In the UK, Amazon launched an insurance comparison site. The company has partnerships with Ageas UK, Co-op, and LV + General Insurance.
The store will be available to select customers starting today on the web and will be rolled out to the Amazon UK mobile app by the end of the year.
Customers can fill out a questionnaire to get a quote from insurance providers. The best plan can be compared with ratings by other people. The checkout experience for insurance on the portal is similar to other consumer goods. It will take a cut from these sales, but it didn't mention the commission percentage.
The image was created by Amazon.
The company will be directly competing with other insurance comparison services with this new offering.
The goal is to exceed customers' expectations when it comes to the Amazon Insurance Store. Jonathan Feifs, general manager of Amazon's European Payment Products said in a statement that the initial launch is just the beginning.
The auto insurance is sold by the company with its partner. It can be expanded into other insurance categories in the future. Amazon has a number of financial products such as credit cards and payment plans.
Lemonde launched in the UK earlier this month. The insurtech sector is far from dead, according to investors in the sector.
Amazon registered a revenue of $121.2 billion in the second quarter of the year, beating the Wall Street expectation of $113 billion. The company has a $2 billion loss and will try to reduce that with new offerings.
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