Insurance and brokerage firm Superscript says Amazon will start offering insurance to small and medium businesses in Britain, in the online retail giant’s first foray into insurance in the country.
Members of the Amazon Business Prime project will be able to purchase several services from Superscript, such as content insurance, cyber security insurance and professional compensation insurance, and the company confirmed that all services will be guaranteed by “major British insurance companies”, and customers will receive a 20% discount on current insurance rates as a way to encourage businesses to purchase them.
According to a survey of about 12,000 people around the world, more than half were willing to buy insurance services from non-traditional companies within the financial field, such as giant tech companies or insurance technology companies.
After business projects emerge from the health crisis and gradually return to normal life, Amazon seeks to provide the best services to help its customers manage their businesses, and on the other hand, concern is emerging among financial institutions about giant tech companies stealing their business by taking advantage of the huge brands owned by these companies and facilitating access to financial services, read more [Amazon And Walmart Are Working To Provide Financial Services].
However, some sources within the financial services industry have stated that insurance companies, banks, and technology companies will often go towards forming partnerships rather than competing directly due to the difficulties and expenses that new companies will face in entering the highly regulated financial sector.
Amazon also offers warranty insurances and “buy now, pay later” services. Read more [Affirm shares rise after news of its partnership with Amazon].