With the growth in the number of smartphones in the market, mobile phone insurance services are expected to take off at an elevated speed. Insurance makes for a major chunk of the mobile ecosystem. It is projected that the global mobile phone insurance market will mature at a CAGR of almost 10 per cent over the next few years, ultimately making for over $48 billion in revenue by the end of 2020.
Nevertheless, smartphone sales and attach rates are starting to reach a permeation point, and insurers are required to look for ways to keep up in the mobile phone insurance market. The newest trend in this genre seems to be of device buyback, which has plenty of room to grow. HYLA assesses less than 20% of new phone buyers sell or trade-in their old phone. By combining protection plans with mobile buyback solutions, insurers can upturn consumer attach rates and propose new phone buyback services, at the same time influencing its prevailing arrangement used to handle insurance claims.
Applying a buyback program balances a mobile phone insurer’s product offering and profits its consumers as well. When the consumer buys a new phone, insurers can provide consumers opportunity to sell the device to them along with the sign up for mobile phone insurance. Using buyback solutions, Insurers could also offer clients buyback price securities in the future, on certain phone models, allowing the insurer to be involved when the consumer buys a new phone.
The facility of particular types of insurance and assistance differs enormously between different parts of the world. In Southern and Western Europe, mobile phone cover is available from 71.4% of mobile operators while only 20.3% of mobile operators in the Asia-Pacific region offer mobile phone insurance to their customers. Likewise, when it comes to providing assistance services like home, legal, medical, and road assistance, mobile operators in Latin America are way ahead of the rest of the world.
Numerous specialist providers are operating in these domains. A company, Asurion, is responsible for managing each of the nine schemes for mobile phone insurance identified in Canada and the US. Equally, specialist assistance firm American Assist collaborated with a large number of Latin American mobile operators across a comprehensive variety of services.
Banks and financial organizations have been regarded as a key distribution channel for insurance and assistance products. As a cumulative share of consumers pursues to use their mobile phones to network with financial services, it is likely to accept that circulation tie-ups with mobile operators could offer lucrative possibilities. Additionally, quick growth in the global market for mobile payments means that opportunities are emerging for combining mobile phone insurance and assistance products with these virtual forms of payment.
The mobile phone insurance market research report presents an exhaustive overview of mobile phone insurance ecosystem comprising of challenges, market drivers, opportunities, future roadmap, value chain, case studies, market player profiles and strategies. To know more about the mobile phone insurance market visit http://www.rnrmarketresearch.com/the-mobile-phone-insurance-ecosystem-2015-2020-opportunities-challenges-strategies-forecasts-market-report.html .