Is Amazon getting into insurance? This is a rhetorical question with a definitive yes. The only outstanding question is when.
In a recent Facebook post, prominent Insurtech firm Lemonade complained about Amazon poaching their employees. Shai Wininger, Lemonade co-founder and “Chief Lemonade Maker,” said he just learned that Amazon is actively trying to recruit Lemonade staff;
Wininger continued the discussion on Amazon’s recruitment tactics questioning the company’s ethics and additionally creating hiring challenges in an emerging industry (IE Insurtech) like theirs;
In November, Insurance Business Magazine wrote how Amazon was in a race to disrupt the European insurance market.
She said old school insurers should not take Amazon’s intrusion lightly.
There has been plenty of speculation as to when Amazon will enter the Insurtech race. Amazon is already a huge SME lender having originated billions in loans. Their data reach, regarding commerce, is almost unparalleled. The Amazon Echo & Dot has become a popular virtual assistant product listening to everything you say and responding to your needs.The process of underwriting insurance policies is really just another piece of the Fintech puzzle for one of the largest companies in the world.