TWICE Magazine’s Extended Service Report

Sean Stapleton, president & CEO of Warrantech, recently took part in TWICE magazine’s roundtable discussion on the state of the extended-service contract industry. The following is his response to the challenges and opportunities that lie ahead. 

What is the greatest challenge facing the extended-service contract industry?

A significant challenge faced by our industry continues to be retail margin compression. As a result of the fierce competition between retailers for customers, retailers have few choices but to generate savings in other parts of their businesses. Extended service contract programs are certainly high on the list of many retailers as an opportunity to retain additional revenue. The result is that administrators and their respective underwriters are forced to try to become more efficient or reduce claims funds to compete.

While competition should be seen as a positive force in business, this continued underwriting pressure could lead to administrators underpricing programs to win opportunities. This will likely result in programs being underwater, thereby leading to frantic attempts by the administrators and their underwriters to reduce both administration expenses and claims costs. The likely downstream effect will be negative customer experiences and further diminished customer loyalty.

Conversely, where do the industry’s greatest opportunities lie?

The greatest opportunity for our industry will be the development of protection solutions that allow customers to cover a broad spectrum of devices and equipment utilizing diverse payment mechanisms. Warrantech has developed solutions that better enable customers to purchase protection plan products in a convenient manner, covering more items, and providing additional value that ultimately will result in additional revenue and customer satisfaction for our partners.

What is your biggest takeaway from last month’s International CES?

The consumer appetite for connected products is gaining momentum at an astounding pace. Manufacturers are clearly listening to consumers and are focusing their efforts on smart products, which are able to communicate and synchronize in ways never before imagined.

With this enhanced communication functionality being developed for devices, we believe that consumers will demand a unified platform that can seamlessly monitor, control and report back to the consumer on the status of their connected equipment.

The next logical step will be a protection solution that is able to provide coverage for each connected device. In order to provide a comprehensive single solution, providers of protection plans will need to be able to provide protection for connected products ranging from smart appliances, televisions, mobile devices and even automobiles.

Please share any new programs or services that would be of interest to our readers.

AmTrust [Warrantech’s parent company] has been an innovator in the telematics space with regard to protection offerings. Last year we launched our Connected Protection solution, which provided vehicle service contract purchasers with the ability to protect mobile devices connected to their vehicle’s WIFI network.

For 2015 we plan to provide our retail partners with the ability to offer monthly protection plans to their customers, which will provide comprehensive protection for an extensive array of equipment owned by the customer. Customers will enjoy additional benefits for products purchased through the retail partner, including disappearing deductibles and in-store service. The goal is to drive both recurring protection plan sales and traffic to the participating retail partner’s stores. The offering, known as our Loyalty by Warranty™ program, will provide retailers with an innovative way to increase revenue as well as customer loyalty.

Visit twice.com to read the extended service roundtable discussion in its entirety and for more industry insight.

Article Source : https://warrantech.com/blog/february-2015/twice-magazine%E2%80%99s-extended-service-report/

Introducing CampersEdge, Protection For Motorhomes

Warrantech is proud to now offer dealers and customers alike the finest overall RV program in the industry — CampersEdge. As industry leaders since 1983, Warrantech developed CampersEdge to strike the perfect balance between providing comprehensive coverage choices while keeping it simple to use.

Only CampersEdge offers the flexibility to choose the coverage plan, length of coverage, number of miles covered and deductible to fit the way you drive and the budget you live with. Whether you drive 5,000 or 50,000 miles a year, Warrantech has made it easy to pick the coverage that’s right for you:

Two Simplified Coverage Levels

 

• Preferred

– Comprehensive stated component coverage

• Ultimate

– Exclusionary coverage

• Coverage available for motorhomes, travel trailers, fifth wheels, pop-ups and slide-ins
• Fewer add-on or surcharged items than found in competitive programs
• New plan terms up to 7 years
• Used plan terms up to 4 years
• Coverage available for units up to current plus 15 model years old

Features And Benefits For Customers

 

• Multiple time and mileage terms
• 24/7 roadside assistance
• Coverage that meets your needs and fits within your budget
• Motorhome coverage available for:

– Units with up to 100,000 miles

– Units up to $500,000

• Unparalleled customer service
• Deductibles: 50, 100, 200 and 100 disappearing

Features And BenefitsFor Dealers

 

• Offers your customers the best coverage available
• Simplified, transparent reinsurance opportunities with no hidden fees

Buy Peace of Mind with Warrantech

How would you feel if your car breaks down and you don’t have to search for a repair shop or worry about paying the repair bills. If the device goes faulty you can get the product replaced instead of purchasing a new one after the manufacturer’s warranty ends. Sounds wonderful, right? At Warrantech, we develop specialized programs to meet your individual needs. We look forward to the opportunity to demonstrate how extended service plans bring value to you as a business owner or customer.

