E-commerce giant Amazon is reportedly considering a move into the InsurTech market.
The move comes as no surprise as the business already offers some types of insurance policies through Amazon Protect, an offering that provides extended warranties, insurance against accidental damage, breakdown and theft, according to various media reports.
According to another media report, the company has begun advertising for people with InsurTech experience in the European Union, and reportedly stated that it was “launching a new business” and will be “creating a new palette of services.”
Amazon’s move into the InsurTech industry comes at a time when funding in the space is rising dramatically.
In Q1 2017, InsurTech funding sat at $189.8m across 53 deals. In Q2 of the same year, funding shot up to $872m across 34 deals.
Alongside this, Europe has emerged as one of the leaders in the investment space. Its share of InsurTech deals has been increasing steadily since 2014. It started off with 14.6 per cent, but a year later it had 17.8 per cent. In 2016, this grew to 22.6 per cent before a drastic increase to 33.3 per cent in H1 2017, according to FinTech Global research.
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