Customer experience is everything in retail. Beyond just the product or service, the experience a brand offers has become a critical factor in determining how and where consumers allocate wallet share. Expectations around the customer experience have drastically increased, and the warranty space has in turn responded with major improvements. With the addition of some new, highly customer-centric players, the warranty space’s customer experience has benefitted from a huge increase in transparency and accountability.
Here are three ways transparency and accountability have improved the customer experience in the warranty space:
1. Policies are written in clear, plain terms.
At their core, extended warranties and protection plans are contracts. However, just because they are contracts should not mean that you should need to retain legal counsel before purchasing one. Extended warranties and protection plans are increasingly being written in easily understandable terms so that consumers know exactly what they are buying and what will be covered. Clyde is making sure that there is never confusion about what is and is not covered under a given extended warranty or protection plan.
2. The claims experience is a breeze.
Customers buy extended warranties and protection plans to cover the purchases they care most about. So, if something does happen and a customer needs to file a claim, the claim experience absolutely should not be any more stressful than the loss of use of a favorite item. An emphasis on transparency has improved the claims experience in a few ways.
First, filing a claim has become super simple. Dedicated customer portals, like on hiclyde.com, offer an intuitive filing experience that eliminates the need for lots of paperwork and jumping through hoops just to report an issue or defect. Second, these portals also provide the transparency of real-time claim tracking, keeping customers in the loop throughout the claims process. The transparency offered by Clyde has increased the accountability of insurance companies, ensuring that the claims experience is always positive and never more stressful than the actual loss of use of an important object.
3. Protection plans are widely available and pricing is highly competitive.
Historically, only the biggest retailers have had the resources to offer their customers extended warranties and product protection plans. However, technology companies like Clyde have partnered with insurance companies to make it possible for all retailers to offer their customers these options. This advancement has empowered consumers to shop wherever they like with an expectation they can receive the same caliber of service everywhere. Plus, by leveraging a network of insurance partners, rather than relying on just one, Clyde increases accountability to guarantee that customers receive the best service and the most competitive pricing.
While historically, the warranty space has been marred by criticism for its less-than-stellar customer experience, new players are stepping up and rewriting the narrative. Thanks to a focus on transparency and a greater sense of accountability, the customer experience in the warranty space has and continues to improve tremendously.