The significance of smartphones and other technological devices is now greater than it has ever been as we adjust to our post-pandemic business and educational environment.
In 2021, the world’s smartphone market expanded by 22.6%. The new hybrid, internet-heavy setup is preferred by almost 80% of working Filipinos over the conventional workplace.
The way we live our daily lives and do basic tasks, such as accessing job possibilities, banking services, online shopping, and social networks, are being shaped by smartphone use outside of academic institutions and offices.
Six out of 10 Filipinos use smartphone applications to make purchases and plan trips.
One pre-pandemic survey found that roughly 55% of Filipino youngsters use smartphones and that 80% of them would rather browse the internet than watch TV.
Necessary for life
It should come as no surprise that given our reliance on smartphones and other technology, many individuals now place a high value on its use and safety.
Damage to a smart gadget can make the difference between a breadwinner earning or losing money, a student passing a class, or having a necessary online conversation with a relative in another country.
When it occurs on a payday weekend, having a phone that has suddenly gone dark or permanently off may be a nightmare, says Kate Paulyne Tayco, 23, social media manager for an online wedding business. Tayco was on vacation in a distant location when she dropped her device on rocky terrain. “At that time, I was unable to use my smartphones to conduct my regular banking transactions or pay my bills. I didn’t have any extra money to get my phone fixed because the town’s ATMs had ran out of cash and the banks and bayad centres were closed.
These bad occurrences are made worse by the high expense of mobile repairs.
Even more money may be spent if you replace it with a new one. A quality smartphone can now be purchased for roughly P5,000, while a premium one might cost up to P50,000.
Smartphone insurance cover is becoming a requirement, not an option, as smartphones are becoming both expensive investments and necessary devices.
When a phone is damaged, mobile insurance gives device owners the coverage they need to restore it. In the event of an accidently dropped or damaged phone, it can assist in fast restoring its full functionality. Opportunities for economic recovery are brought about by that technical repair.
The need for mobile phone insurance increases because damage to the device might occur at any time, anyplace. According to research, a smartphone’s most common accidents involve it sliding out of a pocket or falling into the toilet.
Mobile device security
Rico Bautista, President and CEO of Etiqa Philippines, reaffirmed that smart devices, like health, property, and other aspects of our lives that are essential, require constant, dependable protection through insurance: “Mobile devices are no longer seen as just a status symbol or used solely for work but have become a necessity, helping us to advance our careers, businesses, and daily activities. The mobile insurance plans will protect them, ensuring that even if these gadgets are destroyed, the lives and activities of their users will continue with the least amount of inconvenience. This is consistent with our mission to provide goods and services that will improve the lives of our clients.
Insurtech, or the application of technology to the insurance industry, includes mobile phone insurance.
Through digital platforms like GCash or Shopee, technology makes online policy enrollment, checking or purchasing a plan, and topping up efficient, safe, and in real-time.
Other examples of insurtech include social insurance, the use of data analytics to better understand consumer behaviour and provide better customer service, and the personalization of insurance plans for certain organisations and groups.
Igloo, a Southeast Asian insurtech startup, collaborated with Etiqa Philippines to provide mobile insurance policies to guarantee coverage for the phone screen and its features (Phone Screen Protection plan) or the full device (Full Phone Protection plan).
These plans do not cover situations where the devices have gradually degraded, have been stolen, or have been lost. They also do not cover virus damage, repairs, or service.
Technology-driven insurance
Prior to filing a claim, customers must also report any damage within 48 hours of the incidence.
The cost-effectiveness of the mobile insurance policies is intended to provide premium value to a broad demography of smartphone users, particularly those who rely on them for a living.
One plan, for instance, costs the same as one small snack each month while providing enough coverage to pay for a cheap smartphone.
The insurance protection that safeguards the significant areas of our life is becoming more accessible and affordable thanks to technology. The ubiquitous smartphone has expanded that service to include our all-purpose gadget and digital buddy.