REX: Aviva and Amazon Report Encouraging Results

FACTS

  • A year after an agreement was implemented enabling Aviva customers to pay their car and home insurance contracts using Amazon wallet, promising results are being reported.
  • Goal: speed up customer processes.
  • The insurance group observed that 3 to 5% of their e-payments were conducted via Amazon Pay. Of the hundreds of thousands of subscriptions dealt with by Aviva each year, a few thousands payments would have been carried out using Amazon’s wallet.
  • The French arm of this British insurance group features Amazon gift vouchers for all transactions based on Amazon Pay.
  • Subscribers ages 40 to 45 seemed more likely to opt for wallet-based payments.
  • Overall, customers with a multi-risk home insurance policy from Aviva connect to the website between 10PM and 12PM. Some need assistance to complete operations. Relying on Amazon Pay cuts down a minute or two off the required process and improves self-reliance. 

CHALLENGES

  • Strong authentication. Starting in March 2020, online transactions over €30 will have to apply strong authentication mechanisms, meaning that the insurance company’s processes could end up requiring more time.
  • Specific interest. Amazon Pay is the only wallet featured by Aviva. However, Amazon already entered the insurance sector and partnership are in place with Deutsche Familienversicherung in Germany, Vitality UK, Travelers in the US and Mapfre in Spain. They pay special attention to this industry.

MARKET PERSPECTIVE

  • Payments based on Amazon Pay were first limited to car and home insurance offers. However, since the beginning of October, insured parties have been able to pay for insurance policies covering Light Electric Vehicles (scooters, gyropodes, etc.), as well. In 2020, Amazon Pay will also be among options to pay for health insurance services.
  • Amazon bets on more partners to increase implementation levels for their wallet. Besides Aviva, they also teamed up with Zuora a year ago. And in order to boost use rates, smartphone manufacturers have been adding more services, as was the case with Apple Pay and Samsung Pay.

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