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UK Smartphone Insurance 2017

UK Smartphone Insurance 2017

  • July 2017
  • 25 pages
  • ID: 5013082
In this report:
Global smartphone sales continue to rise, with ## million units sold in Q## 2017, up ##.##% from Q## 2016, according to Gartner.
Penetration is expected to plateau between ##% and ##%, and no major players look set to disrupt Apple's and Samsung's - or iOS's and Android's - hold of the market.
Even tablets, which experienced a surge in ownership after their initial release, are expected to have plateaued at about ##-##%.

Summary

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UK Smartphone Insurance 2017

Brief

Smartphone penetration is approaching peak levels, with growth slowing. However, the breadth, sophistication, and number of smartphone users continue to grow. With this, the smartphone insurance market, which has historically been dominated by banks and home insurers, is being disrupted by fresh mobile-first propositions and specialized gadget insurers offering additional, technologically-savvy policies. These are more expensive but are likely to appeal to younger generations, as they are app-friendly, offer more exhaustive coverage, and don't have to be tied to home ownership or premier bank accounts.

Smartphone penetration is peaking, currently at about 81.0 percent among UK adults. However, the range of smartphone uses continues to grow, as does the dependency on the technology. Younger demographics are most likely to own smartphones and - unlike other insurance products - are most likely to take out insurance for these too. They are most likely to purchase insurance independently, while the majority of other customers are covered via banks and home insurers. Cover purchase at the point of sale is also particularly common among 18-24 year olds.

Banks and home insurers are providing the bulk of smartphone insurance. They tend only to cover loss, damage, and theft, however, while gadget insurers cover aspects including data and e-wallets. New competitors are employing tech-backed tactics such as social insurance and dynamic premiums to get ahead.

Smartphone penetration looks set to plateau, with Samsung and Apple unlikely to be challenged for now as market leaders in the UK. The main drivers for increase and change in the sector will come from growing insurance take-up and changing premium pricing policies. The former will be influenced by the rising use and importance of smartphones; the latter, by insurtech innovations.

The analysis "UK Smartphone Insurance 2017" explores how smartphones are being used, by whom, and where the opportunities lie for insurers to target these individuals for cover. The market research lays out the shape of the market, providing an estimate of its size and highlighting the top players in this space. Also explored is the range of coverage available for smartphones, the channels through which these are being purchased, and in what ways the market may be disrupted by additional propositions.

Firms mentioned in this industry report: Apple, Samsung, Halifax, Privilege, Churchill, More Than, AXA, Barclays, Lloyds Bank, TSB, NatWest, Loveit Coverit, Mobile Phone Insurance Direct, Protect Your Mobile, Gadget Cover, HSBC, Admiral, LV=, Aviva, CUSC Foneguard, Protect Your Bubble, Back Me Up, Trov, So-Sure.

Overview

- Smartphone penetration is peaking, currently at about 81.0 percent among UK adults.

- Younger demographics are most likely to own smartphones and - unlike other insurance products - are most likely to take out insurance for these too.

- Banks and home insurers are providing the bulk of smartphone insurance. They tend only to cover loss, damage, and theft, however, while gadget insurers cover aspects including data and e-wallet cover.

Great reasons to purchase

- Size the opportunity in targeting the smartphone insurance market.

- Comprehend the ambitious market landscape not just in terms of who the main players are within the space but in what ways their propositions differ.

- Consider the distinct ways in which smartphones are increasingly being used by individuals - and by which individuals - and analyze alternatives arising from this.

- Take a view of the distribution landscape of smartphone insurance and build a picture of how this may change in the next few years.

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ref:plp2017

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