Amazon launches UK insurance comparison service; Allianz signs up

Retail giant Amazon is offering British shoppers an insurance comparison service and has signed on Allianz’s LV= General Insurance, as well as Ageas UK and Co-op, with more to be added in the next few months.

UK shoppers can request and review quotes and select a policy at amazon.co.uk. A simple quote questionnaire and checkout is available at Amazon’s website, and will be launched on the Amazon UK mobile app by the end of the year.

“This initial launch is just the beginning,” Amazon’s European Payment Products GM Jonathan Feifs said. “We’ll continue to innovate and make refinements.”

Amazon says it worked with the three participating insurers to “streamline one of the most burdensome aspects of the home insurance buying process: the quote questionnaire”.

Customers are only asked the essential questions required by insurers in order to receive a quote, it says. As more customers purchase policies, the store will populate customer reviews, star ratings, and claims acceptance rates.

All policies will start with the same level of cover, called the Amazon Standard of Cover, which includes protection for common home insurance claims.

Mr Feifs says 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.

“We wanted to improve the experience for customers shopping for home insurance so they could easily compare options and make an informed, objective decision,” he said.

To purchase a home insurance policy, customers first log into their Amazon UK account and fill out a short questionnaire. They can compare quotes and personalise their policy. Quotes are updated in real-time.

Once a policy is selected, customers can checkout using their preferred payment method on Amazon.

Post-purchase, customers can view their policies, change their payment method and view renewal information at amazon.co.uk or the Amazon UK mobile app.

Amazon will add more insurers to the Amazon Insurance Store early next year.