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Extended Warranties and Insurance for Mobile and Non-Mobile Consumer Products in Chile is about the market for extended warranties and insurance sold in conjunction with white goods, brown goods, grey goods, mobile gadgets and mobile phones (i.e. cellphones) in Chile.

The study draws on extensive primary and secondary research covering 83 organisations involved in the production and distribution of mobile and non-mobile consumer products including manufacturers, mainstream mobile network operators, mobile virtual network operators (MVNOs), specialised retailers of consumer electronics, supermarkets and other types of retailer (namely, department stores, DIY / furniture / home outlets, speciality retailers and variety retailers). Hence, it provides a comprehensive overview of this activity across Chile.

Key features of this publication include:

- quantification of the market value for extended warranties and insurance linked to mobile and non-mobile consumer products: how much is the market likely to have been worth in Chile in 2015, how did it split between white goods, brown goods, grey goods, mobile gadgets and mobile phones, and to what extent did each of these segments grow or decline in value since 2011?

- analysis of extended warranty underwriters and brokers that have established scheme relationships with manufacturers and retailers of white goods, brown goods, grey goods, mobile gadgets and mobile phones, including their unweighted and weighted share of partnerships;

- consideration of the potential for cross-selling stand-alone extended warranty and insurance policies through independent channels that are separate from either manufacturers or retailers: to what extent has this form of distribution developed in Chile and who are the main competitors in this respect?

- forecasts for the value of the market for extended warranties and insurance linked to mobile and non-mobile consumer products up to 2019: assuming no significant changes in the number of manufacturer and retailer schemes, what factors will cause this sector to grow or decline in the next few years?

Table Of Contents

Extended Warranties and Insurance for Mobile and Non-Mobile Consumer Products in Chile

TABLE OF CONTENTS
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is this report about? 3
Rationale 3
A number of factors are causing dynamics to change in the extended warranty and insurance sector… 3
… including shifts in consumer behaviour… 3
… especially in relation to their use of distribution channels 4
Methodology 4
Manufacturer and retailer survey 4
The survey's scope covers 83 manufacturers and retailers of mobile and non-mobile consumer products 4
Market data 5
Distribution channels for retailers 5
Definitions 6
Extended warranties and insurance 6
Extended warranties and insurance linked to consumer products come in a variety of formats… 6
…and are frequently marketed to consumers under alternative titles 6
Premiums and other revenues 7
Operating models 7
Weighted shares 8
PartnerBASE and market data annexe 8
Finaccord 9
20 WHITE GOODS 10
Introduction 10
Underlying market value and volume 11
The value and volume of sales of white goods has increased gradually in recent years 11
Manufacturers' original warranty length and consumer law 12
All manufacturers of white goods in Chile limit their factory warranties to a one-year duration… 12
Manufacturer schemes for extended warranties and insurance 12
and none have introduced extended warranty programs 12
Retailer schemes for extended warranties and insurance 13
The vast majority of retailers of white goods make extended warranties available… 13
… with four non-internal providers visible in total… 14
namely AIG, Cardif, MOK (Multiservicios OK) and Serviassist 14
Extended warranties are just one of the services offered by Multiservicios OK… 14
… which is also expanding elsewhere in Latin America 14
Combined analysis for manufacturer and retailer schemes 16
Risk coverage of all schemes for extended warranties and insurance 16
Most extended warranty schemes for white goods are focused on cover for technical breakdown only 16
Independent distribution channels 16
Market value for extended warranties and insurance 17
Market forecasts to 2019 18
Almost five million items classifiable as white goods are likely to be sold in Chile in 2019… 18
which will help to bring about a further increase in the market for related extended warranties 19
30 BROWN GOODS 20
Introduction 20
Underlying market value and volume 21 EXTENDED

