How Warrantech Differentiates Itself From The Competition To Help Your Business

By: Jeff Hatch

December 06, 2017

Infrastructure Scalability
One of the core strengths of AmTrust (Warrantech’s parent company), and a major reason why AmTrust was recently ranked as one of Fortune’s 100 Fastest Growing Companies, is the scalability of the our infrastructure. Rapid expansion capability is a hallmark of AmTrust and woven into the fabric of the company. Over the past 10 years, AmTrust has successfully integrated more than 2,700 new client programs and completed over 40 acquisitions. 
 
Proficient Project Management 
A skilled team of project managers effectively facilitates the integration process using proven methods to implement new programs and meld new companies into the Warrantech ecosystem. Each transaction poses unique program integration challenges, but our project managers collaborate with the various business teams to accomplish the desired results. 
 
Built-in Expandability 
Warrantech maintains facility space and IT resources solely for new programs and implementations. We have the ability to add significant resources to facilitate your business and can do so in a rapid manner. 
 
Skilled Workforce
Warrantech is adept at quickly amassing its workforce to accommodate new programs. Our Dallas, Texas location affords us access to a dynamic and highly trained workforce. Coupled with robust systems and training programs, Warrantech ensures rapid deployment of new, skilled personnel.  
 
Multiple Product Options
Warrantech maintains “off-the-shelf” products and programs for speed to market, but is equally adept at customizing programs specifically to meet each client’s needs. We are also able to work with each partner’s existing products, if desired.
 
Customer Service & Claims Adjudication
Warrantech firmly believes that service excellence is the cornerstone of any successful extended service contract program. The service standards and customer experience are mutually established with each of our clients during the implementation phase so that our service team can act as an extension of our clients. 
 
Finance & Accounting 
Warrantech has a sophisticated accounting structure and employs very experienced financial professionals. The organization uses the Oracle General Ledger System, which provides tools for effective management control and real-time visibility to financial results. Our accounting and financial statements are audited by the accounting firm of BDO USA, LLP. Relevant parent company financial information is filed as required with the Securities and Exchange Commission. Our program-specific reporting capabilities enhance the overall management and administration of a program by using standard, custom and ad hoc reports to drive strong decision making and provide full transparency. We are compliant with Sarbanes-Oxley and PCI and maintain our SSAE16 certification.
 
Marketing Development
Warrantech employs a full-time, dedicated service contract marketing team. We also leverage third-party expertise to ensure that we are constantly providing robust marketing materials and strategies for our clients. This team is well versed in coordinating with the internal departments of our clients to ensure that all marketing requirements and brand standards are maintained. 
 
Missed Point of Sale/Renewal Marketing 
We employ a direct marketing team to capture opportunities that were missed at the point of sale by targeting prospects through personalized mail, Internet and/or telemarketing campaigns—all designed in conjunction with our partners. This team also manages our renewal program, which offers customers extended coverage and flexible payment terms, while providing additional revenue and brand loyalty to our partners.
 
Training & Field Services
Depending on each client’s needs, our training staff has the ability to build a custom field support program focused on:
 
• Internal program training: to ensure all of the Warrantech individuals assigned to this program have a full understanding and expertise with your culture and philosophy, the products and systems, sales and marketing approach, and customer experience standards. This training would be required before any individual would be permitted to touch any part of your program.
 
• Retail store and management training: to provide customized training, best practices, information on the products and systems, and general sales development.
 
Visit warrantech.com or give us a call at 800.833.8801 to learn more about how we can best support your business.

Filed Under: AmTrust, business, differentiates, management, strengths, Warrantech

Want Niche Capabilities? You’ll Want A Unique Company

By: Jeff Hatch

November 22, 2017

It’s important to partner with a company that’s well-versed in your line of work. After all, every industry has a unique set of risks and differentiators. And if you’re a small business owner, having access to someone who is receptive to the specific, yet ever-changing needs of your business can make all the difference. 
 
AmTrust, Warrantech’s parent company, places a deliberate focus on delivering quality programs and services to businesses in underserved niche markets. With a staff of business developers, underwriters and account managers who are experienced, dedicated and client-focused, they strive to develop strong partnerships to ensure that your business plans are expertly executed, fully licensed and well-designed for your particular industry.
 
Small Commercial Business
Specifically targeting small businesses, AmTrust has crafted its commercial package insurance offering to provide coverage for niche audiences such as: lumber, restaurants, automotive service centers, financial institutions, inland marine, commercial agriculture and much more. 
 
By combining leading technology, proprietary online business submission software and a deep understanding of each market, AmTrust reduces risk, produces efficiencies and provides effective loss control for its clients. AmTrust services small businesses with the same concern and attention to detail expected by large businesses, treating policyholders with the individual attention that they deserve.
 
Specialty Program
At its core, the program business provides risk funding arrangements to a small group of targeted program business clients dedicated to the long-term proposition of shared risk and shared rewards. The risks to which these policyholders are exposed require in-depth knowledge of the industry segments in which they operate. Underwriting often entails customized coverage, loss control and claims services, as well as risk-sharing mechanisms. Underwriting expertise is the core competency of this specialized business unit. 
 
