There were many great highlights from
CES 2019, but the biggest takeaway was that smart and connected technology for the home and vehicles is here to stay, and it’s only getting better. These newer products developed from smart technology usually start at a higher price range, which means it’s important that consumers protect their costly investments.
A protection plan provides consumers with additional coverage on newly purchased products, giving them peace of mind that their devices are covered should they become accidentally damaged or defective after the manufacturer’s original warranty period. Protection plans are relevant for consumers of all ages providing information about proactive replacement and technical device support for everything from smartphones to smart cars.
Smart Device Survey
AmTrust Specialty Risk wanted to find out how consumers are using protection plans on their electronic devices. We surveyed a panel of 1,000 consumers in December 2018 for our Smart Devices and Protection Plan Survey to get insight into consumer behavior towards connected technology.
The survey results,
released for CES 2019, found that most consumers have multiple types of connected devices, with smartphones being the most owned electronic device by those who were surveyed.
Consumers are willing to buy product protection plans for their electronics devices more than ever before. Currently, 40 percent of consumers surveyed participate in electronic protection plans. Interestingly, other than protecting multiple smartphones in a home, consumers did not mention purchasing protection plans for all of their devices. However, more Millennials (57 percent) are purchasing the plans compared to members of GenX (42 percent) and Baby Boomers (29 percent).
During the time of data breaches and cybersecurity attacks, it is no surprise the survey found that most consumers are concerned about data privacy and security for their smart devices. The survey results support the need for innovative cybersecurity insurance products, as well as capabilities to support smart devices operating in an ecosystem that provides more robust security protocols. Consumers are expecting more from their protection plans, including protection against identity theft, proactive replacement, technical support and preventive maintenance.
Consumer Protection Plans from AmTrust Specialty Risk
AmTrust Specialty Risk is a leading global provider of insurance for consumer technology brands, distributors, retailers and third-party administrators. Our industry-leading partnerships and underwriting expertise, combined with deep knowledge of the consumer, allow us to develop successful specialty insurance programs tailored for your needs. Seek out our expertise in extended warranties, extended service plans and accidental damage plans.
To learn more about the findings of the Smart Devices and Protection Plan Survey and smart device solutions, contact our Specialty Risk team at:
contactspecialtyrisk@amtrustfinancial.com This material is for informational purposes only and is not legal or business advice. Neither AmTrust Financial Services, Inc. nor any of its subsidiaries or affiliates represents or warrants that the information contained herein is appropriate or suitable for any specific business or legal purpose. Readers seeking resolution of specific questions should consult their business and/or legal advisors. Coverages may vary by location. Contact your local RSM for more information.