Last year, Amazon opened their first insurance offering: Amazon Project, providing extensions to manufacturers’ warranties. Recently, we’ve seen a boost in their recruitment ads, suggesting they’ve got big expansion plans for their insurance sector.
Amazon have recently launched a line of over-the-counter healthcare products in the US, and have created an independent healthcare company in partnership with JPMorgan Chase and Berkshire Hathaway – to the delight of their customers.
Amazon insurance is likely to be a formidable force for legacy insurers and insurtech start-ups alike due to Amazon’s consumer orientated approach. Historically, customers don’t have the best regard for insurance companies. Amazon may change that by adding a friendly face to the insurance market.
In fact, research is already favouring Amazon over traditional insurers; a recent study found that 35.8% of customers would use an Amazon health insurance plan. Considering the size of their consumer base, this is a worrying statistic for insurance companies and insurtech startups.
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Amazon has shaken up the healthcare industry by launching a line of over-the-counter healthcare products and partnering with JPMorgan Chase and Berkshire Hathaway to create an independent healthcare company. If Amazon continued its venture into healthcare by launching health plans or providing prescription medications, many consumers would support that move, according to a recent poll by LendEDU of 1,000 consumers who purchased something from Amazon in the past 30 days. The survey revealed 35.8 percent of consumers would use an Amazon health insuranc