Cost is typically the most significant concern for insurers across all sectors. Because consumers aren’t purchasing a physical product or immediate service, insurers have always faced the challenge of balancing price with purchase intent.

The mobile device insurance market is growing thanks to ever-increasing consumer dependence on smartphones. By providing consumers with peace of mind regarding mobile device damage and theft, mobile insurers are capitalizing on a market that’s expected to eclipse $27 billion by 2020.

The secondary market for mobile devices has matured significantly in the last 5 to 7 years.

It’s been quite the rollercoaster ride for US and China on talks of trade and tariffs. I am of course referring to the Trump administration who proposed a 25% tariff on some 1,300 Chinese imports, then agreeing to suspend the $150 billion in tariffs, but soon after said the US would move forward with tariffs on $50 billion of Chinese imports.

The pre-smartphone days gave the secondary mobile device market a bad reputation.

Locked into two-year contracts for devices, any accident led to an inevitable trip to the carrier to receive a refurbished device. Malfunctioning refurbished devices caused reporters and bloggers to create content all about the dangers of embracing the secondary market.

Prior to Apple’s earnings, there was a lot of industry discussion about what its results would reveal, and how well the iPhone X had done in terms of shipments. According to newly released CIRP data, Apple’s iPhone 8 sales made up 23% of total iPhone sales for Q1, while the iPhone 8 Plus accounted for 21%, putting the lower-cost models at 44% of the market. CIRP stated that the iPhone X share fell from 20% to 16% in the December quarter, while combined sales of the iPhone 8 models rose three percentage points in the same period, up from 41%.

About a year ago, the topic of wearables was becoming a hot topic and the sense of smartwatch trade-ins had to be on the radar as new devices were being released. The secondary market for watches hadn’t formed yet, but high price points and growing sales made it seem inevitable.

Every quarter, we analyze our trade-in processing data to get a sense of how the secondary market for mobile devices is growing. While there are definitely patterns in the peaks and valleys throughout the year, one things is clear—trade-ins are becoming an increasingly-vital piece of the buying process.

April 22, 2018, marked the 48th anniversary of Earth Day. The day that we take a step back and think about how our actions impact the environment.

Part of the reason that trade-in programs are gaining momentum for carriers is that the process has become much easier over the years. What was once a low-value, high-friction trade-in experience has been streamlined thanks to new technology.