Vancouver’s Warranty Life has launched a new, personalized protection plan for smartphone users that uses the combined power of artificial intelligence, telematics, and machine learning to develop the first usage-based smartphone protection where your behavior directly impacts how much you pay.
Warranty Life’s patented technology tracks how you handle your smartphone and can save the user money if they score well. This is opposed to protection plans like Apple Care where all users are treated the same whether they are hard on their devices or not.
Similar to usage-based insurance offered in the auto industry, the use of these types of technologies has increased rapidly over the past five years. Tesla recently launched insurance that reflects real-time driving behavior in Texas.
People have embraced usage-based coverage with companies like Progressive Insurance reporting close to 19 million usage-based automobile policies. Research has also shown customers report higher than average satisfaction scores resulting in long-term customer value for the provider.
Warranty Life sees AI prediction technology becoming the industry standard for smartphone protection.
“We set out at the beginning years ago with a mission to build an advanced technology system that provided fair pricing. For years, customers that took extra care of their smartphones or tablets had to pay the same insurance price, we never thought that was right.” says Warranty Life CEO Richard Hui. “So, we created our Smart Saver AI prediction engine to establish honest pricing for everyone.”
As the world’s first usage-based mobile device protection program, Warranty Life’s SmartSaver will offer an opportunity for customers to lower their deductibles to $0 or earn other rewards. No other mobile device program that includes comprehensive accidental damage has been able to harness AI-powered personalized coverage.
To access SmartSaver AI technology, customers will register with the Warranty Life mobile app and opt-in for the SmartSaver feature. As specific data is collected, the prediction engine will generate rewards and notify users in 7 days.
With years of research, Warranty Life has been working in stealth mode to develop and file multiple global patents that work to lock down the usage-based model for mobile devices and recently won the prestigious Synergy Award for being a Top Innovator as recognized by the Natural Sciences and Engineering Research Council of Canada (NSERC).