The Best Insurance Company in Europe, Who is it?

Insurance Education. Inc is sounding out a number of Europe's top insurance firms to see if they would contribute products to the UK price comparison website in doing what is a major foray from the U.S. online retail giant in to the region's financial services.

Three industry executives told Reuters they had held talks with Amazon about the potential launch of any site. One said the talks were section of several discussions Amazon is having with insurers. The second said there were no imminent launch plans.

While it had not been immediately clear the type of insurance could well be all about any Amazon site, home and motor policies are popular sellers on existing UK price comparison sites.

As Amazon turns into a larger part of the house, should it be products transported to the property, security monitoring, home services like Wi-Fi installation, you can create so that insurance policy is our next logical step in this company,” said Morningstar analyst R.J. Hottovy.

The Best Insurance Company in Europe, Who is it?

A sources declined to become named because the talks are confidential. Amazon declined to comment.
An Amazon price comparison website for insurance products would have been a potential challenge to existing UK sites given the U.S. company's cutting-edge technology, reach and loyal customer base.

Two of the very much talked about are which shows products from insurers including AXA, Hastings and eSure; and GoCompare, which lists insurance from firms including Santander and LV=

Reacting to the possibilities of Amazon launching a rival service, shares in Moneysupermarket, GoCompare and Admiral, which runs the site, were down between 1.6 percent and 4.6 percent on Thursday.

A UK insurance site would also develop Amazon's existing products in Europe offering extensions to manufacturers'warranties, something generally known as Amazon Protect.

While Amazon's loyal client base and reach may possibly prove popular with some insurers willing to cede a few of their premiums to Amazon to grow sales, the opportunity for premiums being forced lower through competition could deter others.

One of this marketplace sources said the comparison site model fitted Amazon's strategy of offering numerous products, instead of partnering with one firm.

A value comparison website for example could also be used to support drive traffic to its other marketplaces, Hottovy said.

It wasn't immediately clear what financial arrangements Amazon would strike with insurers whether or not this were to go ahead.

Tech-rival Google launched a financial services comparison site within the United Kingdom as well as the United States in 2016 but shut it down after only 1 year on account of low traffic.

Share this post