Amazon is deepening its foray into the insurance world.
The online retail giant has unveiled the Amazon Insurance Store, which it describes as “a new, simple, and convenient way to shop for home insurance.”
Available to homeowners and renters in the UK, the offering was launched in partnership with three local insurers: Ageas UK, Co-op Insurance Services and LV= General Insurance.
“Amazon will add more insurers to the Amazon Insurance Store early next year, giving customers even more selection,” the organization’s press release reads.
100 per cent digital
To purchase an insurance policy, customers log into their Amazon account and fill out a short questionnaire, Amazon explains. They are then shown several quotes, which can be personalized. These quotes are adjusted in real time to let customers compare prices of several insurers.
Amazon says that all policies sold through the platform come with a basic level of coverage, “which includes protection for some of the most common home insurance claims.” Customers can then add to their policy if necessary.
Once the policy is chosen, the client pays the premium online directly on the platform. After the purchase, he can view his policy, consult his renewal information or change his payment method.
The Amazon Insurance Store “also provides a more transparent way to shop for home insurance,” the company says, adding that “as more customers purchase policies, the store will populate customer reviews, star ratings, and claims acceptance rates so customers can make more informed purchasing decisions.”
“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,” says Jonathan Feifs, general manager of Amazon's European Payment Products.