Connect with us

Finance

Amazon to start offering insurance to UK businesses -broker

Amazon to start offering insurance to UK businesses -broker 1

By Carolyn Cohn

LONDON (Reuters) – Amazon.com Inc is to start offering insurance to small and medium-sized UK business customers, the technology giant’s first foray into business insurance in the country, broker Superscript said on Monday.

Members of Amazon’s Business Prime programme will be able to buy cover from Superscript such as contents insurance, cyber insurance and professional indemnity insurance https://gosuperscript.com/business-insurance/office-insurance, which a Superscript spokesperson said would be underwritten by “major UK insurers”. They will be offered a discount of 20% to current rates as a way of enticing businesses over to them.

More than 50% of customers are prepared to buy insurance from non-traditional players such as big tech or insurance technology (insurtech) firms, according to a recent survey of 12,000 people globally by consultants Capgemini.

“The (insurance) industry needs to bridge the divide between insurers and customers by providing a quick, smooth buying process that is customer-centric,” Cameron Shearer, co-founder and CEO of Superscript, said in a statement.

Amazon’s move into UK business insurance comes after U.S. insurtech Next Insurance said in March it was offering cover to U.S. small businesses via Amazon Business Prime.

“As businesses come out of the pandemic and gradually resume normalcy, we want customers to have the best-in-class tools to run their business,” Molly Dobson, Country Manager for Amazon Business UK & Ireland, said in the statement.

Financial institutions are worried that tech firms will steal their business, trading on the tech players’ stronger brand names and ease of access to their products.

But industry sources said insurers or banks and tech firms are more likely to forge partnerships than compete directly, given the difficulties and expense for outsiders in entering the highly regulated finance sector.

Amazon also offers warranty insurance and “buy now, pay later” services in Britain.

(This story corrects to “professional” indemnity insurance from “personal” in para 2)

(Reporting by Carolyn Cohn; Editing by David Gregorio)

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Recommended

Newsletters with Secrets & Analysis. Subscribe Now