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Increasing your utility company revenue with home warranty sales

 

Your existing customers are the same customers who have products in their homes that need protection if they were to break down. Why shouldn’t you be their trusted expert to provide them with peace of mind with a home warranty? Haven’t thought about it or didn’t make that connection? Keep reading.

If you have read any of my past blogs, you’ll know that I have worked in the in-home repair business for over 30 years in varying roles. Being in the business for that long, I have seen many customers panic over a broken appliance, furnace or TV and wonder how they are going to come up with the money to get it fixed or how they are going to make do if they don’t. Many people do not have the extra money set aside to pay for an unexpected repair.

Today I am going to touch on what I believe to be the 5 most important reasons utility companies should enter into home warranty sales, areas that could be challenging and how you can eliminate those challenges with a trusted technology partner.

1) Customers – The very same customers you sell your utilities to, have appliances, electronics and HVAC in their homes and businesses.

2) Competitive advantage – Utility companies already provide a product and service to their customers so they are known and trusted. Utility companies bill their customers monthly so they are able to offer a home warranty at a monthly rate versus the up front lump sumoption that retailers offer. Paying a few dollars a month instead of hundreds or even thousands of dollars up front, makes it much more appealing and affordable.

3) Infrastructure – Most utility companies already have the infrastructure in place to support the sales of home warranties, such as call centers, marketing, brand image, accounting, customer service, etc. ServicePower is here to help you with the mobile workforce management technology.

4) Access to national installation and repair professionals – If you don’t have installation and repair experts working for your company or don’t have an established network, don’t worry ServicePower can help with that too. ServicePower has access to a large network of trusted installation and repair professionals across the US, Canada and Europe.

5) Increased revenue – Already having customers who trust you and by having most of the infrastructure in place, your increased revenue is yours to get.

Let’s look at some of the areas that pose challenges.

challenges-1.png

The right mobile workforce management technology is required to manage and administer home warranties.  The best software offers:

Work Aggregation

  • Aggregation of volume from multiple clients so [3rd Party] contractors only need to work in one system
  • Creates higher servicer adoption rates

Full Visibility to Improve Service Levels

  • Servicer Adoption of technology translates to visibility of:
    • Booking service to contractors with true availability
    • Booking service appointments based on actual time slots
    • Viewing job status to track progress

Automation to Lower Costs

  • Auto-ranking of servicers so work is directed to best performing servicers
  • Automate customizable and configurable claims editing, validation and auditing
  • Online claim management; submittal, search, edit, corrections…in real time
  • Automate online authorization management
  • Automated part orders
  • Cloud-based lowers overhead and simplifies infrastructure

Watch your revenue grow and your customer loyalty soar when you start selling home warranties. Make the investment in a FSM software and you will be able to manage your home warranty business most efficiently and effectively while bringing peace of mind to your customers. Your employees will have as much information as possible to manage home warranties and make informed decisions to proactively take care of their customers. You will have access to data points that can be used to produce reports that will help your leadership and employees manage the program to its fullest potential.

If you have interest in learning more about an industry leading FSM software visit us today.


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