Mobile Phone Insurance 2017

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This report follows the five previous YouGov Reports studies of the Mobile Phone Insurance market and claims, continuing and extending the existing research in order to explore the latest trends. The report looks at likely growth areas and pinpoints key consumers, both current and potential, studying the policyholder’s journey – encompassing the point where they recognise a need to make a purchase to the point when they are a customer and may run into issues like claiming. This report also looks in detail at claimant experience and the implications for providers.

For this report, YouGov Reports commissioned two surveys among YouGov’s online panel. The first was a nationally representative sample of 2,090 UK adults aged 18+. The second (booster) sample surveyed adults who had claimed on their mobile phone insurance in the past five years. Both samples were asked the same questions, allowing a more in-depth analysis of claimants to be made.
Report Info
Table of Contents
  • Table of Figures
  • Introduction & Scope
    • Report coverage
      • Previous waves of research
      • Methodology
      • Abbreviations
  • Report Overview
    • A growing need for new thinking
  • Report Summary
    • Approximately a third of the value of mobiles is insured
      • Key facts
      • Proportionately fewer Active Purchasers
      • A lower-cost partial policy may appeal to the uninsured
      • Top-up policies may appeal to the Passives
      • Closer links with service providers may be needed
      • Few switch but there is growth
      • Claims may be getting cheaper to settle
      • Claimants have a good experience
      • Future growth expected but it’s an uncertain time
  • Background
    • Key findings
      • The underlying penetration trend is upwards
      • The insured are more likely to use their phones for business purposes…
      • Smartphone ownership still rising with Apple and Samsung phones key
      • Financial pressures impact on ownership
      • The link with contract purchases and upgrades weakens
  • Policyholder Cover and Segmentation
    • Key findings
      • Damage cover becomes less common but data cover improves
      • Most policies come with an excess
      • Cover targeting deteriorates slightly but remains strong overall
      • Policyholders can be Active Purchasers or Passive takers
      • Actives’ premium costs rise to almost £8
      • Active Purchasers have more comprehensive cover…
  • Drivers of Demand and Policy Purchase
    • Key findings
      • Financial risk is a key factor behind policy acquisition…
      • …but insurance must also be priced right and offer value
      • Lower-priced, partial insurance could help boost uptake
      • The uninsured won’t pay the current rate
      • Top-up policies could attract Passives
      • The emotional value of handsets is also a factor in insurance uptake
  • Finding a Deal
    • Key facts
      • Policyholders seek to minimise their search costs
      • Policyholders say they know what they have bought…
      • …but they may be deceiving themselves
      • Those ‘in the dark’ don’t know what they don’t have cover for
  • Deciding What Policy to Buy
    • Key findings
      • Policyholders are focusing on a smaller range of buy factors
      • Purchasing comes down to value for money and trust…
      • …but price remains the prime driver of demand
  • Purchase Channels
    • Key findings
      • The mobile phone trade channel loses out in 2017
      • Network operators are the prime channel for selling standalone policies
      • Banks perceived more favourably by policyholders
      • Internet sales grow…
  • Switchers and Non-switchers
    • Key findings
      • Relatively few switch provider, especially if they own packaged bank accounts
      • A lack of switching through satisficing behaviour
      • But non-switchers may not have found a good deal
  • Claims Environment
    • Key findings
      • Claims fall back to 2015 level
      • Moral hazard is not a feature
      • Owners of expensive smartphones are the most likely to claim
      • Drop in more recent claims
      • Phone loss is on the downswing
      • Claims within the last year have been strongly accident-related
  • The Claims Experience
    • Key findings
      • Satisfaction with the claims process continues to rise
      • Claimants continue to be happy with their insurance providers
      • Satisfaction is understandable with nine-in-10 having a successful outcome
      • Speed of decision and handset replacement/service drive satisfaction
  • Market Trends
    • Key findings
      • Just under 11 million customers
      • Value of insured mobiles worth over £3 billion.
      • A fall in the number of claimants
      • Active Purchasers pay over £300 million for their insurance
    • Future Developments
      • Key findings
      • Brexit’s shadow looms over forecasts
      • Some factors point to future growth…
      • …while others suggest a slowdown
      • Approximately 11.4 million policyholders by 2022
  • Appendix
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