When Is An Extended Service Plan Worth The Investment?

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AMT Warranty handles each of the administration of Protect-it plans. You finally worked up the gumption to buy the one product you’ve debated purchasing for months. Whether it is a brand new car, technologically advanced appliance or the latest electronic gadget, you’ve made it through second guesses, financial calculations and a lengthy checkout line to finally make your purchase. Relieved and excited, you smile as the sales associate rings up your coveted item.

AMT Warranty, AMT Service Corp, AMT Warranty Corp, Amtrust Warranty

AMT Warranty, AMT Service Corp, AMT Warranty Corp, Amtrust Warranty

As you daydream about how wonderful life will be with your new “toy,” you realize the sales associate asked you a question. You beg their pardon.

“I asked what sort of protection plan you’d like. We have a number of extended warranty options,” the associate replies.

Your smile fades. Apparently the decision making isn’t quite over after all.

Does this sound familiar? For many people, the question of whether or not to purchase an extended warranty (more appropriately referred to as an extended service plan, or ESP)* is a tough one, and may not be a decision they are prepared to make. When is such a purchase advisable? Will it save money, or just add cost to a purchase? The answers to these questions depend upon a number of factors specific to each purchase. Consider the following before you reach the point-of-sale in the future, and you may save time and avoid stress:

*NOTE: While many store associates and consumers consider the purchase to be an extended warranty, this is often not the case. Many extended plans are not truly adding on to the original manufacturer’s warranty, but rather, extend the post-warranty service options and are therefore more appropriately referred to as an extended service plan, or ESP.

What is the product and who produced it?

Reputation is always an important consideration when attempting to predict the longevity of a product. Some types of items are statistically more likely than others to need repairs in their first few years of use. According to Consumer Reports, for example, computers, self-powered lawn mowers and certain refrigerator designs top the list of items most likely to fail.

It is important, also, to consider whether the product you’re buying incorporates cutting-edge technology or is a first-generation product. With less of these products existing in the marketplace, there is a higher likelihood of glitches or problems that may not have been discovered during testing. Also, factor in what company created the product you are purchasing. Do they have a history of releasing products before the “bugs” have been worked out?

How much does the product cost and how tough would it be to replace?

If purchasing an expensive item, it is important to consider how much repairs or replacement would cost versus the cost of an ESP. If the item is of critical importance to you, such as a computer used to make a living, an expensive part failure could be very detrimental.

“For many people, peace of mind is the greatest benefit of an extended service plan,” according to Sean Stapleton, CEO of  Warrantech. “They want to know that if their product should cease to function correctly, they will be covered, especially if replacement would be difficult to finance.”

Who is this product for and how will they handle it?

It is important to consider who will be using the product you’re purchasing, the environment in which it will reside, and the frequency it will be used. Are you buying a product for a young person? Is the item for use while on-the-go? Will you use the product routinely? If the answer to any of these questions is “yes,” you may want the confidence and protection that the product will last. Knowing your end user and end-use environment is important when deciding whether to invest in an extended service plan. Always review plan information carefully, ensuring you know exactly what is and isn’t covered.

The next time you make a significant investment in a product, ask yourself these three questions and be prepared once you get to the point-of-purchase.

Article Source: – https://warrantech.com/blog/december-2015/when-is-an-extended-service-plan-worth-the-investm/

Top 10 Ways To Improve ESP Attachment Rates On The Retail Floor

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AMT Warranty excels at understanding and responding to the needs of businesses in our target markets, and we offer a variety of programs to serve those needs. In the world of extended service plans (ESPs), extended warranties, or service and parts replacement programs, many consumers have become immune to the common tactics used to sell these programs. In fact, if your sales team is still selling the “what if” scenario to today’s ultra educated consumers, your store is losing out on valuable sales that help drive high-margin growth and revenue.

According to NBC News, extended warranties help fuel a booming $15 billion-a-year business; therefore, it’s imperative that retail sales personnel hone their sales approaches for “add on” sales such as ESPs. Through ongoing training and education, sales teams are better able to overcome “new” objections to these profitable plans and figure out which plan best suits the consumer’s need.

