Amazon have launched the Amazon Insurance Store for UK customers to shop for home insurance in a streamlined and integrated way.
The Amazon Insurance Store will has begun rolling out to select customers, and it will be available to all UK customers and the Amazon UK mobile app by the end of the year, the company said.
Amazon worked with participating insurers to develop the store. The company’s goal was to streamline one of the most burdensome aspects of the home insurance buying process: the quote questionnaire.
Customers are asked the essential questions required by insurers in order to receive a quote, Amazon said this simplifies the process.
The Amazon Insurance Store also provides a more transparent way to shop for home insurance. 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.
Participating insurers include Ageas UK, Co-op and LV=General Insurance.
Jonathan Feifs, general manager of Amazon’s European Payment Products, said, “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.
“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.”
Feifs continued to say that 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. 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.”
Detroit-based InsurTech CoverTree has recently raised $10m in a seed funding round and launched a home insurance offering.
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