’It’s important to us that our partners match our high standards,’ says general manager
Amazon has partnered with home insurer Policy Expert as it continues to expand its recently launched insurance marketplace.
A statement released today (24 May 2023) said Policy Expert would become another provider for the Amazon Insurance Store, joining Ageas, Co-op and LV = General Insurance.
The store was launched in October 2022 and can be accessed via Amazon’s website.
It allows customers to enter their information, compare different providers and prices and then purchase home and contents insurance without leaving the e-commerce giant.
Amazon said each insurance partner had been “carefully selected using a number of criteria”, including the ability to meet a standard level of cover and the time frames for claims handling and resolution.
Adam Powell, chief operating officer at Policy Expert, said: “We’re excited to add Amazon to our existing relationships and help even more people find affordable cover that meets their needs.”
’Natural choice’
Amazon’s online insurance store functions akin to a price comparison website, allowing customers to compare between policies based on key metrics such as price and what is covered.
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All policies sold in the Amazon Insurance Store meet its standard of cover, which is the level of cover all insurers have agreed to start with when designing the policies that will be sold in the store.
Vassil Gedov, general manager for Amazon Insurance Store, said partnering with Policy Expert will offer customers more choice when purchasing home insurance policies.
“It’s important to us that our partners match our high standards, which is why Policy Expert was a natural choice,” he added.
More insurers will be added to the Amazon Insurance Store panel later in 2023.
Amazon has also entered into various partnerships with insurtechs and brokers over the years - including Marsh, Superscript and Next Insurance.
Following the launch of the store, the FCA said in October 2022 that it would examin how it could regulate big tech firms such as Amazon and Google as fears grow that their entry into financial services markets could disrupt competition.
It said that that no regulatory changes were being proposed and that it was aiming to “stimulate discussion” through the publication of analysis on the potential competition impacts of big tech’s entry into financial services.
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