Amazon debuts home insurance store in the UK in latest move into finance
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LONDON — Amazon will start selling home insurance in the U.K. through partnerships with three local insurers, further expanding the e-commerce titan's push into financial services.
The company announced Wednesday it is opening a new service called Amazon Insurance Store.
The product will show shoppers quotes for policies from insurance providers including Ageas, Co-op and LV+ General Insurance, with Amazon pocketing a commission on each sale from its partners. It is similar to offerings from price comparison sites like Comparethemarket and Moneysupermarket.
Customers who want to apply for home insurance on Amazon can do so by filling out a questionnaire, which asks them questions on their home insurance needs. They're then shown a list of quotes from Amazon's insurance partners, along with reviews and star ratings from other customers. Once a user decides on which policy they want to go with, they pay for it using Amazon's own online checkout. The service is initially rolling out to a few select customers but will be available across the U.K. by the end of 2022.
«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, in a press release Wednesday. «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.»
Feifs added that the launch was «just the beginning,» suggesting Amazon may expand into other insurance categories over time.
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