Priya PatelTLDR: Amazon has announced the closure of its UK Insurance Store 15 months after its October 2022 launch. The closure marks a disappointing end to a highly-anticipated entry into the space. Despite this, the company has claimed that the venture wasn’t without positives, as they look to extract all the lessons that can be learnt from the initiative.
Amazon has decided to redirect its focus towards core business areas and has chosen to close its UK Insurance Store after only 15 months in operation. The tech giant stated that the decision was made due to “prioritisation.” The closure of Amazon’s foray into the insurance sector marks a disappointing end to a highly-anticipated entry into the space.
Amazon launched its UK Insurance Store in October 2022, but announced its closure just 15 months later, despite initial expectations for a highly successful venture. Although Amazon added only two more providers during the 15-month period, the company has stated that it learned valuable lessons from the initiative. The closure of the store comes as Amazon looks to redirect its focus towards core business areas.
The Head of the Amazon Insurance Store, Vassil Gedov, confirmed that existing policies, ongoing claims, and future claims during the policy term would remain unaffected by the closure. The closure of the UK Insurance Store comes after Amazon made a significant investment of up to $4bn in the AI startup, Anthropic, to further bolster its presence in the AI landscape.
