AXA expands into mobile phone insurance market with Pier
AXA has revealed its plan to expand into a new market through a partnership with mobile phone insurance provider Pier Insurance.
The insurer is making its first entry into the UK and Irish mobile phone insurance market, which it believes is anticipated to be worth £12.95 billion globally in 2019.
AXA said the partnership is part of AXA Partners’ ongoing plans for expansion into new markets, including utilities, telecoms and home services.
The latest deal will see the two companies join forces to offer mobile phone insurance policies.
Gary Vincent, sales director at AXA Partners, said: “The mobile phone market has changed significantly in recent years. Not just in the way that phones are purchased, but also in how they have become an intrinsic part of everyday life, to the point where consumers struggle without them.
“As the number one global insurance brand, expanding our European mobile phone insurance expertise into the UK and Ireland for the first time is an exciting prospect, and we are delighted to be doing so with Pier Insurance under the loveit coverit brand."
Toby Stubbington, managing director at Pier Insurance, commented: “With more than 50 years’ combined experience in mobile phones, we have seen a drastic shift in the way that consumers purchase contracts. Whether buying a phone via their network, a sim-only contract, a second hand or refurbished handset, consumers want to know that their device is secure.
“Customers are at the heart of everything we do, so we created loveit coverit to offer premium policies at great prices. Coupled with an efficient claim process we’re able to provide quality customer care and wanted to be able to offer even more, and AXA Partners was a natural fit.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news JLT sells global aerospace operations to Gallagher ahead of Marsh takeover
Americas to remain M&A powerhouse but Asia Pacific is one to watch in 2019
Essent Group unveils $473.2m reinsurance transaction
Download our whitepaper: 'Why Automation & AI Matters For Commercial Lines'
