No one can dispute the success of Amazon in the UK as a digital retailer, and many insurers have held it in high esteem as a company to emulate in terms of innovation and overall service proposition. But now Amazon poses a real threat to UK insurers.
Amazon is currently recruiting insurance professionals in London to join a new team looking to disrupt the insurance market in the UK, Germany, France, Italy and Spain. This should have UK insurers worried for a number of reasons: Amazon has a positive reputation for putting customers’ needs at the heart of its propositions. Amazon offers clear, transparent services such as the ability to track a package, next-day delivery, a clear returns policy and customer reviews on products, providing clear communication to customers throughout the purchasing journey. This level of trust and transparency is something the insurance industry has really struggled with, especially after the likes of the PPI scandal.
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