AMT Warranty, AMT Service Corp, AMT Warranty Corp, Amtrust Warranty
AMT Warranty, AMT Service Corp, AMT Warranty Corp, Amtrust Warranty

The below selling strategies are simple, but effective ways to help your sales team illustrate the value of ESPs and therefore convert more consumers:

  • Get consumers’ attention: – By stating the obvious such as, “This product is covered under the manufacturer’s warranty for only one year,” you may pique the consumer’s interest enough to have him/her asking more about warranty coverage.
  • Listen to consumers’ answers: -It seems simple, but often sales representatives get so busy pushing sales out the door, they don’t hear what consumers really want to know more about. If a representative addresses some of the comments consumers share during the sales process, then consumers may be more inclined to listen to sales talk about protection plans. Remember, always address consumers’ objections and point out how ESPs overcome the objection.
  • Give options: -Often consumers may be more inclined to purchase extended coverage if they know they have options. This puts them in the driver’s seat to select the coverage that best suits their needs. For example, offer extended or standard warranty coverage and let them ask questions about the difference, which will lead to the sale of a plan that they believe in.
  • Stay positive: -Much like in life, if you focus on the positives, you’ll more likely receive favorable feedback. Focusing on the strong features and benefits of the ESP, consumers may find the up front fee is well worth the investment.
  • Expert source: -Provide consumers with sales representatives’ credentials or the training they receive prior to selling on the floor. (This is most effective if the store posts signs on the floor about the quality of its staff.) In doing so, when a sales member states, “In my experience, ESPs are essential,” the consumer has a frame of reference for why this is a quantifiable statement. Testimonials are another great way to communicate value and benefits (leverage your personal experiences, your customer, your store’s customer, etc.).
  • Brands that matter: -We’ve all fallen victim to the brand game at one point in our lives and consumers are no different. Consumers generally buy the brands they think represent quality or status and frown upon unknown brands. But while some brands make a great washing machine, they may not make a great TV and it shows in the manufacturer warranty details (especially parts and labor). Your staff needs to know the details of the manufacturer warranties just as well as the ESP to help drive home the value extended coverage offers.
  • Explain the fine print: -Helping consumers better understand what’s covered, what’s not and why makes your sales staff their ally. This type of dialogue not only builds trust, but also gives sales staff an opportunity to reveal some of the holes in the manufacturer’s warranty.
  • Think about it: -Once consumers have all the facts about the warranties or ESPs, it’s okay to let them think about their options. Have them walk around the store, talk to their spouse/significant other or speak with customer service representatives about the items they see coming back or how much it costs to repair various products. Often, a different source can be a welcomed change of pace for consumers who don’t want to fall victim to “sales hype.”
  • Recommend it: -If you believe in it, your customers will too. Familiarize yourself with the features and benefits and remind customers how costly repairs or replacements can be if they’re not backed by an ESP.
  • Ask “why not” an ESP: -Sometimes the most obvious questions go unasked such as “Why wouldn’t you want to protect your purchase?” or, “What’s holding you back?” Once your sales staff knows the answer to why, they may be able to employ any number of sales tactics to sell or attach an ESP.

ESPs add significantly to a retail organization’s bottom line because they don’t require inventory space or carrying costs and they offer high margins. Many consumers are receptive to buying ESPs, but they do need to be convinced to add a plan to their basket and are looking to your sales staff to communicate the features and benefits of the plans, as well as your organization’s commitment behind the plans. Sharpening your sales strategies — on and off the sales floor — is a critical step to increasing ESP sales and enhancing the value these plans bring to consumers.

For more information about AMT Warranty Corp feel free to visit:–https://amtrustgroup.com/warranty-special-risk/extended-warranty-administration

Top 10 Reasons To Select AmTrust

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AMT Warranty Corp/Warrantech is a subsidiary of AmTrust Financial Services, Inc., one of the strongest and most financially stable companies in the industry. AmTrust brings this financial strength to Warrantech, which allows us to offer customizable plans and benefits that most competitors simply cannot provide.

