Amazon Insurance Store Enters U.K. Marketplace
Comparison site will focus on home insurance initially
Betting that it can outdo Google’s failed attempt to launch its own comparison site, (remember Google Compare?) Amazon announced on October 19th the launch of its new Amazon Insurance Store. The new online shop will allow UK customers to shop for home insurance in “a new, simple, and convenient way.” The store already has begun to roll out to select customers with plans to expand availability to all UK customers both on its platform and via the Amazon UK mobile app by the end of the year.
“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,” said Jonathan Feifs, general manager of Amazon’s European Payment Products. “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.”
According to Amazon, the company already has partnered with three insurance brands: Ageas UK, Co-op, and LV= General Insurance. Each company offers a similar policy starting at the same level of cover, called the Amazon Standard of Cover. This standard protection offers the most common home insurance claims.
In developing the Amazon Standard of Cover, the company noted, it conducted an exhaustive examination of the UK home insurance sector in order to determine which aspects of home insurance are most sought out by customers.
“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,” Feifs said. “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.”
A simplified buying process could be a game changer
One of the keys to Amazon’s new venture will be the consumer experience. By tapping into customers who already use the Amazon platform, the company has built its comparison store to work seamlessly through a customer’s Amazon account, which will create a high-level of comfort for those customers who already purchase through the company’s platform. Customers only need logon to their account and then fill out a short questionnaire in order to begin the comparing and buying process. Moreover, payment can be made through the same checkout process as their normal Amazon account. Once purchased, the company says insured can then access their policies via their Amazon account, as well as change their payment method and view renewal information.
Amazon says that customers can trust that their information will be safe and secure while shopping on the Amazon Insurance Store as it has been developed using the same backend technology as its main platform while only collecting and sharing customer information that’s necessary to operate the store.