Let us look at this from a different angle.

Imagine,you have not been able to talk to your friends for days. No more selfies, no more videos shared.

For days you can’t play games and watch your favorite TV shows or YouTube channels. Suddenly, the world becomes small and you feel  a void within.

You no longer have access to your music library that has been your lifeline for years. If you are the kind of a person who cannot live without music you would find this very difficult.

You are planning to go on a trip after months of hectic work and guess what, your car breaks down. Money that you wanted to spend on the trip will be lost on repairing your car. Furthermore, it  may  drown you in the dark sea of debt.

What if you depend on laptop and car for your living? Your business will suffer and your pocket will get huge blow. Such a situation creates mental stress, and could possibly put you in a  financial burden.

At Warrantech, we stand to shield you against these uncertain atrocities of life. We offer extended service plans on products so that you can go on our dream trip, so that you never have to live without friends & music. We are here because we value every moment of your life, we know how important your business is and, we know how heart breaking it can be to live without wonderful gadgets, even for a single day.

For more information and updates please visit :

• https://www.linkedin.com/company/warrantech

Warrantech is Proud to Meet the Better Business Bureau’s Accreditation Standards

With any purchase, one of the first things you should take into consideration is the reliability of the company you are doing business with. Are they honest and responsible? Do they stand by their products and services? Do they adhere to moral business practices? Or more simply put, are they accredited by the Better Business Bureau?

The Better Business Bureau (BBB) was created as a nonprofit organization to help prospective buyers make informed decisions. Their mission is to promote and foster the highest ethical relationship between businesses and the public through voluntary self-regulation, consumer and business education, and service excellence. The BBB’s standards have become so widely accepted as the benchmark for doing business, in fact, that seven out of 10 consumers have noted that they would be more likely to buy from a company that had been designated as a “BBB Accredited Business.”

Warrantech is proud to be one of the select companies that has been rated and accredited by the Better Business Bureau. With a strict review process, we understand that not every company is eligible for BBB accreditation. Their standards are diligently enforced and each business is subjected to constant monitoring to ensure that they are committed to providing the best service possible.

As part of Warrantech’s own ongoing commitment to service excellence, we have established an internal team to address any outstanding issues and meet with the BBB quarterly to review our accreditation standards. We work hard with them to resolve any outstanding issues and, per BBB guidelines, strive to contribute to a respectful marketplace with complete transparency and more satisfied customers.

Standards of Better Business Bureau Accreditation

To be accredited by the Better Business Bureau, a business or organization affirms that it meets and will abide by the following standards:

1. Build Trust — Establish and maintain a positive track record in the marketplace.

2. Advertise Honestly — Adhere to established standards of advertising and selling.

3. Tell the Truth — Honestly represent products and services, including clear and adequate disclosures of all material terms.

4. Be Transparent — Openly identify the nature, location, and ownership of the business, and clearly disclose all policies, guarantees and procedures that bear on a customer’s decision to buy.

5. Honor Promises — Abide by all written agreements and verbal representations.

6. Be Responsive — Address marketplace disputes quickly, professionally, and in good faith.

7. Safeguard Privacy — Protect any data collected against mishandling and fraud, collect personal information only as needed, and respect the preferences of customers regarding the use of their information.

8. Embody Integrity — Approach all business dealings, marketplace transactions and commitments with integrity.

For more information about Warrantech free visit here:-http://www.yelp.com/biz/warrantech-corporation-bedford

Warrantech is Proud to Meet the Better Business Bureau’s Accreditation Standards

With any purchase, one of the first things you should take into consideration is the reliability of the company you are doing business with. Are they honest and responsible? Do they stand by their products and services? Do they adhere to moral business practices? Or more simply put, are they accredited by the Better Business Bureau?

The Better Business Bureau (BBB) was created as a nonprofit organization to help prospective buyers make informed decisions. Their mission is to promote and foster the highest ethical relationship between businesses and the public through voluntary self-regulation, consumer and business education, and service excellence. The BBB’s standards have become so widely accepted as the benchmark for doing business, in fact, that seven out of 10 consumers have noted that they would be more likely to buy from a company that had been designated as a “BBB Accredited Business.”

