What Is Square Trade and Why Is it Essential?
What Is Square Trade?
Square Trade is a company that offers Allstate Protection Plans for mobile devices, laptops, tablets, and other consumer electronics and appliances.
They currently have 25 million plans in force and have experienced a four-fold increase in revenue over the last five years.
SquareTrade is trusted by over 140 million customers and used by major retailers and mobile carriers worldwide.
With Allstate Corp. acquiring SquareTrade for approximately $1.4 billion, this will allow Allstate to expand its customer reach and provide unique products, potentially including international growth.
Key Points:
- Square Trade offers Allstate Protection Plans for various electronic devices and appliances
- The company has 25 million active plans and has seen a significant increase in revenue over the past five years
- SquareTrade’s services are trusted by over 140 million customers and used by major retailers and mobile carriers worldwide
- Allstate Corp. has acquired SquareTrade for $1.4 billion
- The acquisition will help Allstate expand its customer reach and potentially offer new products, including international growth
- Allstate’s acquisition of SquareTrade is a strategic move for both companies’ future growth and success.
Did You Know?
1. Square Trade is a protection plan service that provides coverage for consumer electronics and appliances such as smartphones, laptops, and televisions, but did you know that it was initially founded by a small group of eBay power sellers in 1999?
2. While Square Trade is widely known for its warranty services, many people might not be aware that the company also offers an intriguing feature called “Noise Canceling,” which means they will pay you if your neighbor is too loud! If you submit a complaint, Square Trade will send you a $50 check to enjoy a quiet day at a coffee shop.
3. In 2012, Square Trade conducted a survey revealing that iPhones had a higher incidence of damage due to accidents compared to other smartphones. Surprisingly, they found that iPhones were 82% more likely to be damaged than Blackberry devices.
4. If you think Square Trade’s warranty services are limited to electronics, think again! Among their eccentric coverage options is protection for engagement rings. Yes, that’s correct! If you lose your precious ring or the stone falls out, Square Trade has you covered.
5. Square Trade is not just available in the United States; in fact, they expanded their operations to the United Kingdom in 2009. Since then, they’ve become a prominent provider of warranty and protection plans for British consumers. So, if you’re across the pond and in need of some peace of mind for your electronics, Square Trade has got you covered.
Square Trade: The Company Behind Allstate Protection Plans
Square Trade is a renowned company in the field of customer protection plans, offering a range of Allstate Protection Plans. These plans ensure the safety and security of consumer electronics and appliances. With a vast array of offerings, Square Trade has become a trusted name among consumers seeking reliable protection for their valuable devices.
The company has formed a strategic partnership with Allstate Corporation, a leading provider of insurance products, which further strengthens Square Trade’s position in the market.
Square Trade’s commitment to excellence and customer satisfaction is evident from its extensive network of over 140 million loyal customers. These individuals have chosen Square Trade’s protection plans over those offered by competitors, with over 70% of consumers selecting Allstate Protection Plans. This speaks volumes about the credibility and reliability that Square Trade offers.
One of the company’s key strengths lies in its relationships with major retailers and mobile carriers worldwide. By collaborating with industry leaders such as Amazon, Costco, Sam’s Club, Target, Staples, Office Depot, and Toys “R” Us, Square Trade has gained trust and demonstrated its expertise and quality of service. This alignment with reputable brands showcases Square Trade’s ability to provide comprehensive protection plans that meet the rigorous standards of major retailers.
Allstate Protection Plans: Preferred By Millions Of Consumers
The immense popularity of Allstate Protection Plans among consumers cannot be overstated. With a staggering number of over 140 million customers relying on these plans, it is clear that Allstate’s offering is highly trusted and valued. The comprehensive coverage provided by these protection plans extends to a wide range of products, including mobile devices, laptops, tablets, and other consumer electronics and appliances.
In addition to the sheer number of satisfied customers, Allstate Protection Plans have enjoyed substantial growth over the years. The company has seen a remarkable four-fold increase in revenue during the last five years, which is a testament to its commitment to delivering superior quality and customer satisfaction. This upward trend not only demonstrates the effectiveness of the protection plans but also indicates a strong demand for reliable coverage in the ever-expanding consumer electronics market.
- Allstate Protection Plans have over 140 million customers.
- The plans provide coverage for mobile devices, laptops, tablets, and other consumer electronics and appliances.
- The company has experienced a four-fold increase in revenue over the past five years.
- The growth reflects a strong demand for reliable coverage in the consumer electronics market.
Major Retailers And Mobile Carriers Trust Allstate Protection Plans
Undoubtedly, the trust bestowed on Allstate Protection Plans by major retailers and mobile carriers further amplifies the company’s credibility. Through its strategic partnerships, Allstate has made these protection plans available to customers through an extensive network of reputable retailers such as Amazon, Costco, Sam’s Club, Target, Staples, Office Depot, and Toys “R” Us. This broad reach allows customers to access protection plans easily, realizing the importance of safeguarding their valuable purchases.
