Warrantech FutureProof Protect
Company: Warrantech, Bedford, TX
Entry Submitted By: AmTrust Financial
Company Description: Warrantech provides innovative extended service plans (ESPs) and warranty programs for retailers, dealers, and distributors, and manufacturers in numerous consumer and automotive/vehicle markets. The company is focused on customer success through product innovation and unparallelled service excellence.
Nomination Category: Sales Awards Achievement Categories
Nomination Sub Category: Award for Innovation in Sales - Other Service Industries
Nomination Title: Warrantech FutureProof Protect
Tell the story about your organization's innovations in sales or business development since the beginning of July 2016 (up to 650 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:
A 2016 survey by support.com revealed several key points about consumer apprehension toward smart-home products:
-43 percent of potential buyers are concerned about the complexity of installation
-31 percent struggle with the complexity of configuration and technical support
-61 percent want to fix issues on their own and are frustrated if they can’t
To help overcome these obstacles and eliminate the confusion that customers have with regard to smart-home products, Warrantech created FutureProof Protect. An innovative service contract, it is the first protection plan of its kind to extend coverage to both smart devices and traditional household electronics.
In addition to repair and replacement services, the FutureProof Protect plan offers 24/7 tech support to help customers with the integration of new smart-home products. This includes troubleshooting, setup and reimbursement for installation services to ensure that no device is left unused and encourage additional connected-home purchases.
The overall goal of the FutureProof Protect is to become a necessity for connected homeowners as well as prospective buyers in this emerging market. And to help facilitate retail growth, the features that this plan provides are unmatched – as is the protection that it offers.
-Protection for eligible devices of all ages and brands, wherever they were purchased, after the original manufacturer’s warranty has expired
-Covers parts, labor and shipping as applicable for approved claims
-Simple online claims process
-Convenient automatic monthly billing
-Remote tech support
-Reimbursement for in-home installation services for up to 5 smart devices within a consecutive 12-month period
FutureProof Protect has proven to be a success with our retail partners who tout the program for its “high service levels” and praise our company for “having the flexibility to introduce creative new services and packages” that keep them in new, emerging markets.
A recent J.D. Power report shows that the satisfaction consumers have with an appliance and other home products is inextricably linked to the retailer from whom they purchased it from – another reason why our partners love FutureProof Protect. “As our product line expands, so does their coverage. Warrantech’s dedication to quick service and customer satisfaction keeps our customers returning year after year. By offering real-time solutions for all customer-related issues, no other company in the industry can compete.”
The timing of FutureProof Protect’s launch also coincides with Warrantech’s parent company, AmTrust Financial Services, being recognized as a Fortune 500 company for the first time following a year of record revenue. AmTrust’s total revenue in 2016 was $5.45 billion, an increase of 18% over the prior year due in part to the program.