Insurance Technology Featured Article

Insuring All the Gadgets Students Carry with Them

February 12, 2014

The average person carries around 2.9 devices with them at all times. This includes smartphones, tablets, laptops, e-readers, mp3 players and now smart watches and other wearable technology. Depending on the device, the combined total can rapidly add up to a substantial investment. While the monetary value is important, our dependence on these devices to work, play and conduct financial transactions makes them invaluable. If and when a device is lost or stolen, the experience can be financially costly, and more importantly very traumatic if you are a teen whose lifeline is the smartphone.

In Australia a survey of 375 parents revealed 8 percent of high school students in the country carry up to $1000 worth of technology with them at all times, with 73 percent carrying a mobile phone, 38 percent a laptop and 27 percent a tablet computer.

Because of the price points of these devices, the theft or loss of these items is increasingly being addressed by insurance companies. Whether the insurance is part of the policy for the home or standalone product specifically designed to ensure consumer electronic products, it has now become a necessity.

In the UK when the average person leaves the home they carry 970 pounds or $1603 worth of gadgets with them, resulting in companies being established to specifically address the loss and theft of these devices.

The US also has a large problem with mobile devices being lost or stolen. Studies have revealed 113 cell phones are lost or stolen every minute in the US, and as smartphone penetration rates continues to increase replacing cell phones, insuring the devices becomes that much important.

If you have a smartphone, tablet or laptop, it is important to take appropriate measures to ensure the device and the data within it are protected. If the device contains sensitive information you can purchase services or applications that are able to lock out the device or wipe the information contained within the device so it won't fall in the wrong hands. Additionally tracking services can be obtained to determine where the device is, whether you lost it or someone took it without your permission.

Some of the steps you can take to keep your device safe are to:

  • Update all the software on the device including the operating system, security software or any application
  • Lock it with a strong pass codes and passwords
  • Buy insurance from the wireless service provider if it is available
  • Purchase tracking software and data erasure service

While there is no guarantee you will not have your device lost or stolen, the best way to hedge your bets is by only carrying the device you need when you go out.




Edited by Cassandra Tucker

Article comments powered by Disqus

Related Insurance Technology Articles

Bain & Company Offers Global Insurance Customer Loyalty, 2014

Bain & Company, a business consulting firm, has presented report on "Global Insurance Customer Loyalty, 2014". The new comprehensive customer survey and report includes opinions of 158,000 policyholders in 18 countries in Europe, the Americas and Asia. [ Read More ]
07/24/2014

Insurance Noodle Offers Cyber Liability Coverage

Everyone knows about home, auto, and life insurance; they are staples of everyday life that most people have and some cannot imagine going without. Businesses, too, have insurance packages that protect their buildings and other material possessions. In a time when technological possessions are growing in number and importance, though, are businesses adequately covering those assets as well? [ Read More ]
07/23/2014

Mitchell Enhances WorkCenter Solution with New Dispatch Tools

Mitchell, a company serving Property & Casualty (P&C) claims and Collision Repair industries with its technology, connectivity and information solutions, has announced that it has included new enhancements to the Dispatch module of the WorkCenter claims management solution. [ Read More ]
07/22/2014

Oscar Gives Millenials the Healthcare They Want

The "young invincibles" of the millennial generation may finally be courted by the healthcare industry, thanks in part to the health insurance provider Oscar. [ Read More ]
07/17/2014
FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!