Insurtech Innovations: AmTrust Offers Warranties, Tech Support for Fing-Discovered Devices

By: Jeff Hatch

June 25, 2018

The following is an article by Julie Jacobson, which appeared on June 18, 2018, at cepro.com. The full article can be found here: http://bit.ly/2tpSNiu

AmTrust's innovative TapSafe IoT initiative has Fing scan networks for connected devices, and then offers smart-home warranties and tech-support on-the-fly based on risk-assessment profiles.

The property and casualty firm 
AmTrust Financial Services is rolling out an innovative and ambitious IoT-based insurance program using the popular Fing network scanner to discover connected devices in the home. Once products are discovered, AmTrust offers instant quotes for warranties and technical support on each connected device.
 
The new service, called 
TapSafe, was developed by AmTrust Innovation, the innovation arm of AmTrust Financial. Calling it "the world’s most progressive warranty product," the group demonstrated the most polished version of the platform yet, at Parks Associates’ Connections Conference 2018 last month.
 
TapSafe participants simply load the app on their mobile devices, and whenever a new product is connected to the network, Fing and AmTrust get busy on the back end gleaning device data and crunching the numbers to get to a price. The warranty price is presented in real time, and users can opt in from the app.

Nearly three-quarters (74%) of US households have over $2,500 in connected devices, according to the 
AmTrust Connected Households 2018 survey, and 50% have had a device damaged or malfunction in the past year.
 
AmTrust demonstrated TapSafe at Connections 2018, joining several insurance companies who were looking to exploit IoT and the smart home for the purposes of 1) risk assessment, 2) loss mitigation, 3) customer engagement and 4) new sources of revenue.

AmTrust doesn’t believe a simpler warranty service is compelling enough for consumers to use TapSafe, which is why the organization provides tech support in addition to warranties.

“We don’t believe the future is in warranties, but in service and support,” says Conor O’Sullivan, senior vice president, AmTrust Innovation Labs.

There are several tiers of tech support available through AmTrust’s third-party provider, including self-help options, online chat and phone support. The tech-support provider uses 
Support.com’s SeeSupport Remote Visual Support, which allows an agent to view the customer’s premises through the camera on the user’s own mobile phone or tablet.
 
The agent can then see the affected product(s) in context – what is connected to them, which lights are blinking, and whether there might be obstacles affecting performance.
The agents can take command of the screen, making annotations to indicate which buttons to press, which connector to unplug, etc., and even light up the space by activating the phone’s flashlight.

If phone support doesn’t do the trick, customers can use the app to schedule repairs and arrange replacements, and even schedule in-home consultations and installations. AmTrust will cover a portion of the cost of installation for the replacement device.

Fing + AmTrust: AI + Predictive Analytics

Fing is a leading network-scanning application, with over 25 million downloads and 9 billion connected devices discovered. The service grows smarter as more devices are connected, network properties are learned, and device characteristics are entered into the app by users.

AmTrust, meanwhile, is one of the largest property and casualty insurers in North America, with 20 years of data on its servers.

With TapSafe, AmTrust takes the devices discovered through Fing – often down to the model number – and melds the information with its own database, delivering a risk-assessment profile for each device in real-time, allowing customer to purchase warranties, or extended warranties, on the fly.

Administered by Warrantech in most U.S. locales, TapSafe is available as a white-label service to third-party providers.

Covered devices include smart TVs, thermostats, home automation hubs, smoke detectors, wearables, smart speakers, smartphones, laptops & tablets and most smart home devices.

Coverage is provided for extending the manufacturer’s warranty with mechanical and electrical breakdown, additional cover for power surge, a no-lemon guarantee and coverage for accidental damage. Furthermore, screen-only cover for Apple and Samsung smartphone is offered as an option.

Filed Under: AmTrust, connected, devices, home, innovation, IoT, smart, TapSafe, Warrantech

Warrantech Featured In The March Issue of Dealerscope Magazine

By: Jeff Hatch

March 28, 2016

Guy Koenig, Chief Strategic Officer for Warrantech, recently took part in Dealerscope magazine’s roundtable discussion regarding companies that sell extended service plan programs to consumers through retailers. Here is what he had to say in response to the following question:  

"What major initiatives/strategies has your company planned to help CE and appliance dealers make more money from warranty sales in 2016?"

Warrantech continues to develop unique products and solutions that meet the changing needs and demands of our retail partners and their customers. Most recently, significant focus has been placed on launching our Connected Life program to provide coverage and services for multiple devices under a single protection plan. This customizable program encapsulates everything from automotive, mobile devices, consumer electronics, and consumer appliances. The flexibility of our solutions gives CE and Appliance dealers an opportunity to expand their markets and reach new profit levels, while providing their customers with added value on their most important purchases.

