With smartphones becoming increasingly expensive, many consumers want to protect their devices from various accidental damages and other unexpected situations. Users are looking for ways to buy mobile insurance plans to avoid costs in case the mobile phone is lost, stolen, or damaged.
High repair costs related to the displays, batteries or liquid damages drive the growth of the mobile insurance market. According to various market research, the global mobile phone insurance market size is currently valued up to $27 billion and is projected to reach up to $44 billion by 2025.
This means increasing business opportunities for the ecosystem players, such as insurance, repair and refurbishment companies, mobile operators, retailers, and device OEMs.
Traditionally, mobile device insurance is sold to the consumer when the new device is purchased. However, insurance providers have extended their offering also to the used devices.
Create compelling insurance campaigns
Picea® Services Mobile provides an easy solution to quickly create marketing campaigns to introduce and sell mobile device insurances. The mobile solution can be fully customized and branded. Customers can promote campaigns in different channels and consumers can easily start the service by scanning the QR code. When the consumer engages with the service, device information is automatically detected, and device condition is analyzed. The consumer can be given a personalized insurance offer based on the device condition.
One of the biggest reasons for mobile device insurance claims is screen damage. PiceaServices Mobile can be enhanced with AI-powered screen grading, which leverages artificial intelligence. The AI screen grading gets accurate and reliable data of the screen condition, reduces human error, subjectivity, and variance in screen condition analysis. The results of the device diagnostics along with a photo of the device screen are saved to the cloud-based Picea® Reporting as evidence of the device condition.
When the mobile phone insurance plan is sold at the point of sale or care point, Picea® Diagnostics helps to accurately check the device’s condition. It includes the AI-Powered Screen Grading as an optional feature.
Build your own consumer experience for insurance service
A growing number of consumers spend time online searching for services. Piceasoft provides a rich set of industry-standard APIs to build mobile device lifecycle services for online use cases.
By utilizing Picea® Services Online API, insurance vendors can further improve the user experience for their customers by serving mobile phone insurance customers through online channels.
When the phone insurance is sold online, Piceasoft offers insurers the ability to remotely access both device information as well as run baseline diagnostics to confirm a newly insured device’s condition at the start of the cover period.
Minimize risks of fraud
In the event of damage, PiceaServices can be used to help consumers to file the claim. If the device is still functioning, it can be recognized through fast and accurate make/model recognition, IMEI detection and device condition check.
In case the device is lost or stolen, the consumer can enter device information manually and PiceaServices is checking whether the claim is being filed for the original device. This reduces risk and helps to avoid insurance fraud.
Picea® Reporting and Picea® History provide the insurer with the audit trail of device identification and condition.
To discuss how Piceasoft can help you to tap into the omnichannel mobile device insurance opportunity, fill in the Demo Request form to talk with us.
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About Piceasoft Ltd
Piceasoft is a Finnish company, located in Tampere. Since it was founded in 2012, Piceasoft has created a unique set of software solutions to cover the whole lifecycle of mobile devices. These solutions create new business opportunities and enable a cost-efficient service for mobile operators and retail chains. Our innovative products are disrupting mobile device buyback, repair, and recycling business. Our software products are easy to use and offer added value to the end-user, which means better ROI and user satisfaction. In short, we promise to Simplify Your Mobile Life.