Products can’t be trusted to work 100 percent of the time. When they don’t, who takes care of it? As an OEM, outsourcing your warranty solutions program can give you the freedom you’re looking for and revenue potential you didn’t know you had.
It’s inevitable – no matter how much care goes into production, sometimes consumer products just fail. With roughly $25 billion spent on warranty claims each year, these product failures and their accompanying customer claims are a lot for any OEM to manage on their own.
But there’s a better way. Rather than sticking with in-house claims processing, you could hand it off to a third-party OEM warranty solutions provider—like Fortegra. Not only will you have a team of trusted experts on your side, we can also help you uncover hidden opportunities to increase revenue as well. Let’s take a closer look.
Taking care of your customers’ needs
A major benefit of outsourcing your warranty solