Warrantech Featured In Dealerscope Magazine

By: Jeff Hatch

March 18, 2015

Sean Stapleton, president & CEO of Warrantech, recently spoke with Dealerscope magazine regarding current company initiatives. Here’s an excerpt of what he had to say in “Making the Warranty Connection,” which explores how “extended service plans are resonating more than ever with cash-careful consumers” and how Warrantech intends to give them and retailers the best deal for their money.   

Warrantech plans to expand its successful monthly protection program offered through our retail partners. The existing program, which provides monthly billing solutions for mobile device protection, is being expanded to offer comprehensive protection options for an extensive array of equipment owned by customers, regardless of where it was purchased. 

By enrolling in the program, 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 enhanced offering, known as our Loyalty by Warranty™ program, will provide retailers with an innovative way to increase both revenue and customer loyalty.  

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: consumers, Dealerscope, loyalty, mobile, products, program, protection, retailers, revenue, service, warranty, week

The Importance of A.M. Best's Financial Strength Ratings

By: Global Administrator

March 28, 2014

When deciding on an extended service plan or vehicle service contract, it is important to know who is backing your coverage. Is the company reputable? Is it financially stable? And, just as significant on your part, do you really have time to research each and every company?

This is where A.M. Best comes into the picture. As the world's oldest and most authoritative insurance rating and information source, it sets the benchmark for determining an organization's credibility. Insurance agents, brokers, financial advisors, banks and other insurance professionals have all come to rely on A.M. Best's ratings and analysis to verify each insurer's financial strength. And if you're like most smart consumers who insist on doing thorough research, this rating can be one of your most valuable tools.

A.M. Best's Financial Strength Ratings provide you with an independent third-party evaluation of an insurer's ability to fulfill its financial obligations and can help serve as a key indicator as to whether or not your coverage plan is a smart long-term investment. Each rating is based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile. So you're basically getting a snapshot of how the company's business plan is expected to perform over an extended period of time.

And when you consider how volatile the market has been in recent years, these ratings have become even more important. A.M. Best has a proven track record in indicating which insurers may encounter financial difficulties. Or as Warranty Week noted in a recent article: "A.M. Best gets it right over the long term … there is an insistence on the part of some banks and credit unions that they won't finance a VSC (vehicle service contract) without an A- or better. And we'd suggest this threshold could also become a defining level for VSC buyers. Ask the question: 'Who is your underwriter and are they rated A- or better?' If not, why not?"

For more information on A.M Best's Financial Strength Ratings, visit http://www.ambest.com/ratings/guide.asp

 

Filed Under: A.M., Best, contract, financial, ratings, service, strength, vehicle, Warranty, Week