It follows AXA Partners ongoing plans for expansion into new markets
AXA Partners has announced its first entry into the UK and Irish mobile phone insurance market via a new partnership with Pier Insurance.
It sees the two firms join forces to offer mobile phone insurance policies under Pier Insurance’s “loveit coverit” brand.
This latest partnership is part of AXA Partners’ ongoing plans for expansion into new markets, including utilities, telecoms and home services, joining forces with innovative brands to deliver value-added services to customers.
Toby Stubbington, managing director at Pier Insurance, said of the partnership that “AXA Partners was a natural fit.”
“With more than 50 years’ combined experience in mobile phones, we have seen a drastic shift in the way that consumers purchase contracts.
“Whether buying a phone via their network, a sim-only contract, a second hand or refurbished handset, consumers want to know that their device is secure,” he continued.
He said that the ‘loveit coverit’ brand was created to offer premium policies for reasonable prices.
Piers Insurance specialises in mobile phone and tablet insurance in the UK and Ireland.
Mobile phone insurance has been predicted at £12.95bn globally this year according to financial analysts Finaccord.
It also found that 28% of customers took out insurance for mobile devices in 2018 as opposed to only three percent in 2008.
Gary Vincent, sales director at AXA Partners, added: “The mobile phone market has changed significantly in recent years. Not just in the way that phones are purchased, but also in how they have become an intrinsic part of everyday life, to the point where consumers struggle without them.”
Vincent said that AXA Partners is looking forward to the partnership in order to “deliver value-add solutions that meet changing customer needs.”
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