The Chilean brown goods market posted a substantial rise between 2011 and 2015 21
Manufacturers' original warranty length and consumer law 22
A minority of brown goods manufacturers offer more than a one-year guarantee in Chile… 22
Manufacturer schemes for extended warranties and insurance 23
… but only one has developed its own extended warranty scheme 23
Retailer schemes for extended warranties and insurance 24
Over a half of major retail brands selling brown goods promote related extended warranties 24
…with the leading providers largely similar to those identified for white goods cover… 24
… albeit with PC Factory ranked third in the weighted analysis of partnerships 24
Combined analysis for manufacturer and retailer schemes 26
The combined analysis is driven almost entirely by partnerships with retailers 26
Risk coverage of all schemes for extended warranties and insurance 27
Cover for accidental damage is available through several extended warranties for brown goods 27
Independent distribution channels 27
Market value for extended warranties and insurance 28
Market forecasts to 2019 29
Chile's market for brown goods will carry on growing up to 2019… 29
… meaning that the associated extended warranty market will also rise even if take-up rates remain stable 30
40 GREY GOODS 31
Introduction 31
Underlying market value and volume 32
The value of Chile's grey goods market declined slightly between 2011 and 2015 32
Manufacturers' original warranty length and consumer law 33
The majority of manufacturers of grey goods stick to providing a one-year factory warranty 33
Manufacturer schemes for extended warranties and insurance 34
More manufacturers promote extended warranties for grey goods than for either white or brown goods… 34
… albeit these are all seemingly managed on an internal basis 34
Retailer schemes for extended warranties and insurance 36
In the retail sector, the supply structure for warranties for grey goods is identical to that for brown goods… 36
Combined analysis for manufacturer and retailer schemes 38
… meaning that retailer schemes are also dominant in the combined analysis 38
Risk coverage of all schemes for extended warranties and insurance 39
Most extended warranties for grey goods are limited to cover for technical failure only 39
Independent distribution channels 39
Market value for extended warranties and insurance 40
Market forecasts to 2019 41
The underlying grey goods market is likely to stagnate between 2015 and 2019… 41
… and the value of the related extended warranty market will probably fall back 42
50 MOBILE GADGETS 43
Introduction 43
Underlying market value and volume 44
The value of Chile's mobile gadget market grew by over CLP 100 billion between 2011 and 2015 44
Manufacturers' original warranty length and consumer law 45
One mobile gadget manufacturer offers an original guarantee that lasts three years… 45
Manufacturer schemes for extended warranties and insurance 46
… but only three run extended warranty schemes… 46
… all of which are managed internally 46
Retailer schemes for extended warranties and insurance 48
More complex operating models are in evidence for retailer schemes for mobile gadget cover… 48
… as a number of retail brands source theft insurance from separate partners… 49
… such as ACE Seguros and Cardif 49
Combined analysis for manufacturer and retailer schemes 51
Multiservicios OK emerges as the likely leader in the combined analysis 51
Risk coverage of all schemes for extended warranties and insurance 52
Cover for accidental damage and / or theft is quite often available but loss is never insured 52
Independent distribution channels 52
A number of independent options exist for consumers seeking to protect their mobile gadgets from theft 52
Market value for extended warranties and insurance 53
Market forecasts to 2019 54
Both the value and volume of the mobile gadget market will continue to advance through to 2019 54
… which will help to support the associated market for mobile gadget insurance 55
60 MOBILE PHONES 56
Introduction 56
Underlying market volumes 57
The number of mobile subscriptions rose by around 17 million between 2011 and 2015… 57
with almost 15 million individuals believed to own at least one mobile handset in the latter year 58
Manufacturers' original warranty length and consumer law 59
No mobile phone manufacturers offer an original warranty of longer than one year… 59
Manufacturer schemes for extended warranties and insurance 60
… and none whatsoever have introduced any kind of extended protection 60
Retailer schemes for extended warranties and insurance 60
Only one mobile network operator in Chile promotes mobile phone insurance 60
Assurant claims the highest weighted share of partnerships because of its scheme with Movistar 61
Combined analysis for manufacturer and retailer schemes 63
Risk coverage of all schemes for extended warranties and insurance 63
Mobile phone insurance policies commonly include cover for theft 63
Independent distribution channels 64
Market value for extended warranties and insurance 64
Market forecasts to 2019 66
Mobile phone subscriptions per capita are expected to hit 150 by 2019… 66
causing the number of individuals with a mobile handset to also increase further… 67
… which will be beneficial for the future development of the market for mobile phone insurance 68
LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Approximate market value for extended warranties and insurance linked to mobile and non-mobile consumer products in Chile, 2011, 2015 and 2019 (forecast) 2
Approximate market value for extended warranties and insurance linked to mobile and non-mobile consumer products in Chile, 2011, 2015 and 2019 (forecast) (table) 2
10 INTRODUCTION 3
Organisations researched in Chile, segmented by type, 2015 4
Retailers researched in Chile segmented by distribution channel, 2015 6
20 WHITE GOODS 10
Value and volume of sales of white goods in Chile, 2011 and 2015 11
Comparative length of original warranties offered by manufacturers of white goods in Chile, 2015 12
