ILC ARTICLE

Amazon set to disrupt UK insurance sector 

19th October 2022

Amazon has launched a new comparison site for UK customers seeking to buy buildings and contents insurance.

Its portal has been developed as a direct competitor to established comparison websites such as Moneysupermarket, Uswitch, Compare the Market and GoCompare.

The solution, which allows customers to compare and purchase buildings and contents insurance from various providers without leaving its website, already includes products from Ageas, Co-op, with more providers expected to be included early in 2023.

However, only providers that meet certain criteria around coverage and claims handling times will be selected. 

Jonathan Feifs, Amazon’s General Manager for Payment Products in Europe, said, “We are far from taking all comers to the Amazon Insurance Store.”

Amazon, which will take a commission from each sale, has also said that this is just the first step it is taking into the UK insurance sector.

Feifs said, “Certainly, there are opportunities to improve other insurance shopping experiences as well.”