quote questionnaire and an integrated payments experience at amazon.co.uk.
Additionally, customer reviews, star ratings and claims acceptance rates will be added to the service as more customers purchase policies, providing a “transparent way to rate insurers.” and enabling customers to make “more informed buying decisions,” Amazon said. The program’s initial insurers are Ageas, Co-op and LV+ General Insurance, with more to be added early next year.
To purchase a home insurance policy on Amazon, customers complete a short questionnaire on the site, after which they can compare quotes from the three providers and customize their policy. Once a policy is selected, customers pay for it using Amazon checkout.
“Finding the right home insurance policy can be a time-consuming and confusing task, with quotes often omitting essential cover in order to offer the lowest price,” said Jonathan Feifs, Managing Director of European Payments Products at Amazon. “When we decided to create Amazon Insurance Store, we wanted to improve the experience for customers buying home insurance so they could easily compare options and make an informed, objective decision, just like when they buy on Amazon. “
When developing the new service, Amazon said it worked with participating insurers to streamline one of the most tedious aspects of the home insurance buying process: the quote questionnaire. Clients are only asked the essential questions required by insurers in order to receive a quote, which simplifies the process.
All Amazon Insurance Store policies start with the same level of coverage, called the “Amazon Standard of Cover,” which includes protection for some of the most common home insurance claims. When developing the standard, Amazon said it conducted extensive research into the UK home insurance industry to determine which aspects of home insurance are most sought after by customers.
“This initial launch is just the beginning. We will continue to innovate and make improvements, all with the goal of delighting customers and providing the most convenient shopping experience possible.” Feifs said.
The home insurance offering marks Amazon’s latest move into financial services. Last year, the company partnered with
Claiming to accept “buy now, pay, later” payments in the US In July, it launched a financial management tool for its third-party sellers.
Learn more: https://chainstoreage.com/amazon-rolls-out-new-digital-wallet-sellers
To download high-resolution B-roll and images from the Amazon Insurance Store, go to: amazonuk.gcs-web.com/images-and-videos.