AmTrust partners with MGAs and claims administrators to originate and manage this book of business. They target sophisticated small- and middle-market businesses, such as retail and wholesale operations, service operations and non-profit organizations. The coverages offered consist primarily of workers’ compensations, general liability, commercial auto liability and property insurance. 
 
Specialty Risk and Extended Warranty
Warrantech’s extended warranty coverage focuses on automotive and consumer product clients, offering accidental damage, mechanical breakdown and related risks, while AmTrust’s specialty risk coverage targets the categories of consumer and commercial goods, auto, involuntary employment and travel/purchase benefits.
 
By serving as both underwriter and third-party administrator of our warranty programs, including our own full-service, state-of-the-art call center, we are uniquely positioned to simplify purchasing and help protect the integrity of our clients’ brands. 
 
To learn more about AmTrust’s niche market capabilities, visit amtrustfinancial.com or call 212.220.7120.

Filed Under: AmTrust, business, commercial, extended, risk, small, specialty, Warrantech, warranty

Why You Need A Vehicle Service Contract

By: Jeff Hatch

October 19, 2017

Contemplating a vehicle service contract, but unsure of how it works or how it differs from an automotive warranty? You’re not alone. A lot of consumers tend to get the two mixed up or fail to understand just what they cover. But seeing as how your vehicle is usually the second most important purchase you will make right after your home, it is in your best interest to do your homework and make sure that you are protected.    
 
What exactly is a vehicle service contract? 
It is an agreement to cover costs associated with repairs or services made to your vehicle. A manufacturer’s warranty, on the other hand, is a promise from the manufacturer to stand by their workmanship for a limited time after you purchase the vehicle. Once this warranty expires, a vehicle service contract becomes valid and provides you with much-needed coverage on your vehicle’s most important systems and components. 
 
Is a vehicle service contract right for you? 
Here are a few things to consider:
 
Keep in mind that the average hourly rate for a mechanic is $100 an hour. A vehicle service contract can help do away with this cost, save you money and keep you from paying any unforeseen and unexpected repair bills. 
 
If you plan on owning your car for an extended period, it’s definitely in your best interest. A vehicle service contract can keep your car running at its very best and on the road for a long time. 
 
Even if you don’t intend to keep your car for long, a service contract can increase your vehicle’s resale value once you decide to sell. But before you do, make sure that the service contract you’re purchasing is transferable.  
 
Do some research into the make and model of the vehicle you plan on purchasing. Is it likely to need repairs and, if so, what are the costs? Weigh this against the price of the service contract to determine if it is worth it to you.
 
Does the contract include extras such as discounts on hotels and restaurants, rental car benefits, locksmith services and 24-hour roadside assistance? Not only do these add to the value of the service contract, they can provide you with added peace of mind in the event that something goes wrong while you’re on the road and away from home. 
 
Take your driving habits into account. Will you be on the road a lot? Is there a lot of stop-and-go traffic? What are the road conditions like? Do you park outside where the weather is extreme? These can all have an adverse effect on your vehicle. 
 
Check the terms and conditions carefully. Make sure you know exactly what you’re getting and what is covered specifically. 
 
In addition to the type of coverage, be mindful of the length of coverage, miles of coverage and deductible. 
 
Research the company providing the service contract. Are they reputable? Some guidelines to help determine this might include checking their Better Business Bureau rating to see how they work with consumers and finding out what their A.M. Best rating is to verify financial strength and stability. 
 
Have questions about a specific vehicle service contract? 
Don’t hesitate to ask your salesperson or agent for more information. Most dealerships typically provide you with a brochure or direct you to a website so you can review the plan in its entirety. Take time to make sure that you fully understand the scope of the service contract and don’t get pressured into purchasing something that makes you feel uncomfortable. With so many options currently available, you are sure to find something that is satisfactory for your budget and your vehicle’s specific requirements.
 
Visit us online to learn more about our available vehicle service contracts or call 800.833.8801 to speak with a customer service representative. We’re happy to help.

Filed Under: contract, service, vehicle, Warrantech, warranty

Building Blocks to Success: The Warrantech Advantage

By: Jeff Hatch

September 12, 2017

When choosing a provider for your extended service plan (ESP) program, it’s important to consider someone with the ability to adapt quickly to your company’s unique needs. The market moves fast and your ESP administrator has to be able to keep up in order to meet the growing and fluctuating demands of your business.
 
One of Warrantech’s core strengths is the scalability of our infrastructure. Rapid expansion capability is a hallmark of our business and woven into the very fabric of our company. As your needs change, our modular approach allows you to make changes to your program in order to reach your goals and, most importantly, maintain superior customer service and financial stability. 
 
