With Amazon set on entering the insurance market, top-tier companies may seek to enter partnerships with the online marketplace. Amazon has recently been recruiting staff for an insurance division, declaring it's launching a new business line. The company already offers extended warranty services for goods under its Amazon Protect brand. Rather than put up resistance, leading insurers are likely to seek partnership arrangements with Amazon, according to industry consultant Steve Yi. Such arrangements would see Amazon treated in a similar vein to how smaller insurtech firms have been courted by incumbent insurers.
With Amazon set on entering the insurance market, top-tier companies may seek to enter partnerships with the online marketplace. Amazon has recently been recruiting staff for an insurance division, declaring it's launching a new business line. The company already offers extended warranty services for goods under its Amazon Protect brand. Rather than put up resistance, leading insurers are likely to seek partnership arrangements with Amazon, according to industry consultant Pat Speer. Such arrangements would see Amazon treated in a similar vein to how smaller insurtech firms have been courted by incumbent insurers.