- Amazon.com, Inc (NASDAQ:AMZN) launched a portal for buying insurance in the U.K., challenging veteran price comparison sites.
- Amazon launched a home insurance comparison service a week after Apple Inc (NASDAQ:AAPL) announced new high-yield savings account with Goldman Sachs Group, Inc (NYSE:GS), the Financial Times reported.
- Amazon already offers online payments, co-branded credit cards, gift cards, and installment-lending services, including a “buy now, pay later” partnership with Barclays PLC (NYSE:BCS) in the U.K.
- Also Read: FTC Probed Visa and Mastercard For Anticompetitive Practices Involving Online Debit-Card Routing
- In insurance, Amazon offers extended warranties for some products purchased through its online store and, in India, car insurance via a partnership with Acko.
- But launching an insurance aggregator in the U.K. could pave the way for a more expansive push into personal finance products in one of its largest markets outside the U.S.
- Amazon wants its portal to be a direct competitor to sites such as Moneysupermarket, Uswitch, Compare the Market, and GoCompare, although it currently only has three insurance providers.
- The portal will allow customers to compare and purchase buildings and insurance from various providers without leaving its website.
- The portal will also allow customers to review their providers.
- Amazon will take a commission from each sale and ringfence the customer data collected from its other business units during the application.
- U.K.’s latest regulations prevent “price walking,” a gradual increase in premiums when customers renew yearly.
- Price Action: AMZN shares traded higher by 0.03% at $116.40 in the premarket on the last check Wednesday.
- Photo by christian wiediger via Unsplash
