Global Mobile Phone Insurance Market 2016-2020

Global outlook of the mobile phone insurance market

Technavio’s market research analysts have predicted that the global mobile phone insurance market will grow steadily at a CAGR of more than 10% by 2020. This industry research report identifies that creating a favorable environment for insurance companies to increase their profits will be one of the major factors contributing to the growth of this market in the coming years. To ensure operations on a sustainable basis, mobile insurance companies have started enforcing professional and disciplined underwriting practices. This will also help them ensure healthy growth in both the emerging and developed markets. Providing incentives and allocating sufficient resources dedicated to regulatory infrastructures will strengthen the private sector vendors. The coming years will also witness the emergence of virtual networks, multichannel interaction, and direct-to-consumer insurance. This will support the value chain system of the insurance business. There will also be an increase in the capital demand for variable mobile coverage plans leading to higher premiums.

The use of big data analytics will be one of the major trends that will gain traction in this market in the coming years. Business Intelligence helps evaluate the trade-off between different strategies and also helps in predicting the future outcome by identifying hidden patterns in data. Cell phone insurance companies will soon adopt business intelligence tools to recognize negative trends in their costs and performances and to also determine the cause behind these to initiate corrective action.

Competitive landscape and key vendors

The market is characterized by the presence of a number of mobile phone insurance distributors such as mobile phone insurance companies, retailers, MNOs (including mobile virtual network operator (MVNOs)), and manufacturers of mobile gadgets. The forecast period will witness the leading mobile companies forming partnerships with mobile insurance market ecosystem stakeholders. The leading vendors will also try to alleviate customers' security and digital privacy concerns by providing the best coverage policies.

The leading vendors in the market are -

• Asurion
• Aviva
• iQmetrix
• NTT DOCOMO
• ProtectCELL

The other prominent vendors in the market are AT&T, Sprint, Square Trade, and Verizon.

Geographical segmentation and analysis of the mobile phone insurance market

• Americas
• APAC
• EMEA

According to this market study, the Americas will account for more than 60% of the total share of the market by 2020 and will also dominate the mobile insurance market throughout the forecast period. The recent increase in the number of smartphone users who prefer to have a compulsory insurance for cell phones is the major factor for the market’s growth in this region. Moreover, the availability of insurance plans that provide additional protection such as covering hardware issues, software malfunctioning, accidental damage, and the replacement of stolen devices will also fuel the growth of the market in the coming years.

Growth drivers, challenges, and upcoming trends: Leveraging social media channels

Reducing operational costs is mandatory for any business and as for mobile phone insurance companies as they are constantly on the lookout for changing their business processes to reduce expenses. This will increase customer expectations in different products and services they offer. Social media websites provide the most effective platform to broaden the communication and marketing channels that are needed for launching new products and services. Insurance providers will soon develop and deploy effective social media strategies to collect customer feedback, resolve queries in real-time, and provide product updates. Moreover, social media platforms will also help them overcome geographical limitations that agents often face while providing services to clients.

This report provides a number of factors contributing to the adoption, limitations, and opportunities of the global mobile phone insurance market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global mobile phone insurance market?
• What are the key market trends impacting the growth of the global mobile phone insurance market?
• What are the challenges to market growth?
• Who are the key vendors in the global mobile phone insurance market?
• What are the market opportunities and threats faced by the vendors in the global mobile phone insurance market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global mobile phone insurance market?

Technavio also offers customization on reports based on specific client requirement.

Related reports

• Global Microinsurance Market 2016-2020
• Global Travel Insurance Market 2016-2020
• Insurance IT Spending Market in the US 2016-2020

Mobile phone insurance is a form of insurance where the cellphone users cover their phones from various damages or losses under the policy they have booked in. The coverage is offered to the insured in situations including losses and mutilations against riot, raid, malicious harm, terrorist activities, theft, fire, accident and unexpected circumstances. Several wireless carriers, device original equipment manufacturers (OEMs), insurance specialists, retailers, and banks offer insurance plans that cover loss, theft, breakdowns, and damage to mobile phones. They are also providing customers with additional benefits such as data protection, recovery characteristics, and integrated technical support.

The report, global mobile phone insurance market, is part of Technavio’s ICT research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as automatic identification system, cloud computing, data center, enterprise application, IT security, ITO and BPO, and product lifecycle management. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.