See infographic showing how Amazon’s anticipated foray into insurance could impact the industry if they decided to step into the world of Claims Management.
It’s a big if. In June this year, we shared our thoughts on how Amazon’s anticipated foray into insurance could impact the industry. There are differing views out there as to which aspects of the insurance value chain Amazon would target, but a theme of the company has been its ability to adapt and exploit opportunities to improve operational efficiency, and Claims Management falls squarely into this category.
There are capabilities across Amazon’s existing consumer offerings, as well as its cloud computing solutions under Amazon Web Services (AWS), that could provide some of the key building blocks for developing an insurance claims function. Amazon’s Home Services offering brings the potential for risk assessment, claim prevention, loss analysis and property repairs into the company’s existing ecosystem.
This is what the claims process could look like if Amazon stepped into the world of Claims Management.
Amazon has a reputation as a leader in customer service; it is well placed to distribute new products to existing customers, and has the capability to manage a complex supply chain as part of an efficient operating model – these attributes could allow the company to gain a foothold in the UK home insurance market.
To succeed in the long term, however, Amazon will ultimately need to find ways to differentiate itself beyond brand and price. Utilising elements of its existing technology and retail offerings would enable Amazon to make Claims Management part of its customer ecosystem, and provide a level of personalisation that sets it apart from the wider industry.