Warrantech is proud to be one of the select companies that has been rated and accredited by the Better Business Bureau. With a strict review process, we understand that not every company is eligible for BBB accreditation. Their standards are diligently enforced and each business is subjected to constant monitoring to ensure that they are committed to providing the best service possible.

As part of Warrantech’s own ongoing commitment to service excellence, we have established an internal team to address any outstanding issues and meet with the BBB quarterly to review our accreditation standards. We work hard with them to resolve any outstanding issues and, per BBB guidelines, strive to contribute to a respectful marketplace with complete transparency and more satisfied customers.

Standards of Better Business Bureau Accreditation

To be accredited by the Better Business Bureau, a business or organization affirms that it meets and will abide by the following standards:

1. Build Trust — Establish and maintain a positive track record in the marketplace.

2. Advertise Honestly — Adhere to established standards of advertising and selling.

3. Tell the Truth — Honestly represent products and services, including clear and adequate disclosures of all material terms.

4. Be Transparent — Openly identify the nature, location, and ownership of the business, and clearly disclose all policies, guarantees and procedures that bear on a customer’s decision to buy.

5. Honor Promises — Abide by all written agreements and verbal representations.

6. Be Responsive — Address marketplace disputes quickly, professionally, and in good faith.

7. Safeguard Privacy — Protect any data collected against mishandling and fraud, collect personal information only as needed, and respect the preferences of customers regarding the use of their information.

8. Embody Integrity — Approach all business dealings, marketplace transactions and commitments with integrity.

For more information about Warrantech free visit here:-http://www.yelp.com/biz/warrantech-corporation-bedford

Vehicle Service Contracts Grow in Popularity

More than ever before, car buyers are purchasing vehicle service contracts to help prepare for the unexpected and save money on expensive repairs.

The Service Contract Industry Council (SCIC) estimates that consumers bought more than 10 million vehicle service contracts in 2012 for both new and used vehicles. Those service contracts covered 95 percent of annual claims filed, including repairs necessary due to normal wear and tear,Warrantech providing coverage and beyond a traditional manufacturer’s warranty.

An increasingly popular choice due to the rise in car repair costs, the SCIC points out that vehicle service contracts offer value and predictability by protecting the vehicle well after the manufacturer’s warranty expires. A vehicle service contract also offers additional coverage that isn’t offered in the original equipment manufacturer’s warranty.

“The new technologies and complex components in today’s motor vehicles put consumers at greater risk for big out-of-pocket repair costs than ever before,” said Timothy Meenan, SCIC executive director. “Service contracts help consumers better deal with the unexpected, so they don’t have to worry when expensive unforeseen repairs are needed.”

The SCIC adds that today’s vehicles are made up of more than 10,000 components, yet the standard powertrain warranty covers only a fraction of them. The average new car has six to 20 computers that control everything from fuel injection and antilock brakes to airbag deployment. Those systems can be expensive to repair, due to both the high cost of parts and labor costs that can run as high as $250 an hour for specialized repairs on luxury vehicles.

For more consumer tips and information regarding extended warranties and Warrantech:-https://www.linkedin.com/company/warrantech

TWICE Executive Forum Q&A

Sean Stapleton, President & CEO of Warrantech, recently took part in TWICE magazine’s July Executive Forum. The following is his response to the magazine’s inquiry of how service plan providers can help retailers connect with online shoppers.

“With more and more consumers making their CE purchases online, how can service plan providers help retailers improve their digital attachment rates absent the guidance of a sales associate?”

Warrantech provide online product sales create a unique challenge and opportunity for retailers looking to offer protection plans. Retailers literally have seconds to effectively relay a protection plan marketing pitch to anxious online buyers. In order to capture the customer’s attention, the use of vivid imagery that tells a meaningful story is essential. Links to more comprehensive plan information should always be made available to customers to allow them to make informed buying decisions.

Additionally, online retailers have a powerful opportunity to connect with online buyers, who do not opt to immediately purchase a protection plan, through tailored missed point-of-sale campaigns. Depending upon the goals of the retailer, a combination of email, direct mail and telemarketing campaigns can be used to capture protection plan sales not made online. Well designed and managed direct campaigns can drive substantial incremental revenue for retailers and ensure that their customers are protected from unexpected product issues.

