Given the increasing prevalence of expensive household goods, cars, and consumer electronics, insurance has become an unavoidable and often necessary cost in modern life. Mobile phones and smartphones, in particular, are no exception to this trend. Most major mobile operators, insurance specialists, device OEMs, retailers, and even banks now offer insurance plans that cover theft, loss, malfunctions and damage of mobile phones. Many policies now also integrate enhanced technical support and additional protection features such as data backup facilities, allowing users to securely backup their phone data online.
Global Mobile Phone Insurance Market is expected to account for $22 Billion in revenue by the end of 2018. The market is further expected to grow at a CAGR of approximately 10% over the next three years, eventually accounting for more than $43 Billion in revenue by the end of 2025.
In an effort to boost the uptake of their mobile phone insurance plans, mobile operators and insurance providers have extensively enhanced their offerings with a number of differentiating features such as multi-device coverage, integrated device security apps, prioritized technical support, door-to-door repair services and secure data storage for photos and videos. To accelerate the adoption of mobile phone insurance in developing markets, mobile operators are experimenting with an array of strategies ranging from complimentary insurance schemes to bundling insurance with inexpensively priced mobile security offerings.
Mobile Phone Insurance Industry – “Opportunities, Challenges, Strategies & Forecasts” report presents an in-depth assessment of the Mobile Phone Insurance Industry including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, use cases, vertical markets, service provider case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Mobile Phone Insurance infrastructure investments from 2019 till 2025.
Mobile Phone Insurance Industry Segmentation:
By Sales Channel