Rise In Mobile Insurance With The Increase In Smartphone Sale

Rakesh Goyal, Director, Probus InsuranceDirector at Probus Insurance, Rakesh has a diverse experience in management and industry knowledge

In recent years, the mobile industry has undergone huge changes. It has now become a necessity more than a luxury. Initially, the smartphones came with minimal features, however, now the smartphones are rolled out and are equipped to allow you to manage everything in one single device. The smartphones have become the status elevator in terms of spending abilities and style ultimately boosting the demands among the users.

According to a report by International Data Corporation's Quarterly Mobile Phone Tracker, the smartphone market in India saw a shipment of 30 million units in the first quarter of 2018, making it the strongest start to a year and maintaining a healthy year on annual growth of 11percent. Also, the figures say that close to 30 exclusive smartphone models have launched in the first quarter of 2018 itself.

The smartphone sales are driven at the higher pace by exclusive online launches and strong promotions, e-Commerce platforms that capture a record of 38 percent share of the total smartphone channels in India in the first quarter of 2018. Customers have now started spending more than ever on smartphones, the cost of which might even touch around lakhs. Similar to any other article of
value, the smartphones too are at a high risk of being stolen.

Recently, the cops busted several modules involved in changing the IMEIs of big-budget phones in the capital. The biggest scam was noticed in the south-east district in February this year when eight men were arrested and 735 phones worth Rs 1.3 crore with the IMEIs of most of them changed were recovered. iPhone been one of the expensive brands is more prone to such robbery cases. The theft cases are the most common incidents which take place while travelling through train, bus or any public vehicle. According to one of the leading technology solutions company, about 19 million phones are lost or stolen each year, and traveling puts one at higher risk for theft. Don't wait until it's too late, opt for mobile insurance so you can recover faster and stay stress-free.

The heavy dependency of today's generation on their smartphones, mobile insurance is definitely their best companion

In the busy and hassle life, apart from the theft, your smartphones are more prone to hardware or software damage or failure which can occur due to an accident, drop, water spillage, crack in the screen and many other reasons.

Taking into consideration the heavy dependency of today's generation on their smartphones, mobile insurance is definitely their best companion.

There are various benefits of mobile insurance and protection against a variety of risks and damages (both internal and external). The fact that smartphones are electronic devices and are highly vulnerable to software failures means that a small glitch may lead to huge draining of money from the pocket.

With the growing demand for smartphones, there is ultimately an increase in the sale of mobile insurance.

Moreover, the claim process under mobile insurance is simpler and hassle-free thereby attracting more smartphone users to use mobile insurance. All you have to do is provide the insurance provider with the purchase invoice or bill of the smartphone and file an FIR for the missing phone within the first 24 hours following the theft or loss.