Amazon initially said the store would enhance transparency around the insurance buying process by leveraging customer reviews, star ratings and claims acceptance rates. Credit: AmazonAmazon.com, Inc. is discontinuing its Amazon Insurance Store, an online aggregator of home insurance for the U.K. market that was developed in partnership with Ageas UK, Co-op, LV= General Insurance, Policy Expert and Urban Jungle.
There are no details on when the store will official close, but Amazon reported that it will have updates in the coming weeks regarding its next steps.
The online retail giant reported that it will continue operating the store until all of the details of the phase out are developed and that current policyholders will be given ample notification if they need to take any actions. Consumers can still purchase policies while phase out details are being worked on.
Existing policyholders that are current on their payments won’t see any changes to coverage, current claims being processed or future claims that might arise, Amazon reported. Those wishing to cancel their policies will have to reach out directly to their insurance carrier.
“Over the last year, we have been evaluating various businesses and programs, and as a part of that we’ve made the difficult decision to discontinue the Amazon Insurance Store,” Vassil Gedov, head of the Amazon Insurance Store, said in a statement sent to trade media.
When announcing the Insurance Store’s launch in October 2022, Amazon said the outlet would enhance transparency around the insurance buying process by leveraging customer reviews, star ratings and claims acceptance rates generated by policyholders using the platform.
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