Banks could offer more than mobile phone insurance to keep younger customers connected

News Release

London, 25 June 2019 – Banks could be missing an opportunity to provide customers with additional mobile phone insurance services, according to research from Assurant, Inc. (NYSE: AIZ), a leading global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases.

Research conducted on behalf of Assurant in the UK found that around 60 percent of those with mobile phone insurance responded that they would be likely or very likely to buy a policy from their bank if it included premium tech support for all the connected devices in their homes. Those aged 18-34 are notably more likely to pay for a mobile phone insurance policy from their bank that includes technical support. However, the older customers surveyed had more connected devices in their homes, so potentially also have a need for the policy.

The survey revealed that overall 49 percent of respondents had an insurance policy for their smartphone. Of those with insurance, around a quarter (27 percent) had the policy with their bank and the same number had it with a mobile phone insurance provider. Those aged 18-34 have the highest rate of mobile phone insurance; over half (52 percent) had mobile phone insurance. A third (33 percent) of those aged 35-54 had mobile phone insurance and just 15 percent of those aged 55+ had it.

Rich Green, President, UK & Automotive, Europe, commented: “With connected devices playing such a central role in our lives these days, our research shows that there’s a real appetite from customers for support and peace of mind to keep them running smoothly. Banks and mobile phone insurance providers can connect these dots for their customers.

“Our mobile world requires mobile tech. With the vast majority of us using smartphones to connect to the internet while we’re on the move[1], it’s important that our tech works where and when we need it, and that if anything goes wrong, it can be remedied as quickly as possible. Banks and other mobile phone insurers can use this need as an opportunity to differentiate their offering and be a one-stop-shop for all their customers’ connected device support needs.”

For more information about how Assurant can support your customers’ connected living needs, such as with Personal Tech Pro, please visit here.



[1] https://www.ons.gov.uk/peoplepopulationandcommunity/householdcharacteristics/homeinternetandsocialmediausage/bulletins/internetaccesshouseholdsandindividuals/2018

For further information please contact:
Joseph Gahan
Josephg@accesstheagency.com

About the research:
Online research conducted on behalf of Assurant surveyed 556 UK adults who have a smartphone and are customers of a major UK bank. Research was conducted 15-18 March 2019.

About Assurant:
Assurant, Inc. (NYSE: AIZ) is a leading global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world’s leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; pre-funded funeral insurance; renters insurance and lender-placed homeowners insurance. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future. Learn more at assurant.com or on Twitter @AssurantNews.