Demand for Mobile Phone Insurance and Impact of COVID-19……..Posted by Mrudula Anil Karmarkar on March 2nd, 2022 The global mobile phone insurance market size is expected to reach USD 59.97 billion by 2028, registering a CAGR of 12.6% from 2021 to 2028, according to a new study by Grand View Research, Inc. The growth is attributable to the increasing number of smartphone users across the globe. The market growth can also be ascribed to the growing demand for smartphones that are used for entertainment, education, news, and digital transactions. Additionally, the growing usage of smartphones, as well as mobile applications, is expected to favor market growth. Convenient claim service is also expected to contribute to the overall market growth over the forecast period. Mobile phone insurance helps avoid expensive replacement costs incurred due to the loss or breakdown of mobile phones. Damages such as physical damage and electronic damage, theft protection, and cyber-threat protection are usually covered under a mobile phone insurance policy. This is anticipated to encourage customers to opt for such insurance policies over the forecast period. Big data analytics is also playing a pivotal role in driving the market growth. The technology helps flag claims for priority handling or proactively monitor risks to reduce financial losses. Therefore, phone insurance providers are anticipated to widely adopt analytics over the coming years. Furthermore, there is an increase in the purchase of mobile phones through online platforms. This is encouraging e-commerce companies to collaborate with insurance providers. For instance, in October 2018, Flipkart ventured into a partnership with Bajaj Allianz to offer customized insurance solutions and boost Bajaj Allianz mobile phone protection program. Moreover, these collaborations enable the partnered companies to increase their customer base across the globe. Mobile phones are highly susceptible to physical and technical damages, such as damaged casing, and excessive dust and dirt, which may have a detrimental effect on the Printed Circuit Board (PCB) and coverages. Such damages may also incur enormous losses for users and hence, are expected to increase the demand for mobile phone insurance over the forecast period. The increasing costs of smartphones are also compelling consumers to opt for mobile phone coverage policies. Furthermore, the increasing collaborations among mobile phone manufacturers and insurance providers are also anticipated to drive market growth over the forecast period. Moreover, the provision of direct-to-consumer insurance assistance is expected to create substantial growth opportunities for market players over the forecast period. The direct-to-consumer insurance assistance model provides improved customer experience as opposed to insurance selling through traditional distribution channels. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/mobile-phone-insurance-market/request/rs1 Mobile phones serve as a platform for entertainment, education, and also an effective platform for conducting digital transactions. Increasing the use of smartphones for storing personal information and digital transactions has led to the need for safeguarding mobile devices. This trend is expected to escalate market growth over the forecast period. According to GSMA, approximately 75% of the total mobile phone owners are expected to own a smartphone by 2028. Mobile phone insurance service providers are collaborating with smartphone manufacturers to experiment with the success rate of insurance policies/schemes offered during the purchase of a mobile phone. Mobile Phone Insurance Market Report Highlights
List of Key Players in the Mobile Phone Insurance Market
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