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10 Smart & Actionable Tips for Optimizing Warranty Management

10 Smart & Actionable Tips for Optimizing Warranty Management

When a customer buys a warranty, they’re planning for the worst-case scenario. When they need to file a claim on the warranty, they’re experiencing that frustrating, disappointing, and maybe even devastating moment. Technicians are deployed to the field. The clock starts ticking, the system opens to potential fraud and security issues, and you can’t accept new work until this job is done satisfactorily. The warranty business is an intense one, from start to finish. So, there are a lot of reasons to make your warranty management system the best you can—for your customers, for your technicians, and for your business overall. 

Putting Warranty Management to Work—the Way You Work

ServicePower’s unique field service management solution provides many ways to optimize your business. Below are ten ways to improve warranty management with field service management technology:

1. Customize.

We know no two businesses are alike. Every organization has its own goals meeting its customers’ unique needs and its own challenges. Have you ever said, “This warranty management system works fine, but it’d be great if it could—” ServicePower isn’t the expert at your business—you are. What we are the best at is providing you with a warranty management solution that does exactly what you need it to do, when you need it to. Ours is a highly configurable, end-to-end warranty claims management solution. You define the intelligence for automating the close-loop claims process.

2. Use real-time logic and analytics.

Warranty management software should provide access to reliable real-time data and advanced analytics. With this, you can monitor product quality and notice patterns in customer behavior, gaining valuable insights into cost-saving opportunities. Put instant claims analysis against entitlement.

3. Detect fraud easily.

The intelligent features of warranty management software can detect costly fraudulent claims and potential data breaches before they gain steam. 

4. Organize with an integrated parts distributor, BOM, and registration and contract data.

When you’re at work, you need a comprehensive and up-to-date list of parts, assemblies, subassemblies, documents, and other materials at your fingertips—no room for error.

5. Enjoy real-time adjudication, validation, and audit logic.

The solution automates claim adjudication with built-in validation and audits, freeing the service manager and field technician to do what only humans can do. Warranty claims management systems use audit logic to ensure only valid claims are marked as eligible for payment.

6. Get real-time feedback from actuaries, operations, and contractors.

Assign work to the most appropriate servicer, considering any warranty requirements.

7. Deliver bulk communications to servicers.

As important as it is to be able to tailor messages to individuals on your team, it is just as important that you can efficiently communicate information that everyone needs in an instant.

8. Employ integrated onboarding and credentialing.

Why wait to get your people up to speed and on the job? With our warranty management system, you can onboard and credential new employees, update existing ones, and have them on the job site on the same day.

9. Track customers’ claims closely.

Warranty management software allows you to track each customer’s claim from a centralized, accurate, and easy-to-access platform. It removes the chance of error. It creates customizable audit solutions to meet each unique warranty’s requirements. So, when a technician is in the field, they’re focusing on the task, not paperwork. When a customer contacts you for information, the most up-to-date details are right at your fingertips. When an issue is resolved promptly, the technician is on to the next job, and the customer is back to smiling.

Customers have gotten used to seamless experiences in every transaction, from buying a house to ordering coffee. With 80% of customers saying that the experience a business provides is as important to them as its products and services and 57% saying they have left a company for its competitor because of customer experience alone, it’s crystal clear that paying attention to our customers is more important than ever. 

This is especially true when something goes wrong with a product. If the value of a warranty greatly influences customer experience, a warranty management process can make or break that experience. Human error, slow turnaround time, and lack of transparency can leave a customer feeling neglected at a time when they most need support. 

The right warranty management platform greatly lessens the opportunity for human fumbles, expedites timelines, and improves communication. It provides peace of mind that the issue is being resolved as quickly as possible—because the customer can actually see that process happening. A positive emotional experience can make customers twelve times more likely to recommend the company, even five times more likely to forgive a mistake.

10. Automate.

Automating time-consuming and repetitive administrative tasks frees up your personnel talent to do what you’re really paying them for strategic warranty management that drives your business forward. Administrative tasks are also more susceptible to human error, so eliminate the costly do-overs by letting warranty management software do what it does best.

ServicePower’s Claims Solution—Your Warranty Management Software Superpower

Using warranty management software goes a long way to removing human error and guesswork, making the claims process transparent and efficient for your customers, and putting more money in your business’s account. 

A smooth warranty claims process is your competitive differentiator. A fully integrated warranty claims–field service management system is ours. With our contractor reimbursement solution, the best warranty management software communicates with the best of your people: your service reps and your vendors and claims services. As soon as the field technician finishes the service call and hits “send,” the information needed to initiate the claims process is sent to the OEMs and TPA that handle the warranty. If you’ve incorporated RFI tags or barcodes into your process, gains in accuracy of reporting, provided by our software, improves forecasting and data analysis. 

ServicePower’s robust warranty management software improves response and scalability, acts and reacts in real-time, and is always customizable to meet changing business requirements and needs based on the warranty data analytics and KPI evaluation.

Experience ServicePower’s claims solution for yourself with a custom demo

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