Homeowners Insurance From Amazon? It Makes More Sense Then You’d Think.
Amazon is planning to sell homeowners insurance. If so, they will depend on its range of technologies, such as the home automation system and Ring Alarm security. Amazon is doing this so that smart devices and robots can be used to look out for threats.
The insurance companies have offered discounts for users with smart devices. However, Amazon will be offering even lesser premiums. Amazon has already collected extensive data from its various products and it has also learned about consumer behavior thanks to Alexa.
Creating a large enough control group shouldn’t be a problem for Amazon, given everything it knows about any given household — purchasing preferences, demographics (age, race, religion), family makeup, comings and goings, and of course addresses and who the neighbors are.
It could also be that Amazon acquired Ring keeping in mind their plans of entering the insurance industry and for the concentration of customers. Achmea, the Dutch reinsurance company, worked the same way by launching Homies alarm system a few years back. A gaping hole in Amazon’s offering is automotive insurance. A map service tracking the insured could increase the premiums if they too many visits to the liquor store, jail, or the ER.
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