Turn A Negative Into A Positive With Warrantech

By: Jeff Hatch

July 08, 2016

Product failures are inevitable. There's no way to avoid them. But when they do happen, the way in which they are handled can have a far greater impact and help turn a bad experience into a positive, long-lasting impression. 
 
Warrantech's overall philosophy regarding service contract programs is vastly different from the competition. Our belief is that service contracts are a means of building trust and loyalty with customers who have experienced a product failure, in addition to increasing profitability for our partners. We view every claim as an opportunity to turn a negative product mishap into an affirmative relationship-building event. An outstanding claim-handling experience is a micromarketing opportunity that yields macro-marketing effects with customers and their circle of influence. 
 
"When products break, customers can lose confidence in the product manufacturer and ultimately the retailer that sold it to them," says Warrantech President and CEO Sean Stapleton. "However, if a rapid and convenient resolution is provided, a higher level of trust and loyalty is often developed with the customer."
 
We understand the importance that a positive service experience can have for our partners and feel that our employees are extensions of our clients on every call and every transaction. That's why we provide our employees with the knowledge, training, skills, resources and environment needed to provide an exceptional service experience with every customer they interact with. 
 
This approach creates a customer who is not only satisfied with the outcome of the transaction, but a customer who walks away from the experience with a positive outlook on the service contract, Warrantech and, most importantly, our partners. Through continual contact center associate training and monitoring, Warrantech is able to maintain consistency in responses and a positive customer experience.
 
"We have a unique opportunity to affect customer loyalty," says Stapleton. "Customers recognize and accept that product breakdowns can happen to even the most reliable products. The customer's perception of the product issues are more often driven by our responses. I see service contracts and warranty programs as one of the most powerful loyalty solutions out there. It actually is a game changer."
 
Visit warrantech.com or give us a call at 800.833.8801 to learn more about how we can benefit you.

Filed Under: contract, customer, experience, positive, service, Warrantech

Purposeful Transparency — Another Reason To Partner With Warrantech

By: Jeff Hatch

June 08, 2016

At Warrantech, we believe that the cornerstone of a successful relationship is the constant sharing of program information with our partners, including underwriting results and key performance indicators (for example: customer satisfaction, service levels and product reliability). We feel that this purposeful transparency — coupled with our unmatched flexibility, innovation and deep industry expertise — are the attributes that separate us from the competition. 
 
As a subsidiary of The Amynta Group, a multinational property and casualty holding company that is one of the strongest and most financially stable companies in the industry, we are able to provide both global underwriting and administrative services. This vertical integration creates complete transparency and a level of insight into program performance that is unparalleled, which in turn leads to increased efficiencies and optimization for your business plan. 
 
During quarterly business reviews with our partners, we present key findings and can pinpoint issues right down to the part level. This gives us the opportunity to help alleviate any concerns with your program and give you deeper insight into its performance, which includes, but is not limited to:  
 
Industry observations and patterns
Best-in-class performance/benchmark analysis (including ROI and opportunity costs)
Brand leaders and industry innovations
Competitive intelligence (industry and market leaders)
Best practices
Marketing updates
Regulatory environment review
Contact center KPIs/SLAs
Experience reports
 
We also provide real-time access to our systems, giving each partner the ability to track program performance at any given time. Additionally, to ensure that the program is maintained in a manner consistent with your standards, we can structure your program so that your employees can be embedded at the Warrantech facility. This transparency enables us to provide you with profit sharing programs so that you are able to benefit even further from the ongoing success of your program. 
 
To learn more about Warrantech’s unparalleled transparency, visit warrantech.com or call 800.833.8801.
 
 Warrantech Program Transparency at a Glance
 
 Program Accessibility:
   • Open communication 
   • Real-time program performance
   • Complete system access
   • Embedded client employee options
 
 Program Design Customized to Meet Each Client’s Needs: 
   • Creation of policy and procedure handbook 
   • Personalized performance metrics
   • Customer satisfaction levels using
     - Customer surveys
     - Quality assurance
     - Net Promoter Score (NPS)
     - Social media

Filed Under: business, client, innovation, insight, integration, partner, plan, program, transparency

AmTrust Announces Continued Growth of Operated Earnings For The First Quarter 2016

By: Jeff Hatch

May 03, 2016

AmTrust today announced continued growth of operating earnings and strong operating return on equity for the first quarter of 2016.

For the first quarter 2016, operating earnings were $136.6 million, or $0.77 per diluted share, compared to $121.4 million, or $0.73 per diluted share, in the first quarter of 2015. First quarter 2016 net income attributable to common stockholders was $100.3 million, or $0.56 per diluted share, compared to $154.7 million, or $0.93 per diluted share, in the first quarter 2015. First quarter 2016 annualized operating return on common equity was 22.1% compared to 26.1% in the first quarter 2015. Annualized return on common equity was 16.2% for the first quarter of 2016 compared to 33.3% for the first quarter of 2015.

First Quarter 2016 Results

Total revenue was $1.28 billion, an increase of $0.16 billion, or 15%, from $1.11 billion in the first quarter 2015. Gross written premium was $1.93 billion, an increase of $0.20 billion, or 12%, from $1.73 billion in the first quarter of 2015. Net written premium was $1.22 billion, an increase of $0.18 billion, or 17%, compared to $1.04 billion in the first quarter 2015. Net earned premium was $1.07 billion, an increase of $0.12 billion, or 13%, from $0.95 billion in the first quarter 2015. The combined ratio was 91.2% compared to 89.0% in first quarter 2015.

A summary of Q1 results is listed below along with a link to the earnings release. 