Visit dealerscope.com to read the 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: automotive, connected, Dealerscope, devices, life, mobile, products, solutions, Warrantech

Warrantech Wins Gold at the 2015 Stevie Awards for Sales & Customer Service

By: Jeff Hatch

March 02, 2015

LAS VEGAS, Nevada (Feb. 28, 2015) – Warrantech was presented with a Gold Stevie® Award for Innovation in Sales during the ninth annual Stevie Awards for Sales & Customer Service. The awards were presented to honorees during a gala banquet on Friday, February 28, at the Bellagio in Las Vegas. More than 500 executives from the U.S.A. and several other nations attended.

The Stevie Awards for Sales & Customer Service are the world’s top sales awards, business development awards, contact center awards, and customer service awards. The Stevie Awards organizes several of the world’s leading business awards shows including the prestigious American Business AwardsSM and International Business AwardsSM

More than 1,900 nominations from organizations of all sizes and in virtually every industry were evaluated in this year’s competition, an increase of 27% over 2014. Finalists were determined by the average scores of 139 professionals worldwide, acting as preliminary judges. Entries were considered in 54 categories for customer service and contact center achievements, including Contact Center of the Year, Award for Innovation in Customer Service, and Customer Service Department of the Year; 50 categories for sales and business development achievements, ranging from Senior Sales Executive of the Year to Business Development Achievement of the Year; and categories to recognize new products and services and solution providers. The Business Development categories are new for 2015.

More than 100 members of several specialized judging committees determined the Gold, Silver and Bronze Stevie Award placements from among the Finalists during final judging earlier this month.

Warrantech was recognized for its Connected Protection program, which provides repair and replacement benefits for mobile devices utilized in a connected vehicle should such devices malfunction. Available through automobile dealers, the protection plan can be added to the vehicle financing, thereby costing pennies per day for extensive coverage. Enhancing Warrantech's product portfolio, the new offering also provides important benefits to connected vehicle owners and much-needed additional revenue sources for auto dealers.   

“Entries to the Stevie Awards for Sales & Customer Service awards have more than doubled over the past three years,” said Michael Gallagher, president and founder of the Stevie Awards. “The widespread support of this program illustrates the importance of the functions it recognizes to business success. This year’s Stevie Award winners are the highest rated in the history of the awards, and we congratulate all of the winners on their commitment to excellence and innovation.”

Details about the Stevie Awards for Sales & Customer Service and the list of Stevie winners in all categories are available at www.StevieAwards.com/sales

Warrantech administers and markets service contracts and after-market warranties on automobiles, automotive components, recreational vehicles, appliances, consumer electronics, computers and computer peripherals for retailers, distributors and manufacturers. Warrantech ESPs are underwritten by sister company The Amynta Group insurance carriers, rated “A” (Excellent) by A.M. Best Company for their financial strength and stability. For more information, visit www.warrantech.com.

Filed Under: automobile, Awards, Connected, coverage, customer, dealers, Gold, innovation, Protection, sales, service, Stevie, Warrantech

Warrantech Named As A Finalist In The 2015 Stevie Awards For Sales & Customer Service

By: Jeff Hatch

January 22, 2015

Warrantech was named as a finalist today in the Award for Innovation in Customer Service category in the 9th annual Stevie® Awards for Sales & Customer Service. This marks the third straight year that Warrantech has been recognized as a Stevie Award winner.

Based on the average scores of the 139 professionals worldwide who participated in the preliminary judging, Warrantech's Connected Protection program was cited for its ability to provide important benefits to connected vehicle owners and much-needed additional revenue sources for auto dealers. This newly designed vehicle protection plan provides repair and replacement benefits for mobile devices utilized in a connected vehicle, should such devices malfunction.

More than 1,900 nominations from organizations of all sizes and in virtually every industry were evaluated in this year’s competition — an increase of 27% over 2014.

Entries were considered in 54 categories for customer service and contact center achievements, including Contact Center of the Year, Award for Innovation in Customer Service, and Customer Service Department of the Year; 50 categories for sales and business development achievements, ranging from Senior Sales Executive of the Year to Business Development Achievement of the Year; and categories to recognize new products and services and solution providers. The Business Development categories are new for 2015.

More than 100 members of several specialized judging committees will determine the Gold, Silver and Bronze Stevie Award placements from among the finalists during final judging, which will take place January 26 - February 4.  

"The Stevie Awards for Sales & Customer Service continues to be the fastest-growing of our international awards programs," said Michael Gallagher, president and founder of the Stevie Awards. "The sheer number of nominations is matched by the increasing quality of those nominations. We congratulate all of this year’s finalists and wish them well in the next phase of judging."

The final results will be announced during a gala banquet on Friday, February 27 at the Bellagio Hotel in Las Vegas, Nevada. Finalists from the U.S.A. and several other nations are expected to attend.  

For more information about the Stevie Awards for Sales & Customer Service and to see the list of finalists in all categories, visit www.StevieAwards.com/Sales.

Filed Under: Awards, Connected, Customer, Protection, Service, Stevie, Warrantech