AMT Warranty Corp1

  1. Financial Strength and Stability – Publicly traded on the NASDAQ (AFSI) with more than $6.1 billion in gross written premium and over $15 billion in assets, with an A.M. Best rating of “A” (Excellent), Financial Size “XIII.”
  1. Multi-State Capability – Workers’ comp written in over 40 states, and all lines of insurance written in more than 30 states.
  1. Flexible Payment Plans – Installment plans, AmTrust AutoPay (direct debit) and Pay-As-You-Owe® (PAYO®) provide seamless premium payments, saving time and money.
  1. Superior Claims Handling – 24/7 claims reporting with live assistance, and seasoned claims professionals with assigned case loads well below the industry average.
  1. Exceptional Loss Control – Representatives located nationwide to conduct safety inspections, site evaluations and loss prevention training.
  1. User-Friendly Submission System – Easy-to-use, web-based system provides policy, endorsement and loss history at your fingertips, and allows you to submit and chat online with your underwriter about a submitted risk.
  1. Competitive LCM Rate Structure – We are continuously evaluating and adjusting our LCMs to reflect our loss experience and competitive environment.
  1. Competitive Agency Commission – Our commission rates generally range from 9%-20% based upon the product written.
  1. Expanding P&C Product Offering – We are continuously evaluating the market and our agents’ needs to deliver new coverage’s from Workers’ Comp to Commercial Package and a wide variety of niche products.
  1. Satisfying Customer Service – Exceptional service is the mantra at AmTrust, delivered by our field marketing representatives, regional underwriters and centralized customer service professionals.

For more information about AMT Warranty Corp feel free to visit:–https://amtrustgroup.com/warranty-special-risk/extended-warranty-administration

 

AMT Warranty Corp – Extended-Warranty Enhancing Programs and Support Services

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AMT Warranty Corp’s extended-warranty providers are rolling out a host of new services and programs for clients and end users to help lower costs and raise attachment rates during the slow economic recovery.

AMT warranty service is placing greater emphasis on extended-service plan (ESP) bundles that provide a value-add for consumers. “You can boost sales by providing extended warranties with a different twist,” said President of the company, such as an identity-theft protection offer included free with the purchase of a plan, or 15 months of coverage for the price of 12. “We are giving the consumer a more robust offering so they feel they are getting more for their money,” he explained.

AMT Service Corp is also maintaining “an intense focus” on account management through enhanced training, point-of-sale material and sales techniques. “Sales people need a different dialogue today,” said, one of the company officials, as hard-pressed consumers question an extra ESP outlay in a tough economy. “Clients welcome a different message for different times.”

For Service Net Warranty, growth has come from multiple channels, including OEM aftermarket programs; subscription-based coverage for notebooks and wireless devices that can be extended from month to month; and an early entry into the burgeoning e-book reader business, which has given it a dominant position in that category.

For manufacturers, Service Net is providing a stepped-up marketing program that reaches out to consumers both during and at the conclusion of their extended-service contracts through email, direct calls, social networking and direct mail pieces. The company is also now offering factory service programs on Amazon.com for a wider array of clients including Panasonic, Sharp and the recently signed LG Electronics.

The company recently began providing factory and aftermarket warranty programs for two of the industry’s leading flat-panel TV vendors, and continues to expand its extended-warranty offering with current manufacturer clients.

AMT Warranty Corp has also enjoyed a significant expansion in the fitness category as that business extends into the CE space, and has upped its profile with furniture dealers, where CE is also playing an increasingly significant role.

For NEW Customer Service Companies, the answer is a new suite of interactive plug-and-play Web tools that can help optimize sales of extended-service plans and other premium services for retailers by providing an appealing and convenient online interface for consumers.

“As online retailing has grown, and as services are continually being added to support product offerings such as extended-service plans, NEW identified a need for tools to manage that system and provide a more engaging experience for customers,” said the CEO of the company.

