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Amazon insurance initiative to cease operations after months of speculation

Amazon insurance initiative to cease operations after months of speculation

Launched in October 2022 with the goal of simplifying the process of buying home insurance in the UK, the platform has now ceased operations, as reported by InsurTech Insights.

Initially, the Amazon Insurance Store collaborated with three major insurers – Ageas, Co-op, and LV= – and later expanded its partnerships to include Policy Expert and Urban Jungle.

The platform aimed to provide consumers with a convenient online space to explore and purchase home insurance policies.

The decision to close the Amazon Insurance Store comes after months of speculation about its future, ending its run in less than two years.

ALSO READ: U.S. Mortgage Rates Surge to Four-Month High, Signaling Challenges for Real Estate Recovery

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Vassil Gedov, head of the Amazon Insurance Store, explained, “Over the past year, we’ve been evaluating different businesses and programs, leading us to the difficult choice to discontinue the Amazon Insurance Store. Customers with active policies won’t experience any changes to their coverage, ongoing claims, or future claims during their policy term. We’ll offer guidance to customers regarding any necessary actions resulting from this decision.”

Rory Yates, SVP Corporate Strategy at EIS, remarked, “Utilizing your assets, particularly your customers, often appears to be a prudent strategy. While some may view this as a predictable outcome due to the complexity and competitiveness of the insurance industry, I would largely disagree.”

“I think this was always a massive learning opportunity. And that always bears fruit in my experience. And my hat is off to all those that participated in this. Creating a “minimum standard” and trying to create a “better experience” were noble efforts. And in other industries both more likely to have succeeded.”

“This therefore perhaps reflects more on the industry and where we are with consumers than it does the platform or approach.”

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