Gadget insurance bouncing back as travel returns and lockdowns

 Hey, guess what's making a comeback as things start opening up and travel becomes a possibility again? Gadget insurance! Yep, with lockdowns easing, more and more of us are dusting off our beloved tech and taking it out into the big wide world. So, it makes sense to protect those valuable devices, right?

The pandemic really put a dent in the mobile and gadget insurance world, what with everyone being stuck at home and all. But things are looking up! As the world starts to recover, we're seeing an increase in this market again, and there's even more growth on the horizon.

The pandemic pounded the gadget insurance industry, thanks to lockdowns and grounded holidays. Tough times, no doubt. However, mobile phone insurance still sparkles on, with the Research and Markets predicting its value to rise from £1.7 billion in 2021 to £2.9 billion in 2027 (that's some cash). Why? Well, as the cost of smartphones increases, they become essential to our everyday existence. More than two years since the start of the pandemic, phones continue to boom. Are insurers finally cashing in now things are back to (something resembling) normal? Mobile News had a little chinwag with some big names in the business to find out what's been happening amidst the chaos, and how their businesses are doing now.

Insurers are all in agreement that the lack of travel during the pandemic really did a number on the industry. John Fannon, sales director at Bastion Insurance, put it bluntly: "Nobody was going anywhere, which meant that claims for losing, breaking or stealing your phone were basically non-existent." And let's not forget about travel insurance - who needs it when no one's allowed to go on vacation? Toby Stubbington, managing director at Pier Insurance, summed it up by saying this pandemic has thrown the insurance industry for a loop. On one hand, pet insurance is booming because everyone's buying furry friends to keep them company during lockdown. On the other hand, claims for business interruptions are sky-high and other areas of insurance are trending downwards. It's been a wild ride.

So, the pandemic has thrown a wrench in the plans of companies in the insurance industry, according to Stubbington. Volumes have fluctuated, and businesses have had to be mindful of their teams, partners, and customers. But, on the upside, the industry has seen some major changes. They're using more technology, adjusting processes and management styles, and offering more flexibility than ever before. Nonetheless, lockdowns have shuttered stores, which has hit insurers like Bastion Insurance hard. Their partners and dealers have seen sales drop, too. But, lucky for them, they found a new revenue stream by launching a B2C website that sells handsets less than 30 days old. Over at Assurant, Chris Woolnough is all about keeping up with tech advances and making sure his team is ready to handle whatever comes their way. All in all, it's key for the industry to keep evolving and have the right people in the right roles to keep things moving forward.

Can you believe it's been over two years since the pandemic hit? But good news, my friends! The insurance industry is finally getting back on its feet. Bastion Insurance and Pier Insurance are seeing an increase in business now that the travel industry is starting to open up again. Apparently, people are eager to make up for lost time with what they're calling "revenge travel." And with summer here, travel is picking up at a rapid pace - like we're already at 70% of pre-pandemic levels! Even Assurant's Woolnough says they've managed to deliver some impressive growth despite the challenges they faced. Looks like mobile insurance is one tough cookie, huh? #InsuranceIndustryRisingUp

As restrictions ease up, mobile insurance firms are seeing more claims rolling in. It's no surprise really, but we're not quite back to pre-pandemic claim levels yet. The economy is still recovering from a cost-of-living crisis, fuel and component shortages, and that whole Russia-Ukraine conflict thing. But hold on to your hats, because Fannon, from Bastion Insurance, is feeling pretty confident about the future. He reckons claims will keep on rising as the world returns to normal activity. Okay, we won't have full claims analysis until after summer, but the early indications are looking good. One thing to bear in mind though, is that remote working is here to stay. So, it might impact the company's B2B customers. Flexibility is the new norm, people! Meanwhile, at Pier Insurance, Stubbington assures us that things are bouncing back, with claims returning more to normal. And let's face it, phone and gadget insurance will always be

Alright, so with the pandemic came some changes and trends that are sticking around. One of them is that everyone expects lightning-fast delivery now. Doesn't matter what industry, we all want things ASAP. But don't worry, Assurant's got it covered. They've got services for managing your devices' lifecycle, repairs, recycling, and disposal. And they offer same-day replacements and walk-in repairs to keep up with this need for speed. Plus, digital sales and claims have blown up during the pandemic, so it's important to think like a customer and understand what they want. There are some huge opportunities here to meet evolving customer needs both on and offline, so let's not miss out.