General Insurance Article - Banks can offer more than mobile phone insurance


Banks could be missing an opportunity to provide customers with additional mobile phone insurance services, according to research from Assurant.

 Research conducted on behalf of Assurant in the UK found that around 60 percent of those with mobile phone insurance responded that they would be likely or very likely to buy a policy from their bank if it included premium tech support for all the connected devices in their homes. Those aged 18-34 are notably more likely to pay for a mobile phone insurance policy from their bank that includes technical support. However, the older customers surveyed had more connected devices in their homes, so potentially also have a need for the policy.

 The survey revealed that overall 49 percent of respondents had an insurance policy for their smartphone. Of those with insurance, around a quarter (27 percent) had the policy with their bank and the same number had it with a mobile phone insurance provider. Those aged 18-34 have the highest rate of mobile phone insurance; over half (52 percent) had mobile phone insurance. A third (33 percent) of those aged 35-54 had mobile phone insurance and just 15 percent of those aged 55+ had it.

 Rich Green, President, UK & Automotive, Europe, commented: “With connected devices playing such a central role in our lives these days, our research shows that there’s a real appetite from customers for support and peace of mind to keep them running smoothly. Banks and mobile phone insurance providers can connect these dots for their customers.

 “Our mobile world requires mobile tech. With the vast majority of us using smartphones to connect to the internet while we’re on the move it’s important that our tech works where and when we need it, and that if anything goes wrong, it can be remedied as quickly as possible. Banks and other mobile phone insurers can use this need as an opportunity to differentiate their offering and be a one-stop-shop for all their customers’ connected device support needs.”
  

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