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 expensive replacement costs in case their mobile phone is lost, stolen, or broken.
Based on different market research, the global mobile phone insurance market was estimated to value over US$ 20 billion in 2019. The market is expected to grow at a CAGR of approximately 10-12% and accounting for more than US$ 40 billion in 2025. This means increasing business opportunities for the ecosystem players, such as insurance specialists, 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 used devices.
Helping insurance providers get accurate device condition evaluation
When selling insurance for a used mobile phone, the insurer wants reliable and accurate information on the mobile device’s condition. Similarly, when a customer makes an insurance claim, there needs to be an easy way to reliably check the mobile device’s health.
With the rising demand for mobile phone insurance and users increasingly being online, insurance companies need innovative services to support their customers at all touchpoints. Piceasoft offers omnichannel solutions for mobile device insurance providers to better serve and assist their customers and boost customer loyalty both in-store and online.
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. The latest enhancement in the diagnostics solution, the AI-Powered Screen Grading, leverages artificial intelligence and allows to analyze the screen damages automatically and reliably. 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.
Improving user experience by serving customers online
A growing number of consumers spend time online. Piceasoft provides a rich set of industry-standard APIs to build mobile device lifecycle services for online use cases. By utilizing Piceasoft solutions, insurance vendors can further improve the user experience for their customers by serving their 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.
In the event of a claim, consumers can run device verification at home by scanning a QR code on the website. The device is recognized through fast and accurate make/model recognition, IMEI detection, and lost and stolen checks ensuring the claims are filed for the original phone. This in turn reduces risk and helps to avoid insurance fraud. PiceaReporting and PiceaHistory 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.