Study: banks should embrace mobile

Young people holding aloft their smart mobile phones

According to a new study, banks could improve their insurance sales if they embraced the opportunities presented by the ubiquity of smartphones among younger consumers. Research conducted on behalf of Assurant in the UK has found that 60 per cent of customers with mobile phone insurance would be either ‘likely’ or ‘very likely’ to buy a mobile insurance policy from their bank if it included as standard premium tech support for all their connected devices. However, while the demographic aged 18-34 were more open to this idea, older customers were more likely to have connected devices, making them potentially a better target market for such policies.

“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,” said Rich Green, President, UK & Automotive, Europe, at Assurant. “Banks and mobile phone insurance providers can connect these dots for their customers.”

Forty-nine per cent of respondents to the survey had an insurance policy covering their smartphone. Of this demographic, 27 per cent had a bank policy while another 27 per cent had a policy with a specialist mobile phone insurance provider.

“Our mobile world requires mobile tech,” Green went on to say. “With the vast majority of us using smartphones to connect to the internet while we’re on the move, 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.”