Amazon considering UK insurance comparison site

Prudential is one of the insurance companies that has been forced by competition from price comparison websites to be more transparent on pricing

Prudential is one of the insurance companies that has been forced by competition from price comparison websites to be more transparent on pricing

The news agency says Amazon is now "sounding out" several European insurance firms to see if they would be willing to contribute their products to a new insurance comparison website.

While Amazon has an extensive price-comparison service for products on its website, a separate offering for insurance policies would be a new market for the USA giant.

According to a new report from Reuters, Amazon is in discussions with several United Kingdom insurance companies to try and bring their services and business onto a new price comparison website.

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The report, which cited three executives within the insurance industry, said it was not immediately clear what kind of insurance products Amazon's site would offer, and that there were no imminent launch plans.

With Amazon already positioning itself as the go-to online retailer for many entertainment goods, and increasingly upping its presence in the home services market with its grocery sales and security products, insurance is a smart addition to the entire "life through Amazon" package. More than 66 per cent of motor insurance is distributed through price comparison websites, up from just 20 per cent a few years ago, while nearly 60 per cent of home insurance is sold through websites such as Gocompare and Comparethemarket.

The European insurance-site sector is undergoing a period of takeovers.

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