If you are in the business of repairs and warranty claims, you need a reliable warranty management system to make your job more manageable. There are a handful of modern warranty solutions that you can choose from nowadays. They are built in the cloud and offered as a service to businesses of all sizes. What’s great about this setup is that you do not need to invest a considerable chunk of your budget into software and hardware. You can save on your expenses even when you spend on these claims. Even better: you won’t need a dedicated team of IT professionals managing your system 24/7. You can subscribe to a warranty management technology service that is guaranteed to deliver what you need without any hassle.
To choose what warranty management service is best for you, refer to this checklist and see if they have any of the following:
Comprehensive Administration Features
An excellent warranty management service should have complete warranty administration functionality. It means that the system has integrated features for managing rates, policies, and contracts. These documents should be easy to retrieve and update when necessary. The service should also be easy to use when you’re working on warranty registrations and campaigns.
Extended Warranty Features
Since you’re dealing with warranties, you should have an extended warranty functionality integrated into your service. That means you can manage functions like dynamic pricing and sales promos, which is quite common with any product in the market today. This feature should also help you with quotations, cancellations, renewals, claims management, and more.
Speaking of claims management, here are some things to note:
Claims Management Features
Don’t bother getting a kind of service if it doesn’t have the claims management functionality. You’re dealing with warranties, so you should be able to facilitate the submission of claims, at the very least. Other things you can do here is you can automate the processing, monitor for frauds, and crediting, among others.
Warranty Intelligence Features
Concerning the abovementioned claims management features, your service should have a warranty intelligence functionality. It is a must-have feature since this warns you about quality issues and fraudulent claims. Using dynamic analytics, you can estimate, forecast, and ensure that there’s an optimum amount of warranty reserve. Usually, you have a dashboard where you can see a snapshot of the metrics you’re concerned with, and you can better understand your suppliers, service providers, and different dealers.
Service Contract Feature
You need a feature that manages everything related to your service contract. It includes taking care of your scheduling, invoicing, revenue recognition, and everything that relates to performance. It should be comprehensive enough to manage other aspects like claims, contract reconciliation, and management.
Warranty management is vital since most of the products and services offered nowadays are secured and cover the buyer’s protection. Warranty management ensures that the proper claims are made, processed smoothly to resolve issues on the product, and avoid any further disputes and problems. It also helps protect the manufacturer or service provider from false or fraudulent claims.