To everyone’s surprise, Amazon has just made a resounding entry into the UK insurance industry. It now offers home insurance there with three partners, including Ageas.
The UK insurance sector is one of the most digitally driven European markets. Online comparators are flourishing there and forcing companies to be extremely competitive in terms of both price and coverage. Nowadays, the online purchase of home insurance has become the priority channel with around 40% of con …
The UK insurance sector is one of the most digitally driven European markets. Online comparators are flourishing there and forcing companies to be extremely competitive in terms of both price and coverage. Nowadays, buying home insurance online has become the priority channel with around 40% of contracts concluded in this way. It is therefore not surprising to see Amazon rush into this breach. This foray into the insurance sector is not a first for Amazon which, in addition to health coverage in the US, already sells auto contracts in India and insures some SMEs as part of the Business Prime offering in the UK. But this is the first time the world leader in e-commerce has tackled the home insurance market. It then launched last week and to everyone’s surprise an insurance comparator called the Amazon Insurance Store. Reserved for Prime subscribers, it will be extended to all site users by the end of the year. If it is first and foremost a comparator, the online store is distinguished by the establishment of a basic offer common to all partner insurers, called Amazon Standard of Cover, which must meet the needs of most basic insurance for renters and lessors. For its debut, Amazon partnered with three industry heavyweights: Allianz, Co-op (a joint British group) and Ageas. The British subsidiary of the Belgian group is very active in the online market, making it a central element of its strategy. She was also named “Insurer of the Year” three times a year by different entities.