About AMT Warranty Corp

AmTrust Financial Services, Inc. was founded in 1998 to provide workers’ compensation insurance to small businesses across the United States. AMT Warranty develops specialized programs to meet your individual business needs. We look forward to the opportunity to demonstrate how extended service plans bring value to you and your customers. Extended Service Plan agreements offer customers the highest level of product protection against potential failures of their new purchase – beyond the product’s original OEM warranty.

For more consumer tips and information regarding extended warranties and vehicle service contracts, be sure to visit: https://about.me/amtservicecorp

AMT Service Corp Gives Home Warranty Program for Homeowners Safety

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AMT Warranty is undoubtedly devoted to serving consumers safeguard their most valuable asset their house.

Experience tells us that numerous appliances need repairs when they have been in use for as little as five years.

The fact is that, most homeowners are experiencing many different mechanical or electrical failures each year, which may easily cost them nearly $1,000 in repair charges.

As an illustration, heating and cooling systems commonly require substantial maintenance after seven years and regularly will need replacement after 12-15 years. When a home’s HVAC system breaks down, repair costs could surpass $1,500.

Around 25% of the aforementioned repairs can pay for an AMT Service Corp Protection plan. AMT provides an extraordinary bargain for warranty buyers or sellers as well.

The AMT Warranty Home Warranty Program delivers homeowners with year-round protection to protect against mechanical breakdowns for the lots of covered systems and home gadgets.

Policy coverage plan by AMT Service Corp is made for 1 year and payable annually or in month-to-month instalments.

Base Policy coverage:

Heating System (up to $1,500)
AC/Cooler (up to $1,500)
Internal Plumbing System (up to $500)
Ductwork (up to $500)
Water Heater (up to $500)
Internal Electrical System
Dishwasher
Range/Oven/Cook top
Built in Microwave

Optional Coverage:

Pool and Spa
Washer and Dryer
Trash Compactor
Septic System
Kitchen Refrigerator
Stand Alone Freezer

Source For This Article – http://www.amtwarranty.com/products/Home-Warranty.aspx

AMT Warranty Corp one stop for all Business Intelligence needs

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Generally, mathematical algorithms along with statistical techniques joined with software tools are expected in the process of data mining. The actual output is the easy to use software that’s further utilized by non-mathematicians to effectively evaluate the data. The process of data mining is required in a variety of applications for example analyzing buyer characteristics, market exploration, direct marketing, genetics, text assessment, scams determination, e-commerce industry, designing warranty products, financial solutions, customer management etc.

Role of data mining with business intelligence in accordance to AMT Warranty Corp

However, business intelligence is usually a expansive arena of decision making. Business intelligence makes use of data mining as one of the most well known tools to make the info a lot more appropriate in a number of applications. The particular data mining will be coupled with business intelligence and is utilized in text mining, relational databases, audio data mining etc. to really make the information helpful for future functions.

These days, business intelligence has arrived up as a solution encouraging corporations reach their set goals of profit optimisation. It is no longer just a smart support program. Due to the fact, managers are necessary to take a variety of crucial decisions every day in an organization hence reasonable along with timely conclusions are mandatory. Companies have got to concentrate on consumers along with opponents features as well along with focusing on available scenarios.

To gather the material from numerous methods, data mining can be clubbed with business intelligence to meet those needs. Business intelligence continues to be established as an best solution in enterprises supporting 1000’s achieve the goals of profit optimisation. Business intelligence presents host of advantages in planning warranty products in an business.

Cutting down costs in agencies

In most cases, executives are required to retrieve information through various sources as to why the company outcomes of several certain months are low. It consumes lots of time and cost. However, with BI methods, information is fetched through multiple sources along with aids professionals evaluate the effects. It decreases the actual expenses since buying BI option would be all one group needs. Besides this, BI remedies in addition cut down the intake of time. To put it differently, extracting data right away is an efficient remedy in order to lower your expenses in addition to increase performance of the firm.

