From being a luxury product, mobiles have become a necessity, aiding customers in almost everything that they do. The phones being rolled out now are equipped to allow users to manage entire professional as well as personal activities. Just like any other valued articles, a mobile too, is at a potential risk of being damaged and stolen. Thus, specialist insurance scheme comes into the picture that covers the cost of repairing or replacing damaged phone. The market for mobile insurance is has evolved rapidly as the number of activities has exploded worldwide, and a couple handfuls of sprinters have emerged, supported by technical service providers. As more players enter this industry, the competition is heating up and thus device operators need to innovate themselves in terms of product offering for better market positioning.
From developed to developing nations, mobile usage is increasing at constant rate. Growing number of device users across the globe is considered to be one of the important driver for industry growth. As per the recent statistics, there are around 7 billion active mobile subscriptions globally which is anticipated to increase by 9 billion by the end of 2020.
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MARKET, BY PRODUCTS
Electronic Damage, Physical Damage, Virus Protection, Theft Protection
MARKET, BY SALES CHANNEL
Device OEMs, Mobile Operators, Retailers and Others
Key Players Analysis
Companies operating in this market are; AmTrust International, Allianz, Apple Inc., Asurion, ASSURANT, Brightstar Corporation, Aviva, Geek Squad, GoCare Warranty Group and American International Group. AmTrust offers comprehensive range of services including device repairs, protection, trade-ins, tech support and other convenient and seamless solutions. The company recorded USD 5.45 Billion revenue in 2016 with around USD 7.9 Billion gross written premium during the same year. Until now, most successful insurance companies could be characterized as traditional firms rather than technologists. However, it is observed that to attract new customers, companies are now bundling both insurance and non-insurance products.