Amazon Insurance Store launched for home and contents insurance

Amazon has launched the Amazon Insurance Store for select customers today (19 October 2022).

The online store – which can be accessed via Amazon’s website – allows customers to enter their information, compare different providers and prices and then purchase home and contents insurance without leaving Amazon.

Amazon has designed the process to focus on a simplified quote questionnaire and utilise its website’s five star ratings system to allow customers to rate insurance policies and other metrics, including claims acceptance rates.

The e-commerce giant has also developed an Amazon Standard of Cover, which provides consumers with guaranteed cover for the most common home insurance claims based on customer research it has conducted.

This standard of cover also allows for easier comparison of like for like quotes – Amazon explained that customers could filter policies by their differences to more simply compare quotes with confidence that the basics were covered.

Jonathan Feifs, general manager of Amazon’s European payment products, said: “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.

“When we set out to create the Amazon Insurance Store, we wanted to improve the experience for customers shopping for home insurance so they could easily compare options and make an informed, objective decision – just like shopping on Amazon.”

Initial partners

Amazon has partnered with Ageas UK, Co-op and LV= General Insurance for the launch, with these three initial suppliers providing quotes to customers via the online insurance store.

Each one of these insurers has committed to Amazon’s coverage standards and expectations on speed of reply to claims, for example.

Amazon added that more insurers would be added to its insurance store early in 2023. All customers will be able to access the insurance store by the end of 2022.

Feifs explained: ”We’re in discussions with lots of insurers – many of the insurers [in the UK market] are very possibly talking to us already.”

He added that Amazon was currently focused on the launch of its home insurance store, but that it would “continue listening to customers” on the expansion of this offering to other insurance lines. 

“Watch this space for future launches,” Feifs said. “This is very much day one for the Amazon Insurance Store and I would expect new features to continue to launch and the site experience to continue to improve while the selection continues to expand.” 

Charles Offord, managing director of Co-op Insurance, said: “We’re committed to ensuring that our customers and members have access to home insurance that is fairly priced and offers total piece of mind, no matter where they choose to shop.

“We’re incredibly excited to be one of the first participating insurers for the Amazon Insurance Store. Our market leading products will soon be available to more people than ever before, ensuring customers across the UK can enjoy unrivalled levels of cover.”