Top 5 Fetaures of Mobile Device Protection Plans For Insurance and Warranty Professionals

of mobile device protection plans for insurance & warranty professionalswritten by daragh curtin and denise o’donovan

Top 5 FeaTures

table of contents introduction

top 5 features of mobile device protection plans

what not to do when offering mobile device protection

conclusion

introductionwith the global mobile device insurance and warranty industry estimated to be worth a whopping $61bn by 2018, a significant shift within the industry has been taking place in recent years to capitalize on this growth.

Now more than ever consumers are not just afraid of losing their expensive devices, but also their personal content stored on them. For insurance and warranty providers the opportunities are vast.

Customers now desire ‘next generation’ policies that include greater mobile security features to protect their personal data as well as the mobile device itself. In addition, many providers now offer enticing and often quirky cash incentives to encourage even more customers to invest. Some even offer free cover.

In this eBook we look at how a number of different insurance and warranty providers from around the world who are capitalizing on this ever growing market.

Top Five features of mobile device protection policies

device protection policies are often perceived as being too costly, too restrictive or just plain unnecessary … not anymore.

our top 5 featuresmany of the world’s top providers are revolutionizing their device protection policies by offering features that go far and beyond the basic offering that covers just accident, theft and damage. we’ve spent some time sifting through the policies of some of the best known providers in the business today to come up with a list of our top five favourite features, which we list in no particular order below:

The ‘No Claims’ BoNus  australia - optusFirst stop is down under with Australia’s second largest telecommunications company Optus. The Optus standard offering covers accidental damage, loss, theft, as well as an associated accessories cover. What really grabbed our attention is their unique ‘No claims bonus’ plan.

Similar to a car insurance policy, if you don’t make a claim within a 24-month period, your insurance rate is vastly reduced (in this case going from $170AUS to $75AUS).

This encourages customers to be less reckless with their valuable devices so they can reap the benefits. However it’s a double-edged sword. If you do have to make a claim within the first three months of signing up, the premium is raised dramatically.

Free CoveruK - virgin mediaVirgin Media do things differently. They’ve got a rather generous take on mobile insurance by offering free cover to any monthly paying customer who’s interested in buying a Virgin Mobile phone. This includes free coverage to customers with a home phone and broadband plans.

That’s free insurance cover worth up to £11.99 a month. In addition, and similar to the other companies on the list, plans comes with a free Mobile Rescue app. This is installed on all compatible devices.

This allows customer to remotely lock their device in the event it is stolen and track it online using the device’s GPS tracking. What’s more, all contacts can be backed up online if the customer wants to wipe all data.

Cash CompeNsaTioN usa - squaretradeSquareTrade is one of the most popular non-carrier warranty providers in the USA; due in part to their exemplary customer service.

One of the most interesting features of their mobile device protection plan is the cash compensation they offer for wear and tear, long after the manufacturer’s warranty expires. Take for example the iPhone. Should the camera fail, you’re covered for up to $269US to repair it. Or should the battery stop working, you’re covered for up to $79US if the original doesn’t hold at least a 50% of the charge.

This wear and tear cash compensation extends to liquid damage, charging port failures, audio issues, cracked screens and more. With reports from Business Insider saying that we now check our mobile devices more than 150 times a day on average, wear and tear is definitely becoming a more prominent issue.

seCuriTy apps usa - best buyBest Buy are the largest multi-channel consumer electronics retailer in the world. As part of their protection plans - Geek Squad Protection, they offer the popular Geek Squad app.

The app offers tools that enables users to lock their device (even if the SIM is changed), locate their device online using GPS tracking, sound an alarm, take a mug shot of a thief and back up their content before performing a full content wipe - all from an online account.

