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Amazon launches home insurance comparison website

Amazon.com is launching a home insurance portal in the UK and has signed up three big-name insurers as it pushes further into financial services. Ageas UK,… View Article

HOME AND DIY RETAIL NEWS

Amazon launches home insurance comparison website

Amazon.com is launching a home insurance portal in the UK and has signed up three big-name insurers as it pushes further into financial services.

Ageas UK, Co-op, and LV= General Insurance, a unit of German insurer Allianz, will provide third-party services initially, Amazon said on Wednesday, and it hopes to add more insurers “early next year”.

Moneysupermarket.com’s shares slumped more than 8% on Wednesday following the news that Amazon will be stepping into the insurance-price comparison market.

Other firms operating comparison sites include Uswitch, Compare the Market and GoCompare.

Insurers worry that tech firms will steal a march on their business, and are keen to partner with them, offering them commissions for selling their products.

The new portal, Amazon Insurance Store, will also include customer reviews and ratings on insurance companies and the rate at which the claims were accepted for policies offered, Amazon said.

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