Mobile Phone Insurance Market: Competition Analysis 2018-2028
TechSci Research's report on the Global Mobile Phone Insurance Market reveals that the market reached USD 28.42 billion in 2022 and is poised for a growth rate of 10.28% during the forecast period from 2024 to 2028.
This thriving industry caters to the global demand for coverage and protection for mobile devices. As consumers increasingly view smartphones as valuable assets, the need to safeguard against accidents, theft, and damage has fueled the growth of mobile insurance policies.
Key drivers propelling this industry include the widespread use of smartphones, rising consumer awareness, diverse distribution channels, and technological advancements. Notable trends in the market include the rise of on-demand insurance, value-added services, digital customer engagement, and the expansion of coverage to emerging markets. With smartphones becoming integral to daily life, mobile insurance plays a crucial role in providing peace of mind and financial relief for device repair or replacement.
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The growth of mobile insurance adoption is attributed to increased consumer awareness regarding smartphone fragility and the potential financial repercussions of repairs or replacements. As smartphones become essential and expensive assets, consumers seek comprehensive coverage options. Insurance providers have responded by offering various plans catering to diverse consumer needs and budgets, allowing users to choose the level of coverage that best suits them.
Mobile insurance is now accessible through various distribution channels, fostering its growth. While mobile carriers traditionally provided insurance as add-ons to mobile contracts, third-party insurance companies and smartphone manufacturers have entered the market, offering diverse options and encouraging competition. This diversity has led to innovations in policy offerings, pricing models, and customer service, providing consumers with more personalized and customer-centric experiences.
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Technological advancements have not only influenced the growth of mobile devices but also shaped the mobile insurance landscape. As smartphones incorporate cutting-edge features like biometric security and advanced cameras, insurance policies have evolved to cover these enhancements. Technology is also leveraged to enhance customer experiences through streamlined policy purchases, claims processing, and support. Data analytics and machine learning further contribute to personalized recommendations and pricing, making insurance more accessible and appealing.
Major companies operating in the Global Mobile Phone Insurance Market are:
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Assurant, Inc.
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American International Group, Inc.
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Brightstar Corp.
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GoCare Warranty Group
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AT&T Inc.
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Digital Care sp. z o.o.
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SquareTrade, Inc.
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AmTrust Financial
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Asurion
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Taurus Insurance Services Limited
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Segments and trends within the global mobile insurance industry include insurance for new phones, on-demand insurance, and an expansion of offerings beyond traditional coverage. The corporate segment is emerging as the fastest-growing sector due to increased reliance on mobile devices for business productivity and communication. Corporate mobile insurance provides comprehensive coverage for company-owned devices, meeting the rising demand for protection against accidents, loss, and theft.
The report highlights the growth potential of global mobile phone insurance, providing market intelligence for decision-makers and identifying emerging trends, drivers, challenges, and opportunities in the market.
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