It’s hard to imagine life before mobile devices – the convenience, mobility and immediate information they provide has completely changed the way people work and play. So what are the real implications in the case of loss or theft of a mobile device?
In a study released by Inhance Technology (March 2014), a reported 40% of UK consumers surveyed have suffered the loss of their mobile device. In South Africa, these statistics are much higher – an estimated 56% of consumers have suffered a loss. Men (43%) are more likely to have had their smartphone or tablet lost, stolen or damaged beyond use compared to women (39%). 18-34 year olds are particularly prone to loss with 58% reporting loss, theft or damage.
The study reveals that the costs associated with the loss or theft of mobile devices, including laptops, tablets, and smartphones are sometimes even greater than the device replacement value, thanks to lost productivity and the loss of intellectual property. Some startling international statistics makes this a very real concern:
- One laptop is stolen every 53 seconds
- 70 million smartphones are lost each year, with only 7% recovered
- 4.3% of company-issued smartphones are lost or stolen every year
- 52% of devices are stolen from the workplace and 24% from conferences
"These findings highlight the importance of insurance for mobile devices for individuals and for businesses,” comments Peter Olyott, Managing Director of Indwe Risk Services. “It is essential that devices can be replaced as soon as possible, so that users don’t suffer loss of productivity,” he explains.
"Make sure all your mobile devices are insured. The best is to opt for insurance, like Indwe’s iConnect policy, to ensure all your devices are covered under one policy no matter where you are in the world,“ Olyott states. The upside of a product like iConnect is that it focuses on the client’s connectivity as a matter of urgency. “It is not just about replacing the physical device – speed is of the essence,” Olyott emphasises.
By adopting safe practices like backing up information and having adequate insurance, you can ensure that you are well prepared for potential loss or theft and don’t have to suffer the financial consequences.
To find out more on iConnect and mobile insurance, speak to Indwe Risk Services today on 0861 11 87 65