Mobile Phone Insurance 2019
This report examines the motivations, experiences and opinions of the UK mobile phone insurance customer. It will identify and analyse consumer attitudes towards mobile phone insurance, look at the claims experience of policyholders, and investigate why they choose one route to purchase over another. In addition, it will explore how price sensitivity is impacting the market. Essentially, the report studies the policyholder’s customer journey from the point where they recognise a requirement to make a purchase, to the point when they are a customer and may run into issues like claiming and eventually may decide to switch to another provider.
For this report, IRN commissioned research from MIS Group’s UK panel. The research was structured so that 2,051 consumers aged 18+ were asked if they owned an insurance policy. This generated 392 individuals who stated that they owned a policy and owned a mobile phone, i.e. they were insured mobile owners
Around eight-in-ten consumers own a mobile phone used for personal purposes and around one-quarter of mobile owners are covered by mobile phone insurance. This means that just over 10 million adults are covered by a mobile phone insurance policy.
Around half of insured mobile owners own a separate/standalone policy, with just under one half saying their cover is bundled into another financial product, mainly a packaged bank account. This means just over 5 million consumers are covered by standalone policies.
Around one-in-ten policyholders are new to the market each year, i.e. they are First Time Buyers (FTBs) who have never owned mobile insurance before. This means around nine-in-ten policyholders are not new to the market, so their decision is to either renew with their current provider or switch provider at the start of their annual customer journey.