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/

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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
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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.

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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 :

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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

Posted in Uncategorized | Leave a comment

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

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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

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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

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