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Connected Customer Experience

See the forest and the trees – using analytics to detect warranty fraud

Author Matti Kurvinen on Nov-16-2017

Is warranty fraud an issue for us or not?

In our earlier blogs (The Dark Side of Warranty Management, What is needed to control warranty costs and prevent fraud?) we have referred to multiple client cases and several research studies, estimating fraudulent warranty claims to occupy up to 15 percent of the average company's warranty costs. However, averages are averages. Do you know the real situation in your company? In many cases we hear, that “warranty fraud is a major issue, but not for our company” or with slightly more awareness “we have a feeling there may be something wrong, but we don’t know the scale of the problem”. In any company with a large number (tens, hundreds or even thousands) of customers or service agents, a certain proportion of them will try fraud and some of them will do it in an excessive manner. Analytics, if done right, can be very impactful in getting the picture of the situation, either by uncovering anomalies, suspicious behavior and direct malpractice or giving confidence, that the situation is under control.

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5 Ways to Improve Warranty Communications

Author Eric Marlan on Oct-17-2017

When processing warranty claims, Warranty Processors and Service Providers resort to Emails, Phone calls, and even Fax to exchange information about the Claims. Streamlining the communications and data exchange benefits all stakeholders:

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Best Practices to Increase Service Contract Renewal Rates

Author Eric Marlan on Jul-3-2017

Service Contract renewals are vital for a steady stream of service revenues.  Renewal Rate is also a key performance indicator for service revenues, customer satisfaction, and customer loyalty.

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Strategies for Reducing Warranty Costs

Author Michael R Blumberg on Jun-28-2017

Warranty obligations represent both an expense and a liability to Original Equipment Manufacturers (OEMs). As a result, anything that an OEM can do to minimize warranty expenses and liabilities will have a significant impact on the balance sheet and bottom line. In the high-tech industry, warranty coverage often includes repairing defective products as opposed to crediting or replacing them.

Warranties of this nature involve three (3) cost components: 1) Warranty Terms & Conditions, 2) Service Delivery, and 3) Product Reliability and Maintainability.

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How do you Plan to grow Service Contracts Revenue?

Author Eric Marlan on Jun-27-2017

Your product install base provides a huge opportunity to grow service contract revenues and profits, but attach and renewal rates for extended warranty and service programs (EW/ES) stay below the desired levels.

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5 Opportunities to Increase Extended Service Warranties

Author Michael R Blumberg on Jun-22-2017

The sale of extended service programs and warranties can be lucrative. It also provides customers with peace of mind and the feeling that we work in their best interest. In those companies who sell these warranties, opportunities to make that connection are often missed.
 
Here are five times during the customer service lifecycle where the sale of extended service warranties can be easily promoted: 

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