Amazon considers launching UK insurance comparison site
The US-based e-commerce giant, Amazon, has expressed interest in launching a UK insurance comparison site.
The firm has been in discussions with several European insurance companies to seek contributions to the site, Reuters reported.
Three executives from the industry spoke to Reuters regarding the topic, with one claiming there were no imminent plans for a launch.
“As Amazon becomes a larger part of the home, whether it’s products delivered to the home, security monitoring, home services like Wi-Fi installation, you can make the case that insurance is the next logical step for this company,” remarked R.J. Hottovy, Analyst at Morningstar.
It is anticipated that Amazon’s potential entering the market could be heavy competition for existing UK comparison sites – such as comparethemarket.com and GoCompare – with the company’s technology and customer base.
“If it establishes a comparison site then I suspect Admiral will be interested in being a member, potentially,” commented Geraint Jones, Chief Financial Officer of Admiral.
“Price comparison is the main source of distribution of our products and we’ll await with interest what they do.”
The site could add to Amazon’s European portfolio and link with its service dubbed Amazon Protect by offering extensions to manufacturing warranties.
One of Reuters’ sources also regarded the site as fitting with the firm’s strategy which aims to offer a range of products rather than selecting a single company to partner with.
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