Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

INSURANCE

New policy and claims data from mobile phone insurance provider, loveitcoverit, reveals that during 2016, 20% of Samsung customers made a claim, compared to just 13% of those with an Apple device. The same data also showed that Samsung claims rocketed in the second half of 2016 with the ratio of policy-to-claims increasing by 73% from July onwards.

 The announcement comes following a press statement from Samsung pledging to enhance product safety, after an investigation confirmed that faulty batteries were responsible for the well-publicised Note 7 fires which made headlines in September.

However, data from loveitcoverit suggests that the Galaxy S6 Edge and S7 Edge devices are causing considerable problems of their own. Together, the two devices made up over a quarter of all claims for the five-star Defaqto-rated company, but accounted for less than one sixth of handsets in total policies taken out. Furthermore, it was discovered that those with a Samsung Galaxy S7 Edge are 110.6% more likely to claim for their phone than those with a standard Galaxy S7.

The most notable difference between the two handsets is the curved display of the S7 Edge; something the South Korean firm looks set to continue with its next device, the Galaxy S8. Rumours regarding the new phone, which is now expected to be unveiled in April, indicate a bezel-less, edge-to-edge “infinity” display. loveitcoverit CEO, Mark Gordon, shares his concerns for another wraparound screen following the problems caused by the Edge phones.

“The low metal content and wraparound screen of the Samsung Edge phones naturally leaves them more vulnerable to damage but the problems go deeper than this. Samsung experienced a parts shortage in the final quarter of last year, pushing out less replacement parts to the market, in a move we believe to be related to uncertainty over the cause of the Note 7 fires. This shortage of replacement parts pushed up the cost of repairs, in turn leading consumers to place fraudulent claims upon realising that a new screen from their local repair shop was likely to cost them two or three times what it might have done a few months previously.

“If the leaked specs of the S8 are to be believed, we’re concerned this pattern could continue. Whilst features like an infinity screen are appealing initially, the evidence that they are not built for long term durability is overwhelming. We would urge potential customers to do their research before purchasing the latest model in April.”

Authorised and regulated by the Financial Conduct Authority, loveitcoverit are a trading name of Pier Insurance Managed Services. Providing gadget insurance for over 13 years, the company has insured over 870,000 mobile devices to date, and all claims are handled by an in-house team.

Continue Reading

Recent Posts