Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
Stock Analysis, IPO, Mutual Funds, Bonds & More

You can get insurance for your mobile screen

The software is similar to what is being used by ecommerce companies in evaluating used phones offered under their exchange scheme.

, TNN|
Jun 15, 2019, 01.12 PM IST
Getty Images
(This story originally appeared in on Jun 15, 2019)
Mumbai: New-age non-life company Go Digit General Insurance has introduced a policy for used mobile phones that will compensate the user if there is any screen damage. This low-value cover has been made feasible by a small software that enables the company to remotely assess the condition of the phone — both for underwriting and claim settlement.

The software is similar to what is being used by ecommerce companies in evaluating used phones offered under their exchange scheme. However, it only checks the phone for the working of the screen. Speaking to TOI, Digit Insurance chairman Kamesh Goyal said that the intention behind launching the product was to reach out to young customers who are not exposed to insurance.

The software will detect the phone’s make, model and IMEI number in minutes. Digit has been offering the policy for new phones on e-commerce sites, but has now decided to extend this to used phones as well. “Many customers do not think of protection at the time of buying the phone. Also, the used phone market is a large one in India,” said the company’s head (marketing) Vivek Chaturvedi.

According to Chaturvedi, the cost of the insurance cover would be around Rs 1,700 for a mobile phone screen that costs Rs 12,000 to replace. The customer will be given a cash benefit of Rs 12,000 in case of screen breakage and he can use the money to replace the screen in any outlet or part-fund a new purchase. “People buy mobile phones because they are sleek and for the screen resolution. But they have to compromise on this by adding a cover and a screen guard. With an insurance protection, they can use the phone the way it was designed,” said Chaturvedi.

Also Read

Unusual Insurance: How startups are changing the insurance game

Make sure insurance ads are clear, fair and not misleading: Irdai to insurers

TCS to take insurance platform places

What is the sum assured in an insurance cover?

What is term insurance with a monthly payout?

Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service