Amazon sounds out insurers ahead of possible UK comparison site launch
Amazon is considering the launch of a UK price comparison website for insurance products as it seeks to wield its muscle to shake-up the sector.
Amazon sounds out insurers ahead of possible UK comparison site launch
Best known for its online retail empire Amazon, has since branched out into cloud computing and advertising but a move into the competitive world of price comparison platforms would represent the US giant’s first financial services venture in Europe.
According to Reuters, several European insurance firms have already held preliminary talks with the US giant about a launch, speculating that any format would be likely to include popular home and vehicle policies, though Amazon itself is remaining tight-lipped.
Existing players Comparethemarket, Confused.com, Moneysupermarket and GoCompare are likely to be looking over their shoulder however, mindful of the firepower wielded by what is now the second largest firm in the US.
A future UK price comparison platform would enable Amazon to better promote Amazon Protect, a service offering extensions to manufacturer’s product warranties.
Such ventures have proven ill-fated in the past with Google launching its own financial services comparison tool in the UK and US in 2016 – only to pull the plug a year later amid disappointing traffic.