AMT Warranty – Eliminating Low-quality products

BI remedies support executives know about the ineffective products ingesting cost by data mining and eliminate those at once. The key performance indicators or KPIs are measured and thus, inferior products are wiped out.

Examine the efficiency of promotion programs together with AMT Service Corp

BI remedies assists with liberating an assessment report with the marketing strategies by acquiring data of sales, expense, consumers, products along with return. It will help supervisors keep track of the actual programs that were powerful in past and could be implemented once again, if necessary.

Consider opponents, broaden market share the Amtrust Warranty method

The most crucial of any company is to understand about the particular competitor’s capability. As a result, BI solutions help the professionals evaluate competition list and put together a checklist of potential clients. It helps in computing sales, customers, accounts of promotion campaigns, hence helping administrators with growing strategies.

The usage of business intelligence and data mining has significantly aided companies in designing efficient processes to broaden the enterprise. It’s been bringing out wise along with quick ways to assist businesses substantially. Even though every large or small scale company is deploying efficient BI options but there are lots of such evaluations envisioned in years to come.

For more details visit here – http://amt-warranty.blogspot.in/

Article Source – http://www.slideshare.net/amtwarranty/amt-service-corp-leaders-in-data-mining-29464408

Benefits of AMT Warranty for Different Markets and Industries

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With the variety of programs offered, AMT Warranty Corp can assist many different markets and industries with their extended service and warranty needs. From a retailer that sells consumer electronics to a manufacturer of power tools, AMT has the expertise to help grow and enhance customer services for the specific business.

Here is how AMT warranty works with different markets to accomplish profitable goals:

For Manufacturers – As a top warranty provider, AMT Warranty has the ability to administer original equipment manufacturers’ (OEM) warranties by providing:

In-bound calls
Triage services
Claims adjudication
Service dispatch Service fulfillment
Service Center Network Management
Outsource insurance liability
Aftermarket initiatives including ESPs, surveys, quality assurance and much more

For Distributors – An ideal solution for distributors is AMT’s Protect-it card, a turnkey extended service plan that offers product protection from the date of purchase. This can offer programs for distributors to sell in-store, as well as offer to vendors to sell to their consumers.

For Retailers – Retailers need simple and convenient extended service plans to keep their business profitable and their customers happy. AMT can provide retailers with customized plans to suit their specific needs or with the Protect-it card program as a simple alternative to traditional warranties.

There are various types of warranty plans for different types of business. AMT Warranty takes a hands-on approach to assist you in this decision by evaluating your business and making recommendations that match your company goals.

Different types of warranty plans for different business types are as follows:

Replacement plans – These plans cover the replacement of lower-priced new products and become active after the expiration of the manufacturers’ warranty. This replacement can be fulfilled by a physical replacement, gift certificate, voucher or co-payable check and will cover replacement of the product with one of equal or greater quality. Replacement plans are best suited for purchases such as cell phones, digital cameras and lower-cost consumer electronics.

Repair plans – These plans become active after the expiration of the manufacturer’s warranty, but generally cover repairs throughout the duration of the contract. LCD televisions and laptops that depend on advanced technology require pricey repairs, making them the perfect fit for repair plans. On-site repair plans are also available for products that are not easily portable, allowing the customer to have the product serviced without hassle.

Accidental Damage from Handling (ADH) plans – ADH plans operate in conjunction with the manufacturer’s warranty starting on the date of purchase (DOP) and cover areas not qualified by the OEM. Products used on a daily basis such as MP3 players, PDAs and laptops are excellent choices for ADH coverage. Unlike standard repair plans, ADH plans cover replacement or repair of products that have accidentally been damaged from typical everyday use.

There are many other features & benefits of AMT warranty. Regardless of your involvement, working with AMT will always be beneficial for you in many ways, which are as follows:

A robust national service center network.
Depot services.
Utilization of web-based application for tracking all aspects of programs.
Personalized marketing materials and sales training.
Full disclosure of information regarding clients’ ESP programs including sales, claims and profitability.

For more details visit here – http://www.pinterest.com/amtrustwarranty/amt-service-corp/