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

Warrantech’s Parent Company, AmTrust, Named Best-Managed Insurance Company By Forbes Magazine

By: Jeff Hatch

January 14, 2015

Warrantech is proud to announce that its parent company, AmTrust Financial Services, has been selected as the best-managed company in the insurance industry by Forbes magazine. The article appears in the December 29, 2014 issue.

Forbes screened 1,190 U.S.-listed companies across 27 industry categories and selected the "Best-Managed Company" in each category. AmTrust ranked number one in the insurance industry category.

The following metrics were used to calculate the rankings:

• Minimum of $1 billion in sales
• Sales growth
• Return on total capital
• Earnings outlook
• Stock market returns

Forbes Staff Writer Liyan Chen summed up the report this way: "Here you see the best of the best, by our criteria."

Forbes magazine is a global business magazine published bi-weekly by Forbes, Inc. Founded in New York City in 1917, Forbes remains one of the foremost leaders in reporting on topics relating to finance, marketing, investing, technology, science, government, law and communications.

Click here to view an excerpt of the article: http://www.forbes.com/sites/liyanchen/2014/12/10/americas-best-managed-companies/

AmTrust: Financial Strength, Unprecedented Growth And A Bright Future Ahead

• AmTrust has earned an "A" (Excellent) rating for financial strength by A.M. Best, financial size category (FSC) "XI"
• AmTrust ranks 6th nationwide in the National Association of Insurance Commissioners' (NAIC) March 2014 Workers' Comp Market Share Report
• AmTrust has earned an "A" in Long-Term Issuer Credit Rating
• AmTrust continues to experience unprecedented growth across all lines of business

To learn more about how AmTrust can assist you in growing your book of business, please visit our website or contact your regional sales manager. https://amtrustgroup.com/

Filed Under: AmTrust, best-managed, earnings, Forbes, growth, returns, sales

Branding of Product Protection Programs

By: Jeff Hatch

January 06, 2015

A recent trend in the service contract industry is the emergence of administrators attempting to create a strong brand identity with consumers. Many administrators are working diligently to create brand recognition for their organizations by branding the protection offerings they sell through retail partners. The question is often asked, "Is this new approach in the best interest of the retailers?"

AMT Warranty and its subsidiary Warrantech's view is that the recent "brand building" business models employed by many administrators in the industry serve only to benefit the administrators and not their retail partners. This belief is derived from our core philosophy about the purpose of service contract programs. It's indisputable that service contract programs should provide important incremental revenue for retailers. However, our view is that a well-designed and maintained service contract program should drive customer loyalty and retention for the retailers selling the service contracts.

We view each service contract claim as an opportunity to enhance the trust between a customer and our retail partner who sold the underlying product and associated service contract. Product failures happen. When they do, customers feel a level of frustration. While it's true that the retailer is generally not the manufacturer of the product, customers often associate the product issue with the retailer who sold it to them. We believe that the solution to the product failure is best provided through a retailer-branded service contract in order to reestablish the trust that may have been diminished by the product failure. As a result of the service contract, retailers (through their administrator) are given the opportunity to engage in a highly personalized marketing campaign with a customer who at that moment may be their biggest detractor. We view this as micromarketing with macro effects.

In the emerging administrator-centric model, the solution is provided to the customer under the administrator's brand. The positive customer interaction and goodwill generated from resolving the customer's issue serves only to enhance the value of the provider's brand. That goodwill is retained by the provider, even after their relationship with the provider has ended. Even more problematic is that the administrator may also be marketing service contracts directly to consumers, including the customers of their retail partners. In essence, by agreeing to market service contracts under the administrator's brand, retailers could be promoting a competitor's offering to their customers. Moreover, the retailer has established a new relationship between their customers and a potential competitor. We feel that the resulting consequences for permitting administrator-branded service contract programs will have long-term financial implications for retailers as the strength of their administrator's brands increase in the eyes of the retailers' customers. 

While the desire of administrators to build their own brand value is understandable, retailers should be wary of the consequences.

Filed Under: administrator, brand, branding, contract, customer, product, program, protection, retailer, service