DUBLIN–(BUSINESS WIRE)–The “UK Mobile Phone & Gadget Insurance Market 2021: Consumer Research Report” report has been added to ResearchAndMarkets.com’s offering.
This report examines the motivations, experiences and opinions of UK consumers who own mobile phone and/or gadget insurance. It identifies and analyses consumer attitudes towards mobile phone and gadget insurance, looks at the claims experience of policyholders, and investigates why they choose one route to purchase over another.
In addition, it explores how price sensitivity is impacting the market. Similar research was run in 2019 for mobile phone customers and the report compares and contrasts findings for mobile phone insurance between 2019 and 2021.
For this report, the publisher commissioned research from MIS Group’s UK panel. The research was structured so that 2,002 nationally representative consumers aged 18+ were asked if they owned an insurance policy.
This generated 457 individuals who stated that they owned a mobile phone insurance policy and 215 who owned gadget insurance. Similar research in 2019 generated responses from 462 individuals who owned mobile phone insurance.
The report estimates that in 2021 around 12.1 million adults were covered by mobile phone insurance and 5.7 million by gadget insurance. Between 2012 and 2021, the number of people owning mobile insurance increased by 21%, with the rate of growth slowing in recent years as ownership of mobiles reaches saturation levels.
While over eight-in-ten consumers own a mobile phone and over eight-in-ten own electronic gadgets like computers, digital cameras, tablets, games consoles, e-readers and smart watches, only 24% of consumers who own a mobile for personal use own insurance and 11% of gadget owners have gadget insurance. Therefore, there is ample potential to expand the market, although past attempts have clearly not driven penetration to high levels.
Most mobile phone and gadget insurance policyholders own a standalone policy, and most policyholders pay for their cover on a monthly basis. However, just under half own insurance cover which is bundled with other financial products (mostly packaged bank accounts for mobile cover and other insurances – most likely home insurance – for gadget cover).
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Profile Of Policyholders
One-quarter of consumers have mobile insurance
Smartphones dominate the market
Young affluent consumers the most likely to be insured
Consumers prefer standalone insurance, paid for monthly
Younger consumers are the most likely to opt for bundled cover
Mobile phone and gadget owners like to minimise their risks
4. The Customer Journey Begins
Most policyholders have been on a customer journey before
The renewal prompt helps kick start the customer journey
Renewing is a strong sign of loyalty
Older cover holders the most likely to renew their insurance
Policyholders who switch continue to be on the lookout for cheaper deals
Many of those renewing only do so after starting on a new journey
Over half of those renewing without searching still try and get a better deal
5. Buying a Policy: Finding the Right Deal
Price Comparison Websites are the primary research resource
PCWs will lead next year’s policy search
PCWs lead the research but buying direct is the norm
6. Policy Acquisition: Price Negotiation
By their nature, policyholders are price sensitive
Brands are important if the buyer is uncertain
The final price/cover offer is the result of a negotiated settlement
Negotiations likely to centre on broad policy features
Insurers need to deliver policyholder information in a concise manner
7. Being a Policyholder
Getting mobile and gadget cover is easy and satisfying
Most policyholders now use online portals to manage their policies
Around one-in-ten policyholders have claimed in the past year
Claiming is a satisfying and smooth process
8. Market Size and Trends
Mobile phones, a near ubiquitous technology
Over 12 million own mobile phone insurance
A diverse market in terms of brands
Select Companies Mentioned
American International Group UK Limited
AmTrust Europe Limited
Assurant General Insurance Limited
Astrenska Insurance Limited
Aviva Insurance Ltd
Axa (Inter Partner Assistance SA)
Better Buy Insurance (Square Pound Limited)
Captain Cover (Lexelle Ltd)
Chubb European Group SE
CoverCloud (Acumen Insurance Services Ltd)
EE Insurance (BT Group)
Gadgetbuddy.com (ROCK Insurance Services Limited)
Great Lakes Insurance
Helvetic Swiss Insurance Co
i-Digital (i-Partners Insurance Management Limited)
insurance2go (Loyal Insurance Services Ltd)
Leisure Guard (Business Brokers Limited)
Liberty Mutual Insurance Europe Limited
O2 Insurance (Telefonica UK Limited)
Protect Your Bubble (Assurant Direct Limited)
Starr International (Europe) Limited
TeamKnowHow Insurance (The Carphone Warehouse Limited)
Telefonica Insurance S.A
Tesco Mobile
Three (Hutchison 3G UK Ltd)
Tinhat (Bastion Insurance Services Ltd)
Virgin Media
Vodafone
Watford Insurance Company Europe Limited
WDP Insurance Limited
White Horse Insurance Ireland Ltd.
Zenith Insurance Plc (Markerstudy Group)
For more information about this report visit https://www.researchandmarkets.com/r/wkaw67
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