India mobile phone insurance market is expected to grow at a formidable rate during the forecast period. Mobile phones have become an essential part of the modern lifestyle, as they serve as a platform for entertainment, education, news, etc. Additionally, they are an effective medium for carrying out digital payments & transactions. Since, mobile phones are increasingly being used for digital transactions and storing personal information, customers are looking for ways to ensure the safety of these devices. Mobile phone insurance helps the consumer to evade expensive replacement costs in case of mobile phone loss or breakdown.

Increasing incidences of accidents such as mobile phones theft, loss, technical or mechanical breakdown, among others are some of the important factors driving the India mobile phone insurance market. Additionally, ease in claiming procedure, facility to upgrade policies and the extension of coverage to include accessories is further propelling the market. Also, the collaborations between insurance companies and mobile phone manufacturers is further spurring the market.

The India mobile phone insurance market is segmented based on phone coverage, coverage, distribution channel, plan, end user, region and company. Based on phone coverage, the market can be bifurcated into new phones and refurbished phones. The new phones segment is dominating the market since refurbished phones are not that popular in India and people are opting for new phones only. Based on coverage, the market can be fragmented into physical damage, electronic damage, theft protection, virus protection and others. The physical damage segment is anticipated to dominate the market during the forecast period owing to growing customer preferences towards this segment since it covers repair and replacement costs. Based on distribution channel, the market can be categorized into mobile operators, device OEMs, retailers, online and others. The retailers segment is expected to hold significant market share on account of the buying behavior of Indian population from the retail stores.

The major players operating in the mobile phone insurance market are Bajaj Allianz General Insurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited, New India Assurance Co Ltd., SyskaGadget Secure Insurance, TIMES Global Mobile Insurance, Go Digit General Insurance Limited, OneAssist Consumer Solutions Private Limited, syncNscan, Warranty Bazaar and others.

Years considered for this report:

Historical Years: 2014-2017

Base Year: 2018

Estimated Year: 2019

Forecast Period: 2020–2024

Objective of the Study:

• To analyze and forecast the market size of India mobile phone insurance market.
• To classify and forecast India mobile phone insurance market based on phone coverage, coverage, distribution channel, plan, end user, company and regional distribution.
• To identify drivers and challenges for India mobile phone insurance market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India mobile phone insurance market.
• To conduct pricing analysis for India mobile phone insurance market.
• To identify and analyze the profile of leading players operating in India mobile phone insurance market.

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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the players which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service providers, distribution channels and presence of all major players across the country.

TechSci Research calculated the market size of India mobile phone insurance market by using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

• Mobile phone insurance providers
• Market research and consulting firms
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to mobile phone insurance

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, India mobile phone insurance market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Market, By Phone Coverage:
• New Phone
• Refurbished
• Market, By Coverage:
• Physical Damage
• Electronic Damage
• Theft Protection
• Virus Protection
• Others
• Market, By Distribution Channel:
• Mobile Operators
• Device OEMs
• Retailers
• Online
• Others
• Market, By Plan:
• Up to USD20
• USD20.1 to USD30
• USD30 to USD45
• Above USD45
• Market, By End User:
• Corporate
• Personal
• Regions:

o   North

o   South

o   East

o   West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India mobile phone insurance market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).