TWICE Executive Forum Q&A

By: Global Administrator

April 28, 2014

Sean Stapleton, president & CEO of Warrantech, recently took part in an Executive Forum with TWICE magazine. The following is his response to the magazine’s inquiry regarding the criteria for choosing an extended service plan provider.

“What criteria should retailers look for when electing an extended service plan provider for their operation?”

Retailers searching for the right extended service plan (ESP) provider should carefully evaluate the financial stability of any prospective provider. The industry has far too many examples of providers who have shuttered their doors leaving both retailers and the customers holding the tab. Audited financials showing a history of strength and stability should be a precursor to any discussion.

Next, retailers should look to partners who are committed to providing complete program transparency, including claims data down to the product level. Often, providers do not share this data for fear of a retail partner understanding the real economics associated with their program. One of the hidden benefits of this transparency is that retailers gain a better understanding about the performance of the products they sell. This data provides insight to the customer experience (beyond the OEM warranty) and allows retailers to more effectively negotiate with product manufacturers and distributors regarding product prices and discounts.

Most importantly, retailers should choose a provider who understands the importance of providing fanatical customer service and has the tools and resources to provide such levels of service for the long run.

For more information about customer care solutions from Warrantech, be sure to visit http://www.warrantech.com/partners/partner-services/customer-care/

Filed Under: customer, extended, magazine, plan, provider, Sean, service, Stapleton, TWICE