The increase in mobile phone Insurance

Bamboo Distribution are drivers in innovation within the Recovery and Supply of Mobile Phones. Working to fulfil our client’s needs we are driven by ethics and constantly innovating to ensure we are able to quickly and effectively fulfil demand. This is particularly pertinent given the latest statistics, which demonstrate an alarming increase in the number of phones stolen and lost.

According to the latest YouGov poll over ten million Britons have mobile phone insurance. This statistic is unsurprising given the high number of handsets that are stolen each year. According to O2 700,000 mobile phones are lost or stolen in Britain annually, which is double the 330,000 officially recorded by the police.

Not only that, but this increase seems to be indicative of an overarching trend. Since 1994 mobile phone theft has increased by 190%. As handsets increase in value, with top brands demanding up to £600 the incentive to steal is far higher. As the next generation progress – the Millennials – with a far more portable and active lifestyle – members of the public will be far more likely to own more than one device, travel further and more frequently. This will not only make mobile theft more common, it will also make it far easier to commit as frequent movement makes keeping track of personal belongings that much more difficult.

It is not just theft, but also loss that is impacting upon the increase in demand for mobile phone insurance. According to research from O2  6.2 million Brits lose one tech device annually, with mobile phones topping the list as 5.2 million are lost each year. Those losing their phones are those who place technology at a premium – busy employees. According to a study conducted by Mozy mobile phone loss is highest on Fridays at 18.00 as employees make the transition from the working day to social activities. There is also a peak during the morning rush hour with much of the loss occurring on public transport.

This increased demand in phone insurance, is emblematic of an overall trend as individuals place a premium on their handsets. It is therefore unsurprising that there is an increased demand for quality phone insurance. Victims of thefts want replacement phones and quickly. According to the YouGov poll one of the major factors in taking out insurance with a specific provider is how quickly replacements can be expected at the claimant’s door. As Tom Rees, Research Manager at YouGov Reports stated, “It is clear that companies offering specialist insurance need to react proactively to the changes in consumer behaviour, and the importance owners place on technological possessions in particular.”

At Bamboo Distribution we have a large stock of refurbished mobile phones, all our handsets are quality controlled, competitively priced and we can be flexible in fulfilling orders. Not only that, but our software helps companies track the entire salvage process. Providing an overarching service Bamboo Distribution can help satisfy your demand and strengthen your process.

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