Company: SquareTrade, San Francisco, CA
Entry Submitted By: Frank PR
Company Description: SquareTrade is a top-rated protection plan trusted by millions of happy customers. The company sets itself apart by using innovative technology to deliver a zero hassle claims process and offers plans for mobile devices, laptops and tablets, and other consumer electronics and appliances.
Nomination Category: Company / Organization Awards Categories
Nomination Sub Category: Company of the Year - Insurance

Nomination Title: SquareTrade

Tell the story about what this nominated organization achieved since January 1 2012 (up to 525 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

SquareTrade (SquareTrade) has built its reputation on a vision of turning frustrating experiences caused by accidents and device disappointments into positive encounters. In doing so, SquareTrade runs on the engine of customer obsession, overseeing policies and technical platforms designed to delight consumers at every touch point—including a leadership team known to personally deliver replacement devices to San Francisco residents! Propelled by this nuanced mission, the company achieved major milestones in 2012: attracting $238 million funding in the largest single raise of 2012, growing by 90%, doubling its employee base and luring senior talent away from Expedia, Hotwire, Amazon, and GeekSquad.

Before SquareTrade, “warranty” was just another bad word. The only thing worse than the flimsy protection, that old school warranty companies offered, was the awful customer service. Their entire business model was built on breakage—making it very difficult to make good on a claim. In 2006, SquareTrade thought it was time to modernize the warranty business. We decided to offer protection plans that cover the breaks, spills and mishaps of everyday life, and treat customers like they’d want to be treated. Today, SquareTrade is known for its hassle-free claims process: claims receive free express shipping, email notifications are sent every step of the way, and most repairs and payouts are made within a day. Customers have the ability to manage their claims whichever way is convenient—online, in writing or on the phone—and to transfer their protection plan or cancel it at any time for any reason.

Additionally, the warranty industry is notorious for terrible customer service. SquareTrade has changed all that with world-class, human, honest customer service. Our obsessive customer focus has led to thousands of five-star customer reviews across every retailer we work with and more than 200,000 Facebook fans.

SquareTrade’s customer-obsessed approach attracted Costco and Sam's Club as partners. Costco, especially, was an enormous win and catapulted us into awareness among brick and mortar retailers. Costco had never offered an extended warranty because of the industry's poor reputation for low value and high prices. Costco valued SquareTrade’s vision for a consumer-branded, honest and transparent protection plan and has since rolled SquareTrade out in every store. Costco also already expanded the breadth of consumer electronics available to be "squaretraded." The results of our retail partnerships have been amazing—a 200% increase on average in warranty sales.

SquareTrade’s approach also attracted Tesco, the largest retailer—bar none—in the UK. This was a very warm welcome and great validation for SquareTrade as we begin our expansion into Europe.

Ultimately, as the first company ever to build a consumer brand in the warranty industry, SquareTrade is disrupting a staid $30B industry. And it anticipates continued success in the coming years.

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SquareTrade is the top-rated protection plan trusted by millions of happy customers for its fast and exceptional service. SquareTrade protects mobile devices, laptops and tablets, and other consumer electronics and appliances from malfunctions, accidental damage and life's frequent mishaps. Unlike old-fashioned warranties, SquareTrade is designed for today's consumer and uses innovative technology to deliver a zero hassle claims process. Top retailers around the world offer SquareTrade, achieving a 200% increase in sales on average and happier customers. SquareTrade's rapid transformation of the warranty industry attracted one of the largest private capital raises in 2012, with a $238 million round led by Bain Capital and Bain Capital Ventures. Headquartered in San Francisco and London, SquareTrade is privately held.