2018 was an eventful year for the global smartphone market. We saw the usual flurry of new devices from the likes of Apple, Google and Samsung; we saw rumors and news stories about 5G devices, and we saw players such as Huawei, Xiaomi and OnePlus shake up the market, addressing consumer demands for lower priced devices, with more innovation.

The point of mobile device upgrade is an exciting time for a consumer. It means no longer having to put up with an old smartphone that is slow, has a battery life of about three hours, and displays the dreaded ‘storage full’ message every time they go to take a picture, or download a song.

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.

We’re extremely proud of Biju, and unsurprisingly, we believe that this award is very much deserved! Not only has he worked tirelessly to advocate HYLA Mobile’s role in the used device market, he has helped to maximize the sustainability efforts of companies through the application of new technologies like machine learning, process automation and predictive analytics. As a result, HYLA Mobile works with some of the world’s leading operators, retailers and technology players to bring device trade-in services to more than 250 million mobile customers around the world.

Insurance is a big part of the mobile ecosystem. In 2013, Warranty Week estimated that more than 60%-66% of smartphones were insured through a protection plan.

Earlier this year, Market Reports Hub estimated the global mobile phone insurance market to be nearly $31B in revenue by the end of 2015.

For the average consumer, purchasing a new smartphone might seem like the most complicated purchase they can make—maybe aside from a house or a car.

However, the complicated phone-buying process overshadows an equally mysterious process—trading in a used device.