Why Bastion Insurance?
Well to start, they won the Mobile News Award in March for ‘Best Gadget Insurance’ – for the second year running.
The Oxford-based business, which was founded in 2013, has three brands. B2B insurance brand DeviceCover, DeviceLife, which offers extended warranty cover for smartphones and gadgets and Tinhat a B2C offering. While the smartphone insurance sector is estimated to be worth £12.95B, according to research from Finaccord, the market is not yet saturated.
Industry figures show that only one in four UK smartphone users are currently insured.
Which indicates plenty of room for growth. And the opportunities in this area unquestionably delight Bastion Insurance.
So I jumped on a video call with Director of Sales, John Fannon, to discuss reseller opportunities and how COVID-19 is affecting the insurance proposition.
Q1: We all understand the benefits of insurance for smartphones. But, from a reseller’s point of view, what are the main benefits and rewards to them?
A1: Firstly, it means that the reseller is seen to offer a complete package for the customer, rather than simply supplying a handset. Also, there is an expectation these days from customers that they should be able to get an insurance solution for their devices from their telecoms supplier. After all, there is a valuable relationship there so that they will trust you on these matters.
If a reseller can’t offer it, customers will usually go onto the web and buy it online. And why would a reseller want to give that revenue away by not having the solution in place for when it’s needed?
Secondly, by offering and selling insurance, the reseller builds up a strong monthly revenue stream over time that adds profitability to their business. But without any ongoing costs, as we handle all of the claims and replacements for them. So once introduced, they can leave the rest to us and get monthly payments on their insured base, while we manage any incidents for their customer at no cost to them.
Q2: How easy is it to become a reseller with Bastion Insurance?
A2: It is a simple two-page application form, and then the account and web portal will be up and running within a week – often sooner.
Q3: How do our resellers customers make claims?
A3: We have an online claims portal that lets a customer log a claim from anywhere in the world 24/7 and track progress. Around 65% of customers make a claim this way. But of course, we are always happy to speak to them if they wish to call us and report it. Or they can also email us with the details. Three different and simple ways, depending on customer preference.
Q4: With the continued increase in average phone prices, do you see an increased opportunity for our resellers?
A4: Yes, we are seeing significant growth as handset prices continue to rise. Most folks completely forget that the device in the back pocket is often worth more than their Macbook. Sadly, they often find out the hard way.
With business users, they have a sizeable estate of valuable devices.
That often occur significant ongoing replacement and repair costs over time. Also, don’t forget that Devicecover includes Extended Warranty cover so that their devices are also covered against breakdown. Meaning that they can ensure their gadgets are going to be fully operational for the length of their airtime contract. As well as being covered for insurance perils such as theft, loss and accidental damage at the same time.
Q5: Do you see an opportunity with the COVID-19 pandemic teaching us more about remote working than ever before?
A5: Indeed, we have recently discovered or have been reminded, just how valuable our devices are to us in recent weeks. Also, as Devicecover offers worldwide cover for 365 days a year, you are covered wherever you may be. Especially useful for those who may find themselves working or trapped overseas under lockdown conditions.
We didn’t just leave it there. We did ask a few more questions.
Why not our visit our Mobile Solutions page to learn more about Devicecover and Devicelife