Everything You've Ever Wanted to Know About Amazon Launches An Insurance Comparison Site In The UK

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Amazon has partnered with three insurance providers Ageas UK, Co-op, and LV + General Insurance to launch a comparison site for home insurance. Starting today and coming to the Amazon UK mobile application by the end of the year, customers can request an insurance quote from three providers beginning today on the web. 

To locate the best plan, users may compare various insurance providers based on ratings from others by filling out a questionnaire about their needs, the type of property, and available amenities. Just as with other Amazon goods, insurance may be purchased on the website. 

Amazon will take a cut from these transactions, but it didn't mention any information about the commission rate. Amazon's new insurance comparison service will compete directly with Moneysupermarket, Uswitch, and GoCompare as a result of this new service. 

The Amazon Insurance Store will provide consumers with an online shopping experience that surpasses their expectations. The Amazon Insurance Store is just the beginning,” according to Jonathan Feifs, general manager of Amazon's European Payment Products. 

Acko, its Indian partner, sells insurance business in India. It will be able to expand into other insurance sectors in the UK in the future. In addition to credit cards and 'buy now, pay later' and Barclays payment options, Amazon has a variety of financial services. 

New York-based Lemonde Insurance debuted in the UK this month. While the insurtech business may not be evaluated highly at this moment, investors believe that it is 'far from dead.' Amazon's Q2 2022 revenue rose seven percent year-over-year to $121.2 billion, exceeding Wall Street expectations of $113.1 billion. However, the company's $2 billion loss was recorded, therefore insurance offerings will be used to help reduce it.

How Amazon’s New Insurance Site Works

The site is user-friendly and guides users through the process, beginning with an assessment of your insurance needs. After selecting your type of coverage, the site will then ask you a series of questions to assess your current situation and find the best solution for you. You can select from a variety of different providers for each of your insurance needs, including some well-known companies such as Aviva, AXA, and Legal and General. 

The site also encourages users to explore other areas of their finances, such as retirement planning and investments, so that they can make sure that they’re prepared for the future. Amazon’s insurance comparison site can be a great place to start in taking control of your finances.

Auto Insurance

The site asks you a series of questions to understand your situation. These include how many cars you own, how many of them are used for business, any driving convictions, and the age of your passengers. After answering these questions, Amazon’s new insurance site will provide a list of suggested policies for you to choose from, along with estimated premiums for each. 

For example, if you have 3 cars and 2 of them are used for business, you may have a higher premium than someone with the same number of vehicles but who doesn’t use them for work.

Home And Contents Insurance

Amazon’s new site will ask you about the type of contents you have in your home, where you live, and any valuables that you have. For example, if you have a lot of expensive jewelry, the site will ask if you keep it in a safe. If you don’t, you may be able to increase the amount of coverage you have to compensate for the loss of your items. 

The site will then provide you with recommended policies based on your specific needs. It will also provide an estimated monthly premium, which can help you determine whether the coverage you have is sufficient.

Life Insurance

The site will ask you how much you would like to be insured for and how old you are. It will then provide a list of different policies to choose from and the estimated premium of each. After selecting the amount of coverage you want, the site will ask you a few questions about your health and lifestyle habits. For example, if you are a smoker, you may have to pay more for your life insurance.

Health Insurance

Amazon’s new site will ask you if you have any pre-existing conditions or whether you have dependents that you are trying to insure. It will then ask you for your age and the type of insurance you are looking to purchase. After selecting these details, the site will provide a list of recommended policies for you to choose from and the estimated premium of each. 

It will also include information on what each policy covers, such as prescription drugs. Lastly, the site will provide links to each of the companies’ websites so that you can read more about each policy and decide which is right for you.

Final Thoughts

Amazon has already made its mark on the eCommerce industry. Now, it appears that the company is looking to diversify its offerings and assist consumers with yet another aspect of their financial lives: Insurance. With the launch of its new insurance comparison site, Amazon could easily become a one-stop shop for all of your insurance needs. 

Whether you need help choosing a life insurance policy or want to make sure you have the right auto coverage, Amazon’s site makes it easy to find the best fit for you.