Financial Highlights

First Quarter 2016

Gross written premium of $1.93 billion, up 12% compared to $1.73 billion in the first quarter 2015

Net earned premium of $1.07 billion, up 13% from $0.95 billion in the first quarter 2015 

Operating diluted EPS of $0.77 compared to $0.73 in the first quarter 2015

Diluted EPS of $0.56 compared to $0.93 in the first quarter 2015

Annualized operating return on common equity of 22.1% and annualized return on common equity of 16.2%

Service and fee income of $144.2 million, up 28% from $112.9 million in the first quarter 2015

Operating earnings of $136.6 million compared to $121.4 million in the first quarter 2015 

Net income attributable to common stockholders of $100.3 million compared to $154.7 million in the first quarter 2015

Combined ratio of 91.2% compared to 89.0% in the first quarter 2015

Weighted average diluted shares outstanding of 177.9 million, up 7% compared to 166.9 million in the first quarter 2015

Book value per common share of $14.35, up 20% from $12.00 at March 31, 2015

AmTrust's stockholders' equity was $3.14 billion as of March 31, 2016, up 8% compared to $2.91 billion as of December 31, 2015


Filed Under: earnings, financial, first, quarter, results

One Size Does Not Fit All When It Comes To Your Business

By: Jeff Hatch

April 20, 2016

Selling your customers something straight off the shelf can be fast and convenient. But it can also mean that you’re running the risk of offering a run-of-the-mill product that wasn’t necessarily designed for them or for your business. The best way to differentiate yourself and drive business growth is to offer something that no one else has — something that everyone will want. 

In concert with your team, Warrantech can build a truly unique set of protection offerings for your customers that provide value and drive loyalty. Our mission is to provide our clients’ customers with the flexibility to purchase service contracts and obtain service on their terms and on their timelines, while reinforcing the long-term relationship between our clients and their customers. 

Warrantech offers a full-stop solution for the various aspects of a successful program and can also utilize a “menu-style” approach where you pick and choose what functions we would provide — at the outset of a program or during its life cycle. Moreover, Warrantech can tailor a program with benefits and terms that meet the unique needs of your customer base. Alternatively, or in parallel, we can leverage our existing programs to ensure speed-to-market for the program. 

Lastly, and unlike many competitors in the service contract administration industry, we are able to provide protection solutions beyond the standard extended service plan solution, including, but not limited to: 

Missed point-of-sale/renewal programs
Loyalty/membership programs
Concierge services 
Price/return guarantee programs
Monthly payment/subscription plans 
International coverage and service
Deductible and no-deductible options
OEM programs 
Value pack options (multiple products under one service plan)
Identity protection and fraud resolution
Employee benefit packages 

Warrantech offers unmatched flexibility, complete administrative support and a holistic approach to service contract programs. So whether you’re a retailer, dealer, distributor, or manufacturer in the consumer or automotive market, we have a customized solution that will work specifically for you.

To learn more, visit warrantech.com or give us a call at 800.833.8801.

Filed Under: customized, flexibility, plans, service, solutions, unique, warrantech

Why Should You Consider An Extended Service Plan?

By: Jeff Hatch

April 11, 2016

1. Financial Strain

If you feel that having to purchase an entirely new item or making costly repairs would drain your bank account or leave you with a mountain of credit card debt, then you should definitely look into an extended service plan (ESP). It can actually enhance the value of your product as opposed to being a financial burden in the event that something does go wrong. With an extended service plan, you’re essentially transferring risk to the company that sold it to you and trading it in for peace of mind. Regardless of the product’s cost, having a smaller monthly ESP payment instead of an unexpected, large repair bill is a wise investment that can help keep you from breaking the bank.

2. Time Constraint

Another key consideration is time. An extended service plan can help: 1) Take the guesswork out of searching for a quality repair company to fix your damaged merchandise on short notice. 2) Find a replacement product and have it shipped to you in a timely manner if repair is not an option. 3) Provide you with on-site repair in many instances.

In short, a good extended service plan is designed to provide you with immediate assistance. If you are having trouble with a product, you’ll have instant access to an authorized service professional, via a toll-free number, who can diagnose the problem and help you get on with your day – right away.

3. Product Reliability

No matter how well designed a product is, nothing lasts forever. Failure is inevitable. That’s why it’s always a good idea to go online and research the potential shortcomings of the particular product you intend to purchase. Check into the long-term durability of that brand to determine its reliability and what type of coverage would be most beneficial to you.

Also, think about the implications of being without your favorite consumer appliance – whether it’s a refrigerator, television, dishwasher, washer/dryer or other durable good. If you feel that being without this specific item would be a burden to you, then an extended service plan serves as a good complement.

4. Accidents Happen

Consumer electronics have become more mobile over the years, which means that they are more susceptible to accidental damage from typical everyday use. Keep your habits and behaviors in mind as to how you use products like these. If you travel a lot or are constantly on the go, then your mobile devices could be at greater risk. And if you depend on a smartphone, computer tablet or laptop for important things like work or college assignments, just imagine how difficult it would be if you didn’t have coverage and had to spend a lengthy amount of time without them.

5. Long-Term Investment

It is human nature that we would treat a car that we intend to purchase and drive for a long period of time differently than we would a car with a short-term lease. If it belongs to us we’re more likely to keep it cleaner, buy higher-grade gasoline and go out of our way to avoid bad roads. The same can be said of any product. If you view something as a long-term investment more than simply a fleeting purchase, you’ll want to keep it operating at its very best for as long as possible.

An extended service plan is a must-have in situations like this and can be useful for items that depend on steadfast service. As always, be sure to read the coverage terms of your extended service plan to be certain that it meets your needs, and make sure that it includes a reliable repair plan to help keep your most important appliances working longer and to the best of their abilities.

For more information regarding extended service plans, visit warrantech.com or contact us today at 800.833.8801. 

Filed Under: consumer, electronics, extended, finance, investments, plan, reliability, service, time

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