Amazon launches UK home insurance store

Could Amazon's new service rival Moneysupermarket and Comparethemarket and signal a move into personal finance?

Amazon is branching out into a new area of business today with the launch of its own online insurance store in the UK. 

The store will kick off with three brands: Co-op, LV=General Insurance and Ageas UK, with more insurers coming early next year.

Select customers will be able to purchase insurance directly through the Amazon website starting today, with the service rolling out to all UK users and the mobile app by the end of the year.

“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,” Amazon EU payment products director Jonathan Feifs said. 

“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.”

The largest online retailer in the world is aiming to simplify the home insurance experience, with “like-for-like quote comparisons” and what it crucially says is a “streamlined and simple” quote questionnaire, which it has dialled in on as the biggest pain point for consumers.

“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,” Feifs said. 

“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.”

Amazon will take a sales commission from each transaction, though did not say how much, and has used the same backend technology to develop the insurance store.

Could this new product, setting out to rival the likes of Moneysupermarket and Comparethemarket, mark a decisive push from the online realtor into the world of personal finance?

After all, this launch is just the beginning…