Assurant Announces Device Trade-in Service for Lloyds Banking Group

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04/18/2024 - 10:24 AM

LONDON--(BUSINESS WIRE)-- Lloyds Banking Group have partnered with Assurant (NYSE:AIZ), a leading global insurtech, to offer mobile and device trade-in services to their Lloyds Bank, Halifax and Bank of Scotland customers via dedicated websites.

It can be hard for consumers to keep up with the conveyor belt of new tech available on the market, often leaving older devices untouched and languishing in a drawer, as people aren’t sure how to dispose of them safely.

Assurant and Lloyds Banking Group have teamed up to solve this problem, giving customers a secure, environmentally friendly way of recycling unused devices – plus a cash payment for doing so.

Customers of Lloyds Bank, Halifax and Bank of Scotland will have access to dedicated websites* where they can sell old and unwanted mobile phones and gadgets. By answering a few quick questions about their device customers will be given a valuation and, if they’re happy with the offer, Assurant will arrange for the device to be sent to them, free of charge. Following receipt and verification, the payment for the device will be made within 48 hours.

Assurant’s European trade-in programs paid out more than £8 million to customers for their old devices in 2023, at an average of £125 for each device – so device trade-in is an easy way for people to earn a little extra cash.

Tech trade-in also plays a role in a more sustainable future, significantly reducing the number of mobile phones and electrical devices needlessly going to landfill. Assurant reconditions devices received from customers, keeping as many in circulation as possible. In the last five years, Assurant have repurposed and extended the useful life of over 22 million devices, equating to:

Diverting over 4,000 metric tons of electronic waste from landfill
Avoiding approximately 1.2M metric tons of CO2 emissions in the production of new devices

Lloyds Banking Group spokesperson said: “We’re pleased to be the first bank to offer a device trade-in service as, by introducing this option, we’re putting money back in people’s pockets and helping them make a more sustainable choice when clearing out their old devices.”

Chris Woolnough, UK Managing Director at Assurant, said: “We are proud to partner with Lloyds Banking Group, one of the UK’s largest financial services organizations, and aligning to our shared mission to support a low-carbon economy. This partnership strengthens our commitment to delivering sustainable solutions and driving positive change for our customers.”

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About Assurant

Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 500 company with a presence in 21 countries, Assurant supports the advancement of the connected world by partnering with the world’s leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender-placed insurance products and other products.

Learn more at assurant.com.

*Lloyds Bank device trade in
Halifax device trade in
Bank of Scotland device trade in