Mobile Phone Insurance is well-defined as an insurance product which shelters certain insured events ascending concerning mobile phones. Mobile phone insurance ecosystem is a web or an interconnected set of services or interconnected systems that permit users to achieve a variety of needs in one combined experience and comprises insurance providers and clients. The ecosystem is used by insurers for providing improved and timely facilities to their customers. It also aids customers to check significant data reachable online.
According to the report analysis,’ Asia Pacific Mobile Phone Insurance Market 2019-2026 by Coverage, Phone Type, Distribution Channel, End-user, and Country: Trend Forecast and Growth Opportunity’ Some of the protruding players in the market include AIG, Allianz Insurance, Apple Inc, Assurant, Inc., Asurion, LLC, At&T Inc., Aviva, Better Buy Insurance, Blackberry Limited, Brightstar Corp., Gadget Cover, Insurance2go, Liberty Mutual Insurance Group, O2 Mobile Insurance, Pier Insurance Managed Services, Protect your Bubble, Salt, Sunrise, Swisscom, Switched on Insurance, Tinhat, Trov, Inc.. Mobile phone insurance providers are concentrating on cooperating with telecommunication operators to upsurge their regional presence. The mobile phone insurance market comprises of some well-established players around the globe along with small firms ‘contribution single coverage type as well. However, the high price of mobile phone insurance and uncertain terms and conditions are main factors anticipated to hinder the development of the mobile phone insurance ecosystem market worldwide to a certain level.
Based on coverage, the Asia Pacific market is segmented into Physical Damage, Electronic Damage, Theft Protection, Virus & Data Protection and Other Coverage. Based on phone type, the Asia Pacific market is segmented into High-end Phones, Mid-grade Phones and Low-end Phones. Based on distribution channel, the Asia Pacific market is segmented into Mobile Providers, Phone OEMs, Retail Stores, Online and Other Channels. Based on end-user, the Asia Pacific market is segmented into Personal and Enterprise.
Geographically, the market is segmented into key regions including Japan, China, South Korea, Australia, India and Rest of APAC. The Asia Pacific mobile phone insurance market presently perceives sturdy development. Fast urbanization and expanding throwaway incomes are absolutely manipulating the sales of premium smart phones. This signifies one of the key factors compelling the market growth in the Asia Pacific region. Apart from this, the rise of multichannel interaction, direct-to-consumer insurance help and online transaction platforms are lashing the market development. Furthermore, foremost firms in the region are using data analytics to enlarge their consumer base. They are also cooperating with mobile phone producers to bid different attention policies to users. On basis of these factors, the market is anticipated to continue its strong development throughout the forecast period.
Furthermore, snowballing incidents of accidental damage, phone thefts, virus infection, and device malfunction are probable to propel market progress over the prediction period. These events have provoked clients to aspect for ways to defence their mobile phones and thus, accept mobile phone insurance policies. The swelling adoption of Business Intelligence (BI) tools by mobile phone insurance companies are expected to propel the market development over the forecast period. BI tools aid mobile phone insurance corporations recognize negative inclinations in the prices and presentation of their products. Hence, it is expected that the market of Asia Pacific Mobile Phone Insurance will boost up throughout the forecast amount.
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Ankur Gupta, Head Marketing & Communications