The smartphone has become, arguably, today’s most prized personal possession and the reason is simple. It’s not because people love fondling it, or taking pictures of their lunch, but because most of their life – both at work and in their leisure time – rely on their phone.
It offers so much more than access to just social media. Young people work, play, keep fit, date and even sleep with the help of their mobile device. It has become an essential item to these people, but when it is lost, it is a very expensive item to replace.
Old school cover
Mobile device insurance has been around for some time. Yet, however much people love their devices, people can be adept at losing them, dropping them or having them stolen.
And despite this ability to lose their grip on the very thing that binds their lives together, mobile device insurance take-up has not been phenomenal.
Typically bundled into a care package at the point of sale. The expense has often been enough to put many people off making a purchase. Others have purchased insurance only to find the cover to be limited in scope and making a claim a painful experience.
Putting the customer first
DBS, along with its insurance partner Chubb, have taken a close look at this line of insurance and considered how to make it better for the consumer. What they have developed is an innovative and sensible solution.
Instead of building the product the old fashioned way, DBS and Chubb have developed a new product – Mobile Protect – with the customer in mind.
Mobile Protect needn’t be bought at the moment the new phone arrives. Eligibility has been increased to cover a mobile phone owned by the policyholder that is up to three years old.
Coverage is worldwide, not just limited to Singapore and if it is lost, stolen or damaged, the phone is either fixed or replaced on a like for like basis. Accessories, such as headphones, chargers, etc, are also covered.
Unauthorised transactions such as airtime usage and data, plus the cost of withdrawn cash due to cash out robbery, are also covered, offering customers considerably more peace of mind than they would have with a traditional policy. The cost of replacing documents such as identity card, passport or driving license is also covered.
Doing things differently
Insurance like this has got to be a boutique product and therefore expensive, right? Wrong.
Mobile Protect costs just 45 cents a day with an annual plan with a 10% discount applied. You can purchase it via the DBS website or via DBS’ popular payment app, Paylah! SLs. You don’t have to be a DBS customer to purchase mobile protect.
Repairs are taken care of by a network of established reputable repair centres, meaning getting broken phones fixed will be easier than ever before.
You can find out more about DBS Mobile Protect here: Mobile Protect