74% of Households Have More Than $2,500 in Connected Devices
50% Had a Device Damaged or Malfunction in the Past Year
Consumers Anticipated Buying Two or More Connected Devices for Themselves or Others This Holiday Season
NEW YORK, Jan. 09, 2018 (GLOBE NEWSWIRE) -- TapSafe™, a new warranty app and platform launched today by AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company" or "AmTrust"), a multinational property and casualty insurer, at the CES show in Las Vegas, will enable consumers to automatically find, identify and protect all of their connected devices including phones, tablets, smart home hubs, wearables and more. The new product, developed by AmTrust Innovation, the products and services innovation arm of AmTrust Financial, allows users to buy warranty protection and technical support for any connected devices. Nearly three-quarters (74%) of US households have over $2,500 in connected devices and 50% have had a device damaged or malfunction in the past year according to the AmTrust Connected Households 20181 survey. The majority of survey respondents anticipated buying at least 2 additional connected devices for friends, family or themselves this holiday season.2
TapSafe's automatic connected device discovery technology is supported by AmTrust's partnership with Fing, a provider of network security and troubleshooting solutions with over 25 million downloads and the discovery of over 9 billion connected devices internationally. Warranties on devices detected by the TapSafe app are backed by AmTrust, a Fortune 500 company and a leading warranty insurer covering over $1 billion in warranty insurance premiums annually.
"TapSafe provides consumers the easy and accessible coverage options they need for the growing number of connected devices in each home," said Paul Leahy, President of AmTrust Innovation Labs. "We believe that with this kind of technology and a partner like Fing, AmTrust will be an industry leader in providing customer focused-solutions to traditional insurance and service contract businesses."
TapSafe protects connected devices including smart TVs, connected thermostats, smart speakers, hubs and network routers against power surge, mechanical breakdown and accidental damage. Customers have access to live on-demand technical support and in-person installation services from a nationwide installation network.
Dominico Crapanzano, CEO of Fing says "Fing's focus on providing IoT device recognition software will mean the end customer can identify devices in real time and customize the protection level they desire through the TapSafe app. We anticipate this partnership will really be a win for the customer by bringing together cutting edge technology and innovative protection solutions all in an easy to use online experience."
"The proliferation of connected devices brings a new level of complexity and risk for consumers," observes Brad Russell, Research Director for Connected Home at Parks Associates. "While manufacturers' warranties provide a minimum level of protection, AmTrust's new TapSafe platform will help consumers manage protection and support for all of their devices in one convenient app. On average, 34% of smart home device owners reported problems with a device in 2017 compared with 28% in 2016."
About AmTrust Innovation
AmTrust Innovation, the products and services innovation arm of AmTrust Financial, is responsible for developing new product strategy across multiple facets of AmTrust's international business as part of the organization's ongoing digital transformation endeavors.
Building on the ethos of providing ‘protection as a service' the group has developed the TapSafe™ platform, which will evolve to deliver compelling and innovative product offerings to AmTrust's enterprise clients and their customers.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries rated "A" (Excellent) by A.M. Best. AmTrust is included in the Fortune 500 list of largest companies. For more information about AmTrust visit www.amtrustfinancial.com.
For more information, please contact:
AmTrust Financial Services
Global Director of Public Relations
This news release contains certain forward-looking statements that are intended to be covered by the safe harbors created by the Private Securities Litigation Reform Act of 1995. When we use words such as "anticipate," "intend," "plan," "believe," "estimate," "expect," or similar expressions, we do so to identify forward-looking statements. Examples of forward-looking statements include the plans and objectives of management for future operations, including those relating to future growth of this business and successful launch of new products, and are based on current expectations that involve assumptions that are difficult or impossible to predict accurately and many of which are beyond our control. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected, is contained in our filings with the SEC, including our Annual Report on Form 10-K and our quarterly reports on Form 10-Q. The projections and statements in this news release speak only as of the date of this release and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
1 AmTrust Connected Households 2018 survey was conducted by ORC International In December 2017 and included responses from 1,021 individuals across the United States.