Moblie Phone Insurance Research Essay Example | Topics and Well Written Essays - 1500 words

Moblie Phone Insurance Research - Essay Example To this effect, a host of insurance companies created mobile phone insurance to provide cover for phones that are lost, damaged or stolen. Several companies have presented different options that make it easy to provide insurance cover for the mobile phones, and people have to choose dependent on the cover that suits them best, as well as the benefits that emanate from such dealings (Cai, Li, Xia, & Giannelli 2010: 49). Several ways of looking at the way of dealing with such an issue is actually dependent on the person making the payments. Some people will be content by knowing that they have an extra source of security for their expensive gadgets. The problem is that this peace of mind could come at an extra cost that they ought to have reduced at the very start by choosing the best MPI in the market. Some, however, will see the money paid to be quite high and unrealistic. They will wish to have their phones remain as they are without any cover (Brignall 2012). Nonetheless, it is important to understand that when companies are designing their MPIs, they are aware that customers will require different covers and will come up with different gadgets that vary in price. The company must understand this and place it into consideration as a way of appealing and satisfying their employees. The goal is to assure them that they will get the best through their indulgence and utility of covers from their companies (Cai, et al. 2010: 78-79). The delivery of services must meet the clients’ needs; hence, a need to work on carrying out their feasibility studies to understand what is missing. For instance, the Financial Conduct Authority (FCA) carried out a survey seeking to understand the impact MPIs have on clients (King & Carey 2013: 212). There were existing gaps brought about by ineffective product governance in companies, the products were not tailored to meet the needs of the consumers, the terms and conditions were unfair or