Amazon launches UK home insurance comparison portal

Amazon.com Inc is launching a home insurance portal in the UK and has signed up an agreement with three major insurance companies. Thus, the company has begun promoting its financial services on a global level.

According to Peel Hunt analysts, if Amazon seriously engages in investing and directs its efforts to the financial market, the company will pose a real danger.

The proportion of consumers who have issued household insurance policies using online price comparison services in the UK last year was 29.4%. Such information was provided by the GlobalData analytical platform.

Charles Offord, managing director of Co-op Insurance, said that the website will allow customers who want to purchase an insurance policy to have a wider choice of insurance coverage. Ant Middle, CEO of Ageas UK, believes that sites such as Amazon are important for the insurance market because they are "new and progressive digital distribution platforms."

According to Amazon, the new Amazon Insurance Store portal will contain customer reviews and ratings of insurance companies. In addition to everything, with the help of this service, it will be possible to assess the speed of accepting claims for alleged policies.