Blancco: Adapting to the Changing Mobile Device Insurance Landscape
Worldwide smartphone sales has started declining from 2020. This means the growth potential of traditional mobile insurance plans is limited, as the mobile device insurance landscape is changing rapidly. Mobile insurers have to be willing to adapt to react accordingly. The method to insure mobile devices at the point of sale is no longer appealing to consumers, because they want more choice and value from a plan. Blancco Mobile Insurance gives insurers the opportunity to accurately assess device condition in order to offer the right amount of coverage to customers.
Today, mobile device insurance providers are experiencing low attach rates. In the ideal scenario, these devices are insured at point of sale, through the retailer. But this type of insurance is often viewed as unattractive by customers, due to the inflexible, annual contracts with complicated and uncertain claims processes. As customers experience a low likelihood of having their devices lost or stolen, they withhold from insuring their device. Once lost at point-of-sale, the customer is difficult to recapture as an insurance client.
Next to unattractive insurances for customers, most mobile insurances are focused on new devices. This traditional approach does not serve customers who are looking for insurance offers for used or refurbished devices. Also, a focus on device protection can significantly increase attach rates—not only countering the shrinking new device market, but also simultaneously allowing growth.
What should mobile insurers do?
Mobile insurers can adapt to the shifts in the industry by using technology to offer both traditional insurance and newer device protection options to customers after point-of-sale. Customers can purchase this insurance anytime and anywhere. These options make it specifically possible to reach those who typically opt-out at the time of purchase.
The overall global mobile insurance agency is projected to reach $44.1 billion by 2025. With new, on device technology, mobile insurers can offer remote sign-ups and assess a device’s condition for new, used or refurbished devices remotely. Moreover, this new technology reduces fraudulent claims with remote, accurate device assessments, protecting mobile insurers from considerable risk.
How it works
Blancco Mobile Insurance gives insurers the opportunity to accurately assess device condition in order to offer the right amount of coverage to customers at any point in the device lifecycle; it allows insurance for both in-store and remote sign-ups after point-of-sale. It does so very quickly, in only a few minutes, creating a seamless customer experience.
Insurers can access a management portal for tracking and reporting trends and usage and can configure pricing on back-end systems to show insurance prices dynamically in-app, which enables customers to choose between a variety of insurance options.
After setting the price for the insurance, the condition of the device is tested through a set of configurable tests, from LCD screen testing to cracked glass testing. This eliminates inaccurate customer assessments of device quality and manages fraudulent behaviors with key security measures. All this information enables the insurer to offer the right amount of protection and reduce fraudulent claims.
Why we think you should keep an eye on Blancco
Previously, insurers had no way of knowing how to measure the integrity of a used device, or how to objectively gauge when a late insurer was out to game the system. New technology puts these concerns to rest, blowing open the doors to insuring accurately valuated devices while minimizing risk.
Blancco facilitates accurate on-device assessments to support your device protection plans, all from a customer-centric approach. With Blancco’s technology, insurers can now focus on providing a service where customer experience is at the center rather than following the traditional insurance approach.
Who is Blancco?
Founded in 1990, The Blancco Technology Group is a leading global provider of mobile device diagnostics and secure data erasure solutions. Blancco is a trusted source for evaluating the condition of mobile devices around the world. They have harnessed their market-leading capabilities to benefit mobile insurers.
Blancco equips insurers to unlock the potential for whole-of-lifecycle subscriptions and increased profits, all while knowing the precise condition of the device they are insuring. Mobile processors can achieve operational excellence while maximizing profits with Blancco Mobile Diagnostics & Erasure—a purpose-built solution that streamlines diagnostics, erasure and grading processes to prevent unnecessary touchpoints and increase efficiency.
Want to know more about Blancco? Check their website here!