Filing and resolving extended warranty claims should be simple. When something does go wrong with a customer’s product, retailers have the opportunity to turn the distraught customer into a delighted one. But what exactly does this process of wowing a customer look like? It turns out that there is no single right answer.
When it comes to claims programs, there is no “one-size-fits-all” solution. No retailer is the same, so it’s important that your extended warranty provider can support your unique products, workflows, and goals. As retailers evaluate extended warranty providers, they should look for a partner who will thoughtfully design a program that is optimized for their business.
Because no retailer is the same, Clyde has built a product that supports a wide range of claims programs. With Clyde, retailers have the option to run both full replacement programs and repair programs, either fully managed by Clyde or self-managed.
Here’s why flexibility is key to warranty claims management:
Different types of products warrant different types of resolutions.
Products that are eligible for extended warranty coverage come in all shapes and sizes. Some products are large and clunky and have thousands of individual parts. Other products are smaller and composed of only a couple of components. Depending on the nature of the product, different types of claim resolutions make sense. The flexibility of your claims program is important because it allows you to deliver the most convenient customer experience possible.
For smaller, daily-use products like consumer electronics, instant resolutions through the distribution of promo codes or gift cards put brand new replacement products into the hands of customers with lightning speed. On the other hand, many retailers of larger, more complicated products will prefer that those products are repaired rather than replaced if possible for R&D and customer experience considerations. With larger, clunkier products, the ability to seamlessly provide repairs can also ensure customers avoid a scenario in which they are left to deal with getting rid of the old defunct product if it is replaced.
Dynamic claims management allows retailers to maximize the revenue they can drive from their warranty program.
Actuaries are smart folks and will figure out how to quantify any type of risk. One thing they take into account when underwriting extended warranty programs are the resolution types that will be offered to customers. Partnering with a highly flexible extended warranty provider offers retailers the opportunity to prioritize how they drive their revenue. If a retailer wants to prioritize guaranteed upfront revenue, a seamless repairs platform and access to a highly trusted servicer network permit them to offer higher margin and higher attaching repair plans. If retailers choose to prioritize replacement revenue, instant adjudications and resolutions will deliver passive, incremental revenue from the sale of new products.
Dynamic, flexible claims management is a huge value-add for retailers because it puts them in the driver’s seat, allowing them to develop a warranty program that helps achieve their particular business needs and goals.
Warranty claims management should be able to slot right into retailers’ existing customer support workflows.
Many retailers choose to integrate claims management into their existing customer support workflows. This model makes a lot of sense for many OEMs who can expertly provide their own repair services rather than outsource it to a third party less familiar with their particular product. Clyde is happy to support this model and has built a suite of tools to make this type of integration incredibly seamless. Clyde’s highly flexible set of claims tools empowers retailers to support their customers in a way that works best for their teams.
Every retailer brings a unique set of products, workflows, and challenges to the table, and their extended warranty solution should be reflective of the unique nature of their business. The flexibility of a claims program will ensure that a retailer’s exact needs and goals are met and that their customers are consistently wowed by the simplicity and ease of their experience.