In addition to this, they also offer customers a handy diagnostics tool that tells the user about the standard health of their device – for example a safe apps notification to check for potential malware or an app checker that finds out which apps have permission to access to the customer’s mobile data.Their content transfer option for iOS and Android devices also makes it simple to move content from one device to another quickly and securely.

oNliNe reward sChemesusa - protectcellProtectCELL works to with more than 300 wireless retail dealers, competitive carriers and other partners across the United States to offer comprehensive protection plans for content security and device recovery.

One of the quirkiest features of their plans however is the ‘Rewards Mall’. When you sign up to a ProtectCELL Membership Plan you can enjoy savings when purchasing goods from more than 30,000 merchants in the USA, including Best Buy, Kohl’s and Home Depot.

The trick is to earn points by buying new products direct from participating outlets via the ProtectCELL Rewards Mall. Some retailers offer one point for every dollar spent, some five points. These points can be cashed in to avail of special offers on computers, personal vacations, electronics, eating out and more.

whaT NoT To do when selling mobile device protection

don’t offer empty ‘no deductibles’ promisesThere are numerous providers out there who attempt to have an edge over the competition by offering the lowest prices with a ‘no deductible’ on mobile device claims. In reality these costs exist in other forms; companies just hide behind certain wording like ‘administrative fees’. What’s more, these fees often increase with every new claim. When they do, it causes a particularly bitter taste in the mouths of the customer.

don’t depend on online reviews to sellOnline reviews are a quick and easy method of evaluating the ‘best’ mobile device insurance and warranties. We all read them; be they in online community forums or other social media. Often they’re reason enough to get us over the line when we’re deciding to purchase. Good if you’re getting good reviews. Of course it’s important to remember that people are a lot more inclined to be vocal about their bad experiences online rather than their good ones. For this reason, don’t depend solely on online reviews to get you over the sales line. Use other communicative tools like blogs and promotional videos to get your message out there.

don’t use too much legal mumbo jumboBe wary of legal jargon in your reading materials. Always ensure policy information for your customers is clear and easy to understand so that no awkward issues arise in the event the customer does need to make a claim. For example, the last thing a customer with a water-damaged mobile device wants to be told is that the insurance they’ve been paying in for months doesn’t cover them for that specific type of damage.

don’t offer lemons If you want to be customer-focused, then offering ‘lemon repairs’ or poorly refurbished models to replace a lost or damaged device is not the way to go. Poorly refurbished devices are often not the same model as the device the customer lost, but rather a ‘comparable model’. These can be worth less and may have abnormally long turnaround times on claims. This is a major bugbear for those forced to accept it and may put a lot of customers off in the future.

don’t offer basic coverage

The age of digital is well and truly upon us. Smartphones, tablets, phablets, wearable tech ...you name it we’ve got it and more. Across an entire spectrum of e-commerce, industries are working towards making their products more relevant to their customers in the digital age. For this reason, basic coverage just isn’t going to cut it anymore. Offering advanced mobile device protection plans, which include value-added features that allow you to easily check your device health or lock and locate it from a remote location in the event it goes missing, is the way to go.

what not to do so you’ve read through our top five features of device protection programs. however we also thought it might be helpful to list our top five of ‘what not to do’ when offering mobile device protection programs. we think those companies who offer sub-par services get found out pretty quickly in today’s well-connected world. without naming and shaming, let’s take a look at our top five of ‘what not to do’ when offering mobile device protection programs.

conclusionin an industry that’s ever changing, trying to stay one step ahead of the rest is proving to be more challenging than ever. a number of factors now contribute to your success. for one, you must be aware that mobile device protection policies are evolving in order to meet the needs of today’s tech savvy generation. it goes without saying that your customers can’t be taken for granted.

To find out more about our Total Mobile Service Platform, the all-in-one white label solution that ensures customers’ devices are safer, healthier and easier to support and service, please get in touch with us now at [email protected].

GET IN TOUCH :Founded in Cork, Ireland in 2005, with sales and marketing hubs in the the UK, the USA and China, our company works with some of the world’s leading mobile retailers, consumer electronics, OEMs, telecom operators, and insurance and warranty companies.

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