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 The Amynta Group (Warrantech’s parent company), and a major reason why The Amynta Group 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 The Amynta Group and woven into the fabric of the company. Over the past 10 years, The Amynta Group 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: 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. 
 
The Amynta Group, 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, The Amynta Group 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, The Amynta Group reduces risk, produces efficiencies and provides effective loss control for its clients. The Amynta Group 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. 
 
The Amynta Group 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 The Amynta Group'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. 

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

Let Warrantech’s Extensive Industry Expertise Take Your Business Further

By: Jeff Hatch

November 29, 2016

There’s a lot to be said for experience. Having someone in your corner who has a greater understanding of what you are trying to accomplish can help you fully realize your goals and even uncover new opportunities that you never knew existed. That’s what we do best.  
 
Warrantech is comprised of service contract / insurance industry veterans and is led by a management team whose members each average more than 23 years in the business. Our executives are thought-leaders who serve as industry board members and conference speakers, and possess numerous industry designations and certifications. This expertise translates into a comprehensive perspective with vast insight that enables us to uncover hidden growth opportunities and structure programs that offer a high-value proposition for our partners and their customers. 
 
Our real-world experience also guides our team to help clients refine their sales strategies and create lucrative programs that build customer loyalty and enhance brand image. With a team of highly skilled underwriters, actuaries, legal/compliance professionals, marketing and management experts, Warrantech has the depth of knowledge to launch and administer your program successfully within your defined timelines. 
 
Our experienced team is masterful at driving large, complicated projects, based on years of integrating, developing and managing a variety of well-positioned acquisitions and meaningful, large-scale client programs. We are able to design, develop and implement a program with minimal strain on your team, while working within any desired parameters you establish. We typically focus on:
 
Optimization of price tiers and bands
Ensuring all eligible products are covered
Designing clear and concise customer terms and conditions
Continuous development of marketing materials and sales tools
Robust field and online training programs
Aftermarket and renewal marketing activities
Development of appropriate compensation and incentive programs  
 
The Warrantech team has the expertise to ensure that you receive a carefully coordinated program that integrates all aspects of your business, including sales, service and marketing. In turn, this ensures a perfect fit for both your business and your customers.
 
Visit warrantech.com or give us a call at 800.833.8801 to learn more about how we can help you.

Filed Under: business, expertise, industry, marketing, sales, 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

How Well Do You Know Your Service Plan/Warranty Administrator?

By: Jeff Hatch

December 23, 2014

Service contracts and extended warranties can be a great source of revenue for retailers, manufacturers and distributors. And their use as a customer satisfaction and retention tool can never be overstated. But what happens if your administrator ceases operations or is otherwise unable to service your business?

To be an approved administrator, certain licenses must be obtained along with proof of financial stability. Most administrators in the marketplace satisfy this last requirement by securing a contractual liability insurance policy (“CLP”) issued from an insurance company. This CLP requires the insurance company to “stand in” for the administrator in the event the obligations to the consumer have not been met. But what happens if the insurance company cancels the administrator, cannot provide administrative capabilities or ceases operations?

While the name of the administrator, and often the insurer, is listed in the service contract, when the customer seeks payment of a claim or a return of their funds, and the administrator and/or insurer no longer answer their phones, where does the customer turn?

Throughout the years, there have been numerous instances where either the administrator and/or the insurer of a service contract program have gone out of business or otherwise ceased operations. When this happens, your customers may not get their claims paid or their refunds processed and YOU will be their target of ire and will often be compelled to make good to the customer out of your own pocket.  How do you prevent this?

At AMT Warranty and its subsidiary Warrantech, we believe it is critical that you know and understand the capabilities and financial wherewithal of your administrator and your insurer. Conducting due diligence and asking the right questions can make all the difference between a service plan program that provides you with revenue and customer satisfaction and one that is a customer service and financial nightmare.

To ensure your service contract providers will be there when your customers need them most, we believe you should be asking the following:

• How long have they been in business?
• What is the experience and background of their management team?
• What is the size of their business?
• What is the ownership structure of their business?
• What is their Better Business Bureau rating?
• Who is their insurer?
• How many insurers have they had over the past 10 years?
• Are they and the insurer under common ownership?
• What is the insurance structure of the CLP (e.g., is the insurance company standing in on the “first dollar” of risk or are they simply providing an excess of loss policy)?
• If your administrator is using an “excess of loss policy,” is your administrator reserving sufficient monies needed for the potential risk not covered under the insurer provided policy?
• How long has their insurance company been in business?
• What is their financial size and A.M. Best rating?
• Are the respective companies compliant with SOX, PCI, SSAE 16, etc.?
• Do they have audited or public financials?
• Have you visited their facilities?
• Are they outsourcing any critical functions?
• Are you doing reference checks?

A well designed and maintained service contract is only possible if all of the parties to the transaction are fully capable of performing their various roles and can weather periodic or irregular changes to their business model or performance, especially if your provider is not vertically integrated with the insurance company.

Filed Under: administrator, business, claims, contract, financials, insurer, manufacturers, retailers, service, warranty

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