April 3, 2014 08:59 UTC

Inhance Technology Infographic Highlights Latest Trends in Mobile Device Insurance

  • Consumers seek greater value for money in protecting smartphones, tablets and content

SAN FRANCISCO & CORK, Ireland--(BUSINESS WIRE)-- Two thirds of mobile device owners would prefer to buy an insurance policy which includes advanced security features rather than a basic policy that just covers for damage, loss and theft according to a new Infographic from mobile device security and warranty specialist, Inhance Technology (www.inhancetechnology.com).

Consumers are taking increased interest in protecting their devices and content as data from FCC (Federal Communications Commission) finds that a third of all robberies in the US in 2012 involved cell phones resulting in $30 billion worth of stolen phones.

The Inhance Technology Infographic includes published statistics from Brightstar, Frost & Sullivan, Gartner, SNS and Warranty Week.

“An analysis of the latest research strongly suggests that consumers are taking much greater interest in protecting their smartphones and tablets firstly, because of their cost and secondly, because of the amount and value of confidential data today’s users store on their devices,” said Paul Prendergast, CEO, Inhance Technology. “This is providing a major business opportunity for wireless retailers, carriers and insurers.”

Inhance Technology, which provides mobile device insurance and warranty programs to global insurance, retailers and wireless providers across Europe, North America and Asia, conducted research amongst 500 consumers aged between 20 and 65. It found that just 6% would find it attractive to purchase a policy which only covers accidental damage, theft or loss. 71% said such a policy was not value for money.

However, 45% would find it more attractive to buy a policy which included security software such as remote lock and locate, activate alarm, anti-malware; parental controls; content transfer between devices and data back-up, wipe. Two thirds said they would prefer to buy an advanced policy because it offers more protection and value for money.

Other highlights from the Inhance Technology Infographic:

  • $61bn - the estimated value of global mobile device insurance market in 2018 – up from $30bn in 2013. (SNS Research *, 2013).
  • $7.8bn – the amount top four US wireless carriers collect in protection plan premiums. (Warranty Week, Nov 2013**).
  • $4.3bn - the amount top US electronic retailers collect for cell phone service contracts. (Warranty Week, Nov 2013**).

Ends

Sources:

* http://yhoo.it/1kro8UJ

** http://bit.ly/1dzt6QF

Contacts

Press queries:
Simpson Technology PR
Ronnie Simpson, +3531 2605300
Ronnie@simpsonftpr.ie


Source: Inhance Technology