Flexibility
Customized to grow with your needs
Program incubation and growth strategies
Complete training and support solutions
 
Transparency
Real-time program performance
Monetization of product performance data 
Pricing and underwriting data sharing
 
Scalability
State-of-the-art infrastructure and technologies 
Profit sharing / reinsurance / alternative risk transfer
Modular solutions
 
Dedication
Dedicated staffing model
Segregated data/systems
Creation of dedicated obligor company for your business
 
Execution
Industry expertise 
Proven implementation and project management expertise
Focused, entrepreneurial and accountable philosophy 
 
Financial Stability
A 2017 Fortune 500 company
Rated “A” (Excellent) by A.M. Best Company for financial strength and stability
Ranked 45 on Fortune magazine’s “Fastest-Growing Companies” list
Named Forbes’ “2014 Best-Managed Company (Insurance)”
 
To learn more about our customized extended service plan programs, visit warrantech.com or call 800.833.8801.

Filed Under: dedication, financial, flexibility, stability, transparency, Warrantech

Sean Stapleton To Speak At Extended Warranty & Service Contract Innovations Conference

By: Jeff Hatch

September 01, 2017

The eighth annual Extended Warranty & Service Contract Innovations Conference opens September 13 at the Renaissance Hotel in Nashville. Several hundred professionals from the extended warranty and service contract industry are headed to Nashville to talk about how changes in technology and regulations will impact their businesses in the years ahead.
 
Successful Partnerships 
 
On Thursday morning, Sean Stapleton, the President and CEO of AMT Warranty, will join with Kenneth J. Mac, the Director of Chevrolet-Buick-GMC-Cadillac Protection at General Motors Co., to deliver a presentation on "Successful Partnerships in the OEM F&I Space."
 
GM spun off its vehicle service contract, insurance, and finance business years ago into what is now known as Ally Financial Inc., but which used to be known as the General Motors Acceptance Corp. (GMAC). Then, of course, the great recession hit, and both GM and GMAC went through bankruptcy reorganizations. Afterwards, GM decided to re-enter the VSC business under its own name, and Mac's Customer Care & Aftersales unit decided to do it in partnership with an outside insurance underwriter.
 
Stapleton said AMT won the bidding after an extensive vetting process. "The relationship with GM has been truly phenomenal," he said. "We've been in business for many years now." He said they started working together in 2014, after AMT Warranty won the bid in late 2013.
 
"The program has grown tremendously since then," he said. "And it continues to grow. So I'm really proud of what AMT Warranty and GM have put together." Their joint presentation in Nashville will explain how the relationship works, how they strive for continual improvement and innovation together, and what advice they can offer to others looking to create similar partnerships for their service contract programs.
 
"It's a unique partnership in so many ways," Stapleton said. "This isn't a vendor relationship with them. We're not order-takers. It's very collaborative. We meet every Monday. We have our quarterly calls. We have update calls. We're living and breathing and looking at the same things."
 
Fear-Free Communications
 
Stapleton said he and Mac will outline some of the best practices that seem to work for them in their partnership, while acknowledging that things may be different for other partnerships. First, he said, the partners employ what he called "fear-free communications" between the two teams.
 
"We empower our teams to build these relationships amongst themselves," he said. "They fight for each other. It's almost like one organization. It doesn't feel like finger-pointing. It feels like we win or lose together."
 
The teams also are encouraged to ask a lot of questions, particularly around reasons why they're doing something a particular way. "Some of those things are hard to discuss, whether it's personal or professional, but we have that openness. And it's been really beneficial."
 
Stapleton said the partners started out in 2014 with just a handful of auto dealers selling their vehicle service contracts (most were still loyal to GMAC/Ally). Ally still had rights to the GM name. So the partners decided to sell Buick, Cadillac, and Chevrolet-branded VSCs, and gradually some of those dealers decided to come aboard.
 
"It was a huge challenge," Stapleton said. "But it was also a pretty exciting time -- to know that we were doing things differently, to do things that were intended to drive retention and loyalty. That's one of the biggest differentiators I think that the program has."
 
They also offered disappearing deductibles, and introduced a "white glove" level of service within the dealerships to boost loyalty and turn what could be a real negative (getting a defect repaired) into a real positive (cementing the relationship with a phenomenal experience).
 
"Issues create long-term relationships with these customers," he said. "Their alternator may have blown. And that stinks. But they had a great experience. They were put into a loaner car. And there's a disappearing deductible, so there's no money out of pocket. It makes it a whole lot easier, and it builds that level of trust. Challenges can actually result in longer-term relationships with customers."
 
GM could have done it alone, essentially remanufacturing GMAC all over again. But instead it decided to work with AMT. Stapleton said this allows the partners to share data about both the products and the risks, with each bringing their expertise to the table.
 
"We support other large OEM programs," he said. "So we know what's been successful, and we know what's been a failure." And it helps the partners to properly price the service contracts sold for not only for new GM vehicles, but also the used vehicles that dealers have on their lots. "We have a depth and breadth of understanding of this space that's hard to compete with, because this is our core."
 
Visit warrantyweek.com to read this article in its entirety and for more industry insight. 
 
And be sure to follow Warrantech on Facebook, Twitter and LinkedIn so you can keep up to date on company initiatives as they happen. 

Filed Under: AMT, conference, contract, extended, innovations, Sean, service, Stapleton, Warranty

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