Insurance Startup Peach Out to Disrupt the Market for Product Warranties

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Written by: Luke Cooper, co-founder and CEO of Peach

In 2014, US consumers spent $9.2 billion on warranties for mobile phones and several more billions on warranties for other consumer electronics. Crazy?

We think so.

Do you own a warranty? It makes sense, right? Especially for smartphones and other high-use, high-risk items. But do you know the details of your warranties? When they end? How much of a deductible you’ll have to pay if your new $1,000 Apple Watch ends up in a bowl of soup?

We founded Peach in 2014 because consumers deserve better. They deserve to know where the money they are spending on warranties is actually going. They also deserve to know when it doesn’t make sense to buy a warranty at all, and when they already have existing coverage through a credit card or other source.

Sweet Warranties, our warranty comparison platform for desktop and mobile, provides a simple way for consumers and business owners to see their warranty options. With our platform, consumers can easily enter a new product for access to multiple warranty choices, along with reviews and detailed information. Sweet Warranties keeps track of policies and alerts users when coverage changes or is about to end. It also handles the claims process, saving consumers time and hassle.

Peach’s Sweet Warranties app is free and available for download on iOS in the App store and will be available in the Android Marketplace soon. More information is available at our website.

We have all been offered the ‘extended warranties policy’ at checkout, and many times are pressured into accepting a costly plan without an opportunity to read the fine print. The process isn’t pleasant. We want to change that for good by providing consumers with easy-to-understand warranty information and show the best options for electronics purchases in seconds.

I’m a former in-house counsel at State Farm Insurance Agency and co-founded Peach with Chris Garvis, a former developer for iVillage, Moveline and Ciphent who also consulted on software security measures for MacAfee, Royal Bank of Scotland, American Express and Bank of America. Together we’ve been through the Techstars and Boomtown incubator programs and have built a team of pros dedicated to giving power back to consumers.

We’re out to disrupt an outdated industry that costs consumers – you, me and our friends and family – too much money!

So check out the Sweet Warranties platform and let us know what you think!