Reuters: Amazon in talks to create insurance price comparison tool for UK consumers

Amazon is reportedly in discussions to create an insurance price comparison tool for consumers in the U.K., three industry executives familiar with the matter told Reuters.

Officials said the talks were part of a several discussions Amazon is having with insurers. However, the sources said there are no imminent plans in place for the launch of a such a product.

The website would also build on the tech giant's existing products available in the U.K., offering extensions to manufacturers' warranties through Amazon Protect. Such a service would also likely increase traffic to the company's other marketplace

The tech giant began placing job ads for staff for its insurance businesses in Europe last year.

The tool would allow Amazon to grant its customers access to insurance from a variety of providers while avoiding regulatory burden, industry sources told Reuters.

It's unclear what types of financial arrangements Amazon would strike with insurers if it were to pursue the project. Google similarly launched a services comparison website in the U.S. and U.K. in 2016, but shuttered the tool one year later due to low traffic.

A move into Europe's health insurance division may also be forthcoming, as the company has engaged in several ventures in the drug and pharmacy space in the U.S. The firm also announced a joint venture with U.S. companies Berkshire Hathaway and JPMorgan Chase to create a nonprofit business aimed at lowering employees' health costs in January.

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