LOCAL phone repair and accessory company, Smart Mobile Solutions, is looking to reduce the mobile expenditure of individuals by up to 78 per cent with its newest product – Mobile Protection Plan (MPP).

MPP, an insurance policy geared at protecting a customer’s mobile device against theft, misplacement or damage, allows customers the option of insuring their devices for up to two years.

Currently, Smart Solutions offers coverage on mobile devices at the maximum cost of $1,800 per month for devices valued at $100,000.

The company is now gearing up to pre-launch the product come Wednesday and will also be expanding its branch network to Mega Mart, Montego Bay, bringing the number of kiosk locations it operates to four.

“We have been looking to do this for quite some

time, primarily based on

customers’ experiences,” managing director of Smart Mobile Solutions, Dane Spencer told the Business Observer.

He reckons that the rapid increase in mobile device prices forces customers to spend thousands more to replace their broken devices, or stay unconnected until the needed funds can be accumulated.

On average, 50 per cent of individuals who own a mobile device damages it in less than one year, according to Spencer. Another 30 per cent will either misplace or have their device stolen over the same period.

“Whenever the party season comes around, there are at least 30 persons who come in with liquid damage and reports of theft,” he said. “With the protection plan all of these problems will be easily covered in one payment.”

MPP is currently being underwritten by the Jamaica International Insurance Company (JIIC), and offers precalculated rates based on the popularity and price of the devices.

Customers also have the option of benefiting from flexible payment plans, including lump sum or monthly installments.

“We have made provisions for micro payments because we know how cash flow works. So if you buy a device from us and you smash it a minute after, we will replace or fix it,” Spencer said.