How to Differentiate Mobile Insurance with Mobile Antimalware

Posted by Emma Ban on 2014-10-21 16:38:00

Lately, we’ve seen a shift in mobile users’ mindset from “Do I really need insurance for my smartphone?” to “What’s the best smartphone insurance plan?” In a market as commoditized as the mobile insurance one, this shift surely brings joy to any mobile insurer. But it also puts pressure on them to find ways to differentiate their packages from the competitors’. As such, more mobile insurers are starting to realize that, in order to differentiate themselves, they need to change their approach: from a reactive one, where the phone damage has already been produced and the customer receives a new one, to a more proactive approach, where the customer can actually prevent the damage.

If you’re a business executive working for a mobile insurance company, you may be interested to know what exactly a proactive approach means. In a nutshell, it’s about anticipating customer concerns and giving them control over their digital lives. How can you achieve such performance?

Start by completing these steps:


1 – Focus on data protection, in addition to device protection. We’ve become more dependent on smartphones than any other device. And it’s not the device itself that we depend on, as much as the data on it. We store personal information, digital wallets, and corporate data to use in all sorts of mobile activities: socializing, shopping, banking, and emailing business partners. But the more uses we find for these devices and the data on them, the more risks we face. And the biggest one is having our personal, confidential information end up in criminal hands. Just think about the damage caused by having your smartphone stolen: it would not stop at device loss, but could extend to financial fraud and identity theft.

2 – Add mobile malware to your focus area. Think of another scenario: what if you had your smartphone infected with mobile malware that sent your personal details to cybercriminals?

Recent data show that:

  • mobile malware infections increased 17 % during the first half of 2014, growing at nearly double the 2013 rate
  • 15 million mobile devices are infected with malware, up from 11.3 million at the end of 2013
  • Android devices are the most affected
  • Mobile advertisements are the most common sources for mobile malware

Given that most mobile devices run on Android, the probability of them getting infected is increasing. And so are customer concerns about mobile malware.You could address those concerns by adding mobile security to your package. Which leads us to the next step.

3 – Diversify your package to address multiple mobile behaviors. [Tweet this] The common types of damage most mobile insurance plans cover currently are accidental damage (shattered screens, liquid damage etc.), device loss or theft, mechanical breakdown or malfunction beyond the manufacturer warranty. You can tell this is part of the reactive approach. What you need to do now is examine your customers’ mobile behavior, and analyze the threats they may be exposed to. You can then cover them in your insurance plan. For example, if they surf online from their smartphones, they may click on a malicious ad that would lead them to a malicious site where they could be tricked into providing personal details. If this is an activity they often engage in, you may want to cover such risk in your insurance plan to make it more attractive.

You may create several packages, building on the basic, most commoditized functionality you offer. For example, you can bundle your current mobile insurance plan with a mobile security solution. Or mobile insurance with mobile security and antitheft functions (remotely wipe, lock and track device) or mobile backup.

You may also offer mobile security to existing customers who do not have this functionality included in their plan.

There are, of course, various possibilities and combinations you can make that would allow you to tailor your offering to your customers’ current needs. This way you can play with pricing. And you can come up with additional revenue streams. Put yourself in your customers’ shoes – it’s hard to resist temptation to buy something tailored specifically for you.

4 – Go for top-rated mobile security. If you don’t own mobile antimalware technology to develop a security app, you can always opt for licensing technology or rebranding solutions from security providers. If you’re pressed for time, rebranding is the best choice, as the solution provider should ensure rapid delivery of your own branded security solution. But don’t settle for just any solution. Check out the recent tests performed by independent organizations (such as AV Comparatives, AV-Test and Virus Bulletin) on renowned mobile security solutions, to see which ones deliver the best detection rates. Going for a top-rated solution will help build trust in your offering among your customers.

5 – Choose wisely. Make sure your partner can help you stay on top. Now you may be considering various solutions. But which one to choose? Well, an important part of this proactive approach is the ability to make rapid changes, should mobile security trends impose them. Thus, partnering with an organization that has the resources – dedicated security engineers and technical support – to implement these changes in the future is a must.

Subscrine to OEM Hub


Find me on:

Emma Ban

Emma Ban is a Content Writer at Bitdefender. Having worked in the industry for more than three years, in both B2C and B2B areas, she has a deep understanding of the online threats that put at risk the security of both consumers and corporations. Thus, her main focus is to provide insights into security technology trends that enable safe environments for companies and their employees. She thoroughly enjoys traveling and has a special interest in fashion technology.

Topics: OEM Business, Mobile Security