Trust in the brand and shopping experience are much higher than that for insurance.
"“There’s no digital property that is more pervasive from a retail perspective than Amazon,” Seth Rachlin, EVP and insurance lead at Capgemini, told Insurance Business.
Airbnb already recognises the threat of the Amazon Business Model- "Brian Cheskey the founder states " Of all the big tech companies, the way Amazon has approached building their business to a one-stop shop for shopping is probably most similar to what we are trying to do."
Insurers should do likewise and exploit digital platforms that deliver similar customer satisfaction and experience. Combined with their core strengths they can anticipate the threat.
Almost half (44.5%) of those polled said they would be willing to use Amazon for auto insurance, a study from Lendedu reveals. Thirty eight per cent (38%) would say “yes” to an Amazon-crafted life insurance plan, and 36% said they would be open to using a health insurance plan created by Amazon, the research found.