Amazon is reportedly eyeing a foray into the financial comparison market, holding talks with some of Europe's big insurance firms about a possible launch in the UK.
Three industry executives told Reuters that they had talked with Amazon about the possible launch, which would likely cover popular consumer products such as home and motor policies.
Amazon is not the first of the Big Tech firms to put a toe in the market. Google launched a similar service in the UK and US, but ultimately folded it due to low traffic.
Amazon has the financial heft to challenge existing comparison providers such as comparethemarket.com and GoCompare, and an unrivalled reach and customer base that could prove attractive in wooing insurance firms that rely on price comparison sites for sales.
Geraint Jones, chief financial officer at Admiral told Reuters: “If it establishes a comparison site then I suspect Admiral will be interested in being a member, potentially. Price comparison is the main source of distribution of our products and we’ll await with interest what they do."