By earning the confidence of such influential players in the retail and mobile carrier industries, Allstate has solidified its reputation as a premier provider of protection plans. The company’s ability to meet the strict requirements and high standards of these major stakeholders speaks to the robustness and reliability of Allstate Protection Plans.
- Allstate Protection Plans trusted by major retailers and mobile carriers
- Strategic partnerships allow easy access to protection plans
- Reputable retailers include Amazon, Costco, Sam’s Club, Target, Staples, Office Depot, and Toys “R” Us
- Protecting valuable purchases is of utmost importance
- Allstate’s reputation as a premier provider is bolstered by earning the confidence of influential players in the industry.
Allstate’s Acquisition Of Squaretrade: A $1.4 Billion Deal
Allstate Corporation’s recent acquisition of SquareTrade has been a significant development in the industry, resulting in a deal worth approximately $1.4 billion. This acquisition signals Allstate’s drive to expand its customer reach and broaden its product range.
By bringing SquareTrade under its umbrella, Allstate gains access to a company renowned for its exceptional protection plans and extensive customer base.
Financing for the acquisition will be sourced from corporate cash and debt issuance, with no impact on Allstate’s existing share repurchase program. This indicates the strong belief that Allstate holds in the potential of SquareTrade’s offerings and the considerable value it brings to the table.
The acquisition represents a strategic move by Allstate to strengthen its market position and capture additional growth opportunities.
- Allstate Corporation acquires SquareTrade, a deal worth approximately $1.4 billion
- Allstate aims to expand its customer reach and broaden its product range
- By acquiring SquareTrade, Allstate gains access to exceptional protection plans and an extensive customer base
- Funding for the acquisition comes from corporate cash and debt issuance, without impacting Allstate’s share repurchase program
- This strategic move strengthens Allstate’s market position and allows for additional growth opportunities.
SquareTrade: Expanding And Innovating Under Allstate Ownership
With its acquisition by Allstate Corporation, SquareTrade is positioned for even greater success and expansion. Under Allstate’s ownership, SquareTrade plans to venture into new markets and introduce innovative products that meet the ever-evolving needs of consumers. The company’s robust relationships with major retailers, coupled with the support and resources of Allstate, provide a strong foundation for this growth and innovation.
Allstate aims to leverage SquareTrade’s well-established brand and expand its retail outlets, potentially extending its reach to international markets. By capitalizing on SquareTrade’s existing strengths and market presence, Allstate can offer its renowned protection plans to a wider customer base, establishing a global footprint in the customer protection industry.
Furthermore, Allstate’s acquisition of SquareTrade aligns with its recent initiatives to serve the new economy and connected consumers. Through Arity, its telematics unit, Allstate aims to cater to the evolving needs of the modern consumer. Additionally, the company offers personal property protection for home-sharing hosts, showcasing its commitment to meeting the unique requirements of the sharing economy.
In conclusion, SquareTrade’s association with Allstate Corporation, along with its comprehensive range of Allstate Protection Plans, has firmly established it as a leader in the customer protection space. With strong relationships with major retailers and mobile carriers worldwide, SquareTrade offers peace of mind to millions of consumers. Under Allstate’s ownership, SquareTrade can continue to innovate and expand, offering unparalleled protection for an increasingly interconnected world.
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Frequently Asked Questions
What is SquareTrade app?
The SquareTrade app is a mobile application designed to provide comprehensive protection plans for your electronic devices. It ensures coverage for accidents such as drops and spills, as well as common malfunctions. With an impressive customer base of over 80 million users and an A+ rating from the Better Business Bureau, SquareTrade has established itself as a trusted provider in this industry. The app offers a convenient and reliable solution to safeguard your electronic investments, giving you peace of mind in case of unexpected mishaps or technical issues.
What is SquareTrade protection plan?
SquareTrade Protection Plan is a comprehensive coverage that safeguards against mechanical or electrical failures occurring during regular usage. This plan addresses common issues like button failure, exhausted non-replaceable batteries, and unresponsive charging ports or audio jacks. In addition to this, if accident protection is included, SquareTrade also provides coverage for damages resulting from accidental incidents such as drops and spills. With SquareTrade Protection Plan, users can have peace of mind knowing their devices are protected from a wide range of potential mishaps, ensuring their continued functionality and longevity.
Does SquareTrade work internationally?
Yes, SquareTrade does offer international coverage for repairs. If you find yourself in need of a repair while overseas, all you have to do is provide SquareTrade with a valid repair receipt for your item, and they will reimburse you within five business days. While overnight replacement is not available internationally, SquareTrade ensures that their customers are still taken care of even when they are abroad.