The must-have gadget for 2016 is: gadget insurance

The must-have gadget for 2016 is: gadget insurance

Apr 12, 2016

Aquarium Software, the global insurance technology expert, warns that consumers are storing up a potential uninsured gadget time-bomb, and advises the insurance industry to take the bull by the horns and help better educate consumers. 

The rapid increase in the number of people that own multiple mobile devices highlights how gadget insurance is more important than ever, with the value and associated risk of carrying multiple mobile devices predicted to rise further in the coming years. 

It is predicted that 70 per cent of people in the UK will have a tablet device by the end of 2016, in addition to a smartphone. It is estimated that 75 per cent of smartphones and other mobile devices – worth a staggering £10 billion - currently have no insurance cover.

“The same people who were willing to take the risk of not insuring their phone in the past, are now realising that they are often carrying around up to £2,000 worth of technology on a regular basis.” says Mark Colonnese, Sales and Marketing Director at Aquarium Software, “That’s a pretty high risk ownership strategy, without appropriate insurance cover.”

There is a huge untapped market out there for gadget insurance providers and Aquarium Software urges them to use technology platforms specifically designed to support the needs of this niche insurance sector. “We have seen it too many times before with insurance providers trying to shoehorn their mainstream household and motor software platforms into this specialist space.  From experience we can confidently say it doesn’t work.  Underwriters and insurance companies alike need a specialist technology partner that understands the needs of the market and those supplying products and services to the consumer.” says Colonnese.

The UK statistics alone are quite staggering with 2,000 smart phones alone are lost or stolen every day with an estimated worth upwards of £800,000.  In addition, we are spending a whopping £492,000,000 on these must-have products every fortnight.