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| A05670 | Pages: NA | Aug 2021 | 3703 Views | | |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Mobile Phone Insurance Market
Request Now !Insurance is nothing but protection provided to the individuals from the financial loss. If any individual purchases any goods or services, then he is eligible to procure insurance for the designated goods/services, which guard him from the loss occurred due to various circumstances. The insurance buyer needs to pay a definite amount of premium to obtain the insurance services. The premium is an amount of money charged by the insurer to the policy holder for the coverage provided under the insurance policy. Rapid increase in the smartphone users due to the out-of-the pocket spending across economies and technological advancements. Therefore, with increase in the smartphone users across the world, the insurance industry experienced a sustainable growth of the mobile phone insurance policies offered by different mobile manufacturers, mobile networks, and retail companies. Protection provided under mobile insurance include theft or loss insurance, damage insurance, and others.
The mobile insurance nowadays saves time in different ways through swift claim processes, owing to the heavy competition in the industry. By purchasing an insurance policy with minimum premium amount, one can save major damage that is being caused due to increased costs of the mobile devices. The screen replacement alone constitutes for around 25% of the overall phone cost. By opting complete protection insurance plan, one can save a huge amount of money considering the increasing prices of the new smartphone models and vulnerability involved in the maintenance.
The mobile phone insurance market is segmented on the basis of phone type, channel, protection, end user, and region. Based on phone type, the market is divided into new phone and refurbished phone. Based on channel, the market is categorized into mobile operator, device OEM, retailers, and other. Based on protection, the market is classified into physical damage, electronic damage, theft protection, and virus protection. Based on end user, the market is categorized into personal and corporate. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market is highly competitive in nature, with major players focused on creating awareness regarding the mobile insurance market. The major players in the mobile insurance market host exhibition and seminars to display and promote the benefits of the mobile insurance to the smartphone users. The market requirement of mobile insurance would provide protection to wireless carrier. The major players in the mobile insurance market include Allianz, Amtrust Internation, Apple Inc., Assurant Inc., Brightstar Corp, Geek squad, Gocare Warranty Group, and others.
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