The Story:
Amazon expanding its product insurance business in Europe could be the start of a major push by the e-comm and cloud giant into a broader insurance market. A Reuters report cites recent job ads for the company’s Europe insurance operations.
Important Because:
Though the current expansion is happening in Europe, it’s no indication that it will be restricted to that market.
The comany has rolled out products in one country in the past, subsequently expanding into other markets.
Amazon Prime, Prime Video, Prime Music and Amazon Echo are all examples of this, although initial launches were in its home market, the U.S.
This Happened:
Amazon Protect is its only insurance product, and “offers additional coverage against accidental or manufacturer’s induced damage or theft for select electronic products.”
The insurance offering kicked off in the UK around mid 2016 and quickly expanded into France, Germany, Italy and Spain.
Recent job ads for Amazon’s EU insurance division use phrases like “creating a new palette of services” and “launching a new business”, according to Reuters, which could indicate a significant expansion effort into new areas of insurance.
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