Amazon launches online store for buying home insurance — in the UK
Amazon is diving deeper into financial services.
The e-commerce giant will start selling home insurance in the U.K. through partnerships with three local insurance companies. Described as a “new, simple, and convenient way to shop for home insurance,” the online Amazon Insurance Store offers quote comparisons, a streamlined quote questionnaire and a checkout experience integrated with amazon.co.uk.
In addition, customer reviews, star ratings and claims acceptance rates will be added to the service as more customers purchase policies, offering a “transparent way to evaluate insurers,” and allowing customers to make “more informed purchasing decisions,” Amazon said. The initial insurers for the program 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 fill out a short questionnaire on the site, after which they can compare quotes from the three providers and personalize their policy. Once a policy is selected, customers pay for it using Amazon’s checkout.
“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,” said Jonathan Feifs, general manager of Amazon’s European payment products. “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.”
In developing the new service, Amazon said it worked with participating insurers to streamline one of the most burdensome aspects of the home insurance buying process: the quote questionnaire. Customers are only asked the essential questions required by insurers in order to receive a quote, simplifying the process.
All policies in the Amazon Insurance Store start with the same level of cover, called the “Amazon Standard of Cover,” which includes protection for some of the most common home insurance claims. In developing standard, Amazon said it conducted comprehensive research on the UK home insurance sector to determine which aspects of home insurance are most sought out by customers.
“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,” said Feifs.
The home insurance offering marks Amazon’s latest move into financial services. Last year, the company partnered with
Affirm to accept “buy now pay, later” payments in the U.S. In July, it launched a financial management tool for its third-party sellers.
Read More: https://chainstoreage.com/amazon-rolls-out-new-digital-wallet-sellers
To download high resolution b-roll and images of the Amazon Insurance Store visit: amazonuk.gcs-web.com/images-and-videos.