With any purchase, one of the first things you should take into consideration is the reliability of the company you are doing business with. Are they honest and responsible? Do they stand by their products and services? Do they adhere to moral business practices? Or more simply put, are they accredited by the Better Business Bureau?
The Better Business Bureau (BBB) was created as a nonprofit organization to help prospective buyers make informed decisions. Their mission is to promote and foster the highest ethical relationship between businesses and the public through voluntary self-regulation, consumer and business education, and service excellence. The BBB’s standards have become so widely accepted as the benchmark for doing business, in fact, that seven out of 10 consumers have noted that they would be more likely to buy from a company that had been designated as a “BBB Accredited Business.”
Warrantech is proud to be one of the select companies that has been rated and accredited by the Better Business Bureau. With a strict review process, we understand that not every company is eligible for BBB accreditation. Their standards are diligently enforced and each business is subjected to constant monitoring to ensure that they are committed to providing the best service possible.
As part of Warrantech’s own ongoing commitment to service excellence, we have established an internal team to address any outstanding issues and meet with the BBB quarterly to review our accreditation standards. We work hard with them to resolve any outstanding issues and, per BBB guidelines, strive to contribute to a respectful marketplace with complete transparency and more satisfied customers.
Standards of Better Business Bureau Accreditation
To be accredited by the Better Business Bureau, a business or organization affirms that it meets and will abide by the following standards:
Build Trust — Establish and maintain a positive track record in the marketplace.
Advertise Honestly — Adhere to established standards of advertising and selling.
Tell the Truth — Honestly represent products and services, including clear and adequate disclosures of all material terms.
Be Transparent — Openly identify the nature, location, and ownership of the business, and clearly disclose all policies, guarantees and procedures that bear on a customer’s decision to buy.
Honor Promises — Abide by all written agreements and verbal representations.
Be Responsive — Address marketplace disputes quickly, professionally, and in good faith.
Safeguard Privacy — Protect any data collected against mishandling and fraud, collect personal information only as needed, and respect the preferences of customers regarding the use of their information.
Embody Integrity — Approach all business dealings, marketplace transactions and commitments with integrity.
To learn more about Warrantech and Better Business Bureau accreditation standards, visit http://bit.ly/14hhvN9
Filed Under: Better, Bureau, Business, Warrantech
AmTrust Financial Services, the parent company of Warrantech, announced its second quarter financial earnings results this week. Once again the company posted very strong returns, both in top line revenue/premium growth as well as bottom-line profitability.
This is the first quarter in which the company has generated over $1 billion in gross written premium during a single quarter. Of that amount, Specialty Risk and Extended Warranty were responsible for accruing $448 million of gross written premium. This performance speaks to the strong contribution that Warrantech not only makes to the overall success of its parent company, but also to the diversification of the parent company portfolio.
Warrantech depends upon the close relationships it maintains with its retailer/dealer network to provide innovative extended service plans and warranty programs to a wide array of customers. Subsequently, this impressive milestone is largely attributable to the strength of our relationship with our retailer/dealer partners.
Second Quarter 2013 Financial Highlights
Gross written premium of $1.04 billion, up 63.2%, and net earned premium of $536.5 million, up 60.6% from the second quarter 2012
Operating diluted EPS of $0.86 compared to $0.66 in the second quarter 2012
Service and fee income of $88.1 million, up 166.9% from the second quarter 2012
Net income of $80.1 million compared to $40.4 million from the second quarter 2012
Combined ratio of 91.3% compared to 88.9% in the second quarter 2012
The full earnings release can be reviewed within the Investor Relations section at www.amtrustgroup.com, or by clicking on the following link: http://ir.amtrustgroup.com/releasedetail.cfm?ReleaseID=782946
Filed Under: AmTrust, and, Extended, Financial, Risk, Specialty, Warrantech, Warranty