Retailer schemes for extended warranties and insurance linked to white goods in Chile: provision rates and operating models, 2015 13
Retailer schemes for extended warranties and insurance linked to white goods in Chile: unweighted and weighted provider share of partnerships, 2015 15
Risk coverage of all schemes for extended warranties and insurance linked to white goods in Chile, 2015 16
Approximate market value for extended warranties and insurance linked to white goods in Chile, 2011 and 2015 17
Value and volume of sales of white goods in Chile, 2015 and 2019 (forecast) 18
Approximate market value for extended warranties and insurance linked to white goods in Chile, 2015 and 2019 (forecast) 19
30 BROWN GOODS 20
Value and volume of sales of brown goods in Chile, 2011 and 2015 21
Comparative length of original warranties offered by manufacturers of brown goods in Chile, 2015 22
Manufacturer schemes for extended warranties and insurance linked to brown goods in Chile: provision rates and operating models, 2015 23
Retailer schemes for extended warranties and insurance linked to brown goods in Chile: provision rates and operating models, 2015 24
Retailer schemes for extended warranties and insurance linked to brown goods in Chile: unweighted and weighted provider share of partnerships, 2015 25
Manufacturer and retailer schemes for extended warranties and insurance linked to brown goods in Chile: combined analysis of weighted provider share of partnerships, 2015 26
Risk coverage of all schemes for extended warranties and insurance linked to brown goods in Chile, 2015 27
Approximate market value for extended warranties and insurance linked to brown goods in Chile, 2011 and 2015 28
Value and volume of sales of brown goods in Chile, 2015 and 2019 (forecast) 29
Approximate market value for extended warranties and insurance linked to brown goods in Chile, 2015 and 2019 (forecast) 30
40 GREY GOODS 31
Value and volume of sales of grey goods in Chile, 2011 and 2015 32
Comparative length of original warranties offered by manufacturers of grey goods in Chile, 2015 33
Manufacturer schemes for extended warranties and insurance linked to grey goods in Chile: provision rates and operating models, 2015 34
Manufacturer schemes for extended warranties and insurance linked to grey goods in Chile: unweighted and weighted provider share of partnerships, 2015 35 EXTENDED WARRANTIES AND INSURANCE FOR
Retailer schemes for extended warranties and insurance linked to grey goods in Chile: provision rates and operating models, 2015 36
Retailer schemes for extended warranties and insurance linked to grey goods in Chile: unweighted and weighted provider share of partnerships, 2015 37
Manufacturer and retailer schemes for extended warranties and insurance linked to grey goods in Chile: combined analysis of weighted provider share of partnerships, 2015 38
Risk coverage of all schemes for extended warranties and insurance linked to grey goods in Chile, 2015 39
Approximate market value for extended warranties and insurance linked to grey goods in Chile, 2011 and 2015 40
Value and volume of sales of grey goods in Chile, 2015 and 2019 (forecast) 41
Approximate market value for extended warranties and insurance linked to grey goods in Chile, 2015 and 2019 (forecast) 42
50 MOBILE GADGETS 43
Value and volume of sales of mobile gadgets in Chile, 2011 and 2015 44
Comparative length of original warranties offered by manufacturers of mobile gadgets in Chile, 2015 45
Manufacturer schemes for extended warranties and insurance linked to mobile gadgets in Chile: provision rates and operating models, 2015 46
Manufacturer schemes for extended warranties and insurance linked to mobile gadgets in Chile: unweighted and weighted provider share of partnerships, 2015 47
Retailer schemes for extended warranties and insurance linked to mobile gadgets in Chile: provision rates and operating models, 2015 48
Retailer schemes for extended warranties and insurance linked to mobile gadgets in Chile: unweighted and weighted provider share of partnerships, 2015 50
Manufacturer and retailer schemes for extended warranties and insurance linked to mobile gadgets in Chile: combined analysis of weighted provider share of partnerships, 2015 51
Risk coverage of all schemes for extended warranties and insurance linked to mobile gadgets in Chile, 2015 52
Approximate market value for extended warranties and insurance linked to mobile gadgets in Chile, 2011 and 2015 53
Value and volume of sales of mobile gadgets in Chile, 2015 and 2019 (forecast) 54
Approximate market value for extended warranties and insurance linked to mobile gadgets in Chile, 2015 and 2019 (forecast) 55
60 MOBILE PHONES 56
Volume of mobile phone subscriptions and subscriptions per capita in Chile, 2011 and 2015 57
Number of individuals owning a mobile phone in Chile and their weighting within the total population, 2011 and 2015 58
Comparative length of original warranties offered by manufacturers of mobile phones in Chile, 2015 59
Retailer schemes for extended warranties and insurance linked to mobile phones in Chile: provision rates and operating models, 2015 60
Retailer schemes for extended warranties and insurance linked to mobile phones in Chile: unweighted and weighted provider share of partnerships, 2015 62
Risk coverage of all schemes for extended warranties and insurance linked to mobile phones in Chile, 2015 63
Approximate market value and policies in force for extended warranties and insurance linked to mobile phones in Chile, 2011 and 2015 65
Volume of mobile phone subscriptions and subscriptions per capita in Chile, 2015 and 2019 (forecast) 66
Number of individuals owning a mobile phone in Chile and their weighting within the total population, 2015 and 2019 (forecast) 67
Approximate market value and policies in force for extended warranties and insurance linked to mobile phones in Chile, 2015 and 2019 (forecast) 68

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