Amazon has closed its Amazon Insurance Store initiative. The platform, which was introduced in October 2022 to facilitate the purchase of home insurance in the UK, has ceased operations.
Initially launched with the collaboration of three prominent insurers – Ageas, Co-op, and LV= – Amazon later expanded its partnerships to include Policy Expert and Urban Jungle.
This initiative aimed to provide consumers with a convenient platform to browse and purchase home insurance policies online, because home insurance makes homeowners resilient.
In 2022, in developing the Amazon Standard of Cover, the company conducted comprehensive research on the UK home insurance sector to determine which aspects of home insurance are most sought out by customers, according to UK Home Insurance Market Research.
The decision to shut down the Amazon Insurance Store comes after months of speculation about its future.
Amazon hinted at the possibility of discontinuing the service, citing strategic reasons. Despite efforts to attract customers, including the release of promotional advertisements, the initiative ultimately failed to gain sufficient traction in the competitive insurance market.
Over the last year, we have been evaluating various businesses and programs, and as a part of that we’ve made the difficult decision to discontinue the Amazon Insurance Store
Vassil Gedov, head of the Amazon Insurance Store
“Customers who have purchased policies will not see any changes to their coverage, claims in process at this time, or future claims they may make during their policy term. We will provide guidance to customers on any actions they need to take as a result of this change”, Vassil Gedov sayd.
“If you have purchased an insurance policy in the Amazon Insurance Store and have kept up with required payments, you will not see any changes to your coverage, claims in process, or future claims you may make during your policy term. If you wish to make any amendments to your existing policy or make a claim, contact your insurer“, according to Amazon statement.
The Amazon Insurance Store start rolling out to select customers in 2022 to all UK customers on Amazon UK mobile app.
The store has offered an “improved shopping experience” for home insurance with like-for-like quote comparisons, a streamlined quote questionnaire, and a checkout experience integrated with amazon.co.uk. In addition, the store will populate customer reviews, star ratings, and claims acceptance rates so customers can make more informed purchasing decisions.
As part of the R&D and rollout, Amazon worked with participating insurers to streamline one of the most challenging aspects of the home insurance buying process, namely, the quote questionnaire.
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