For more information about Warrantech free visit here:-http://www.glassdoor.com/Overview/Working-at-Warrantech-EI_IE2104.11,21.htm

Using the Better Business Bureau to Purchase Your Vehicle Service Contract

But do you know what you’re getting with your vehicle service contract? Does it meet your exact needs and match your particular driving habits? And, most importantly, who is the provider? The Better Business Warrantech has compiled a list of helpful questions for you to consider before purchasing your vehicle service contract:

Who backs the service contract?

It may be the manufacturer, dealer, or an independent company. Many service contracts sold by dealers are handled by independent companies called administrators. Administrators act as claims adjusters, authorizing the payment of claims to any dealers under the contract.

What’s the cost of the auto service contract?

Usually, the price of the service contract is based on the car make, model, condition (new or used), depth of coverage and length of contract. The cost of the service contract can range from several hundred dollars to more than $2,000. In addition, you may need to pay a deductible each time your car is serviced or repaired.

What is covered and not covered?

Few vehicle service contracts cover all repairs. Watch out for absolute exclusions that deny coverage for any reasons. For instance, if the contract specifies that only “mechanical breakdowns” will be covered, problems caused by “normal wear and tear” may be excluded.

How are claims handled?

When your car needs to be repaired or serviced, some service contracts permit you to choose among several service dealers or authorized repair centers. Others require the car owner to return the vehicle to the selling dealer for service. Find out if you will need prior authorization from the contract provider for any repair work or towing services. Ask how long it will take to obtain authorization and whether you can get authorization outside of normal business hours.

What are your responsibilities?

Under the contract, you may have to follow all the manufacturer’s recommendations for routine maintenance, such as oil and spark plug changes. Failure to do so could void the contract. To prove you have maintained the car properly, keep detailed records, including receipts. Find out if the contract prohibits you from taking the car to an independent station for routine maintenance or performing the work yourself. The contract may specify that the selling dealer is the only authorized facility for servicing the car.

What is the length of the service contract?

If the service contract lasts longer than you expect to own the car, find out if it can be transferred when you sell the car, whether there’s a fee, or if a shorter contract is available.

For more information about Warrantech free visit here:https://twitter.com/Warrantech_Corp

A Holistic Approach To Warranty And Service Contract Claims

Sean Stapleton, president & CEO of Warrantech Corp., part of AmTrust Financial Services Inc., also spoke at the conference last week.

His presentation in Nashville, entitled “A Holistic Approach to Warranty & Service Contract Administration,” looked at a service call not only as an opportunity to fix a broken product, but also as an opportunity to cement a relationship with the customer.

“How the service provider responds to a claim will drive the customer’s perspective about the underlying failure,” he said. If it goes well, the customer will have a higher level of satisfaction than even cases where there was no claim.

Escalate It

Stapleton said service contract providers should never let the customer forget why they bought the coverage. In fact, he suggested that in cases where the customer’s product failed soon after it was purchased, the service provider should really make a fuss about it.

Maybe an early failure requires a response with a heightened service level, and a heightened sense of urgency? Maybe the failed product should be replaced with an upgraded unit and a sincere apology? Or maybe it’s just a matter of giving the customer a gift card, as some sort of compensation for their troubles?

Stapleton also suggested that service providers have to acknowledge that some of their social media activities need to go beyond just marketing, into actual problem resolution. And that can get tricky, because a service contract company such as Warrantech is really operating behind the scenes, supporting their retail and OEM clients and the brands they sell and manufacture.

For instance, a manufacturer or a retailer may post items to Facebook, and a disgruntled consumer may see one of those posts and take the opportunity to voice a complaint about a repair gone bad. Others see the complaint and add their own comments, and soon it’s hundreds of follow-up comments that have nothing to do with the original post. The longer it sits there unresolved, the more abuse it attracts.

Alternatively, let’s say there’s a complaint, and soon there’s a response from the company, and the problem is resolved. People read that and note the quick response, and they begin to form an image of the brand based upon its ability to respond quickly to problems.

Imagine, for instance, it’s the lonely Maytag repairman, who seemingly has nothing better to do than to monitor the appliance company’s Facebook page. When someone complains, there’s nothing more urgent in the world than fixing that problem. And the conversation is there for all current and future customers to read.

Brand Image Protection

That can turn out to be even more important a service for an administrator to provide than it is to operate a massive 24-x-7 call center that responds to complaints over the phone. For while a phone call is private, a Facebook thread is public for all to see, much like an advertisement run on television.

“I’m a huge advocate of using your partner’s brand versus building our own brand,” Stapleton said. “We’re the guy behind the scenes.”

Another attendee wondered how that would work, since it would require the administrator to essentially speak in the name of the retailer or manufacturer.

“It’s their brand you’re messing with,” he suggested.

“No,” Stapleton responded, “it’s their brand we’re protecting.”

For more information about Warrantech free visit here:http://www.pinterest.com/warrantech/

Warrantech Chosen as Warranty Provider for Good Sam Authorized Dealers

Good Sam Club has chosen Warrantech for their exclusive provider of extended service contracts sold through participating Good Sam Authorized Dealers. Warrantech is a world class provider of warranty products and administrative services. For more that two decades, Warrantech has been the solution for manufacturer, retailers, dealers, distributors and other sales organizations who are seeking increased profitability, enhanced market differentiation and long-term customer loyalty. Warrantech is backed by Wesco Insurance, an “A” rated insurer with many years of experience in the industry and a subsidiary of AmTrust.

“This was an easy choice for the Good Sam Authorized Dealer Network,” said Larry Chandler, Director of the Good Sam Authorized Dealer Division. “In our 12 years of experience developing service contracts for the RV market, I believe that we have found the perfect partner to represent the Good Sam brand which of course is critical to our continued success.” Chandler added that, “working with Warrantech in the development of this unique product was so pleasurable because they share our vision and ‘customer-centric’ focus.” Good Sam Authorized Dealers now include 73 locations across the United States. In addition to extended service contracts on new and used RV’s, Good Sam Authorized Dealers offer Roadside Assistance, Certified Pre-owned RV’s and other Good Sam branded products.

“Good Sam Authorized Dealers now offer the only extended service plan with unlimited mileage for motorized RV’s. Participating dealers also have state of the art on-line contract and claims management service,” said Chandler.

“We look forward to partnering with Good Sam,” said Joel San Antonio, CEO of Warrantech Corporation. “Over the years, Warrantech has established a solid reputation for handling customer service claims with fast, courteous service. With state-of-the-art technology to manage claims, and an extensive network of mechanics on call to handle needed repairs in a timely manner, Good Sam customers have access to extended service plan protection that is unmatched. Dollar for dollar, we take pride knowing Warrantech’s service combines good value with the most comprehensive coverage in the RV industry.”

About Warrantech:

Warrantech Home Service Company, a division of Warrantech Consumer Product Services, Inc. started in 1990, offers one of the most comprehensive home warranty products in the United States. For more information on home warranties, refer to: Based in Bedford, Texas, Warrantech specializes in the administration and marketing of contracts and after-market warranties on homes, automobiles, automotive components, recreational vehicles, appliances, consumer electronics, computer and computer peripherals, jewelry and furniture for retailers, distributors, internet providers and manufacturers. Acquired by H.I.G. Capital in 2007, the company continues to expand its domestic and global penetration, and now provides its services in the United States and Canada.

About Good Sam Authorized Dealers:

Good Sam Authorized Dealers bring consumers peace of mind during the purchase of a new or used RV, parts, accessories, and of course any of our Good Sam branded products! Every Good Sam Authorized Dealer has passed a rigorous Good Sam inspection to insure it meets Good Sam’s strict quality standards! Buying from a Good Sam Authorized Dealer is a one-stop shopping experience, and consumers can rest assured knowing they will be treated as a valuable customer before, during, and after their purchases! Good Sam Authorized Dealer Sales and Service is headquartered in Ventura, Calif., and is a subsidiary of Affinity. For more information on the benefits and enrollment, call 1-800-547-1948.

About Affinity:

Affinity is the nation’s largest provider of outdoor clubs, services, media and events that service the safety, security, comfort and convenience needs of the North American recreational vehicle (RV) and outdoor enthusiast market. By providing information, insights, and resources, the company champions the fun, freedom, and adventure of recreation in motion. The company works to enhance its customers’ recreational experiences and build the communities that share and promote their fun and adventurous lifestyles.

Affinity is organized into four different business units – Affinity Media, Affinity Clubs, Affinity Events and Affinity Ventures. Their corporate headquarters are located in Ventura, Calif. Subsidiary operations and divisions can be found at multiple locations throughout the United States.

For more information, visit here:http://www.slideshare.net/warrantech