Amazon.com Inc. is launching a new home insurance website that will be available in Britain as well as signing three major insurers to expand into financial services around the world.Ageas UK, Co-op, and LV= General Insurance, a unit of German insurer Allianz They will offer services from third parties initially, Amazon said on Wednesday It hopes to add additional insurers "early in the coming year".
Moneysupermarket.com's shares slumped more than 15% following the news."Amazon will pose a serious risk if it invests in and focuses its efforts on this sector," Peel Hunt analysts stated, noting that insurance , including home insurance is about 43% of Moneysupermarket's revenue.Moneysupermarket has said that earlier in the week that it expects its the core profit for its annual year to be near the top end of market estimates, because the current crisis in cost of living in Britain brought consumers' attention on saving money.
Other companies operating comparison websites are Uswitch, Compare the Market and GoCompare which is controlled by Future which's shares dropped to more than 3 percent.In 2013, 29.4% of UK homeowners purchased insurance through price comparison websites in Britain according to the Analytics firm GlobalData.
Insurers are concerned that tech companies are stealing their businesses, and they are eager to work with them, and offer them commissions to sell their products.Amazon's Amazon website was "an amazing move for the insurance industry" stated Simon Hird, partnerships director at LV= General Insurance.
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The website will give insurance customers more options in the type of cover they purchase According to Charles Offord, managing director, Co-op Insurance, while Ageas UK CEO Ant Middle claimed that the insurance industry required "new and evolving technological distribution systems" such as Amazon.Amazon has been mulling the idea of the possibility of launching a website for comparison in Britain for a number of years. Reuters covered the company's plans in the year 2018.
The new website, Amazon Insurance Store, will also provide reviews from customers and ratings of insurance companies, as well as the rates of claims accepted in relation to policies, Amazon said.Amazon has teamed up in partnership with Lloyd's broker Superscript last year to provide insurance to medium and small-sized UK commercial customers.
It began providing auto insurance to India in 2020 via Acko General Insurance and also offers warranty insurance for products in Europe.The company also launched a buy now pay-later program in Britain together with Barclays in the year 2000.He said to trusted online slot malaysia.
