Given the increasing prevalence of expensive household goods, cars and consumer electronics, insurance has become an unavoidable and often necessary cost in modern life. Mobile phones, and smartphones in particular are no exception to this trend.
Most major mobile operators, insurance specialists, device OEMs, retailers and even banks now offer insurance plans that cover theft, loss, malfunctions and damage of mobile phones. Many policies now also integrate enhanced technical support and additional protection features such as data backup facilities, allowing users to securely backup their phone data online.
SNS Research estimates that the global mobile phone insurance market is expected to account for $20.5 Billion in revenue by the end of 2017. The market is further expected to grow at a CAGR of approximately 10% over the next three years, eventually accounting for more than $27 Billion in revenue by the end of 2020.
The "Mobile Phone Insurance Ecosystem: 2017 - 2030 - Opportunities, Challenges, Strategies and Forecasts" report presents an in-depth assessment of the mobile phone insurance ecosystem including market drivers, challenges, opportunities, value chain, future roadmap, case studies, ecosystem player profiles and strategies. The report also presents market size forecasts from 2017 through to 2030. The forecasts are segmented for 3 sales channels, 5 regions and 25 countries.
The report comes with an associated Excel datasheet suite covering quantitative data from all numeric forecasts presented in the report.Topics Covered
The report covers the following topics:
- Mobile phone insurance ecosystem
- Market drivers and barriers
- Insurance policy structure, distribution channels and key trends
- Case studies of mobile phone insurance initiatives
- Industry roadmap and value chain
- Profiles and strategies of over 80 leading ecosystem players
- Strategic recommendations for ecosystem players
- Market analysis and forecasts from 2017 till 2030
Market forecasts are provided for each of the following submarkets and their categories:
Sales Channel Segmentation
- Mobile Operators
- Device OEMs
- Retailers and Others
- Asia Pacific
- Latin and Central America
- Middle East and Africa
- North America
Country Level Segmentation
- Argentina, Australia, Brazil, Canada, China, Colombia, France, Germany, Hong Kong, India, Israel, Italy, Japan, Mexico, Netherlands, Poland, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Taiwan, UK and USA
Key Questions Answered
The report provides answers to the following key questions:
- How big is the mobile phone insurance opportunity?
- What trends, challenges and barriers are influencing its growth?
- How is the ecosystem evolving by region?
- What will the market size be in 2020 and at what rate will it grow?
- Which countries will see the highest percentage of growth?
- Who are the key market players and what are their strategies?
- What risks are typically covered in mobile phone insurance offerings?
- How can insurance plans help mobile operators in reducing churn?
- What strategies should mobile operators, device OEMs and insurance providers adopt to remain competitive?
The report has the following key findings:
- SNS Research estimates that the global mobile phone insurance market is expected to account for $20.5 Billion in revenue by the end of 2017. The market is further expected to grow at a CAGR of approximately 10% over the next three years, eventually accounting for more than $27 Billion in revenue by the end of 2020.
- In an effort to boost the uptake of their mobile phone insurance plans, mobile operators and insurance providers have extensively enhanced their offerings with a number of differentiating features such as multi-device coverage, integrated device security apps, prioritized technical support, door-to-door repair services and secure data storage for photos and videos.
- To accelerate the adoption of mobile phone insurance in developing markets, mobile operators are experimenting with an array of strategies ranging from complimentary insurance schemes to bundling insurance with inexpensively priced mobile security offerings.
- Many smartphone OEMs - including Apple, Samsung, HTC, Acer, Motorola Mobility and Xiaomi - already offer their own branded protection plans across multiple countries, and others are expected to follow suit. By the end of 2020, OEM branded plans will account for a market worth nearly $4.5 Billion.
List of Companies Mentioned
AIG (American International Group)
Allianz SE Group
AmTrust Financial Services
AmTrust International Underwriters
AmTrust Mobile Solutions
ASUS (ASUSTeK Computer)
BNP Paribas Cardif
CNA Financial Corporation
CWS (Connected World Services)
DT (Deutsche Telekom)
Endsleigh Insurance Services
Fortegra Financial Corporation
Grupo MOK (MultiServicios OK)
Hong Leong Group
IAG (Insurance Australia Group)
KB Financial Group
Liberty Mutual Insurance Group
Lifestyle Services Group
Mobile Rhino (Stuckey and Company)
NIA (New India Assurance)
Nippon Life Insurance
Pier Insurance Managed Services
Sony Mobile Communications
Spark New Zealand
The Warranty Group
Three Ireland (Hutchison)
Worth Avenue Group
Zurich Insurance Group
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
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