HYLA’s mobile device protection business, Lori®, continues to grow with consumers and partners alike. For those unfamiliar with Lori, it expands on the mobile device protection offerings available in the US, which are generally only available for purchase at point of sale or within 30 days of device activation and provide a one-size-fits-all approach. However, Lori allows consumers to purchase plans for pre-owned devices at any time through a simple and engaging digital experience. 

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.