PriyaPatel
TLDR:
- Amazon has decided to close down its UK Insurance Store just 15 months after its launch, citing “prioritisation” as the reason for the closure.
- Despite the closure, Amazon has stated that the venture was not without positives and has promised to share lessons learned from the initiative.
- Amazon decided to invest up to $4bn in the AI startup Anthropic in 2023, putting the company in direct competition with major tech players like Microsoft and Google.
Amazon has announced the closure of its UK Insurance Store just over a year after its launch in October 2022. The tech giant stated that the decision was based on “prioritisation” as it seeks to focus on its core business areas. The closure is seen as a disappointing end to Amazon’s highly-anticipated foray into the insurance sector. Despite only adding two more providers after the launch, the company stated that it had learned valuable lessons from the venture.
