Amazon.com Inc (NASDAQ:AMZN) is reportedly considering a foray into the UK’s financial services sector by setting up an insurance price comparison website.
The US online retail giant has been sounding out some of Europe’s top insurance firms to see if they would contribute to the website, Reuters reported, citing three industry executives who held talks with Amazon about the possible venture.
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One of the executives told the news outlet the talks were part of a number of discussions Amazon is holding with insurers while another said there were no imminent plans to launch a website.
Amazon’s potential entry into insurance would threaten existing UK sites such as AXA, Hastings Group Holdings PLC (LON:HSTG), eSure (LON:ASUR) and GoCompare.com Group PLC (LON:GOCO), since it has the cash, the technology and the loyal customer base to put behind such a venture.
The company has recently disrupted the grocery and pharmaceutical sectors by entering these markets as it continues to branch out into new areas.
Amazon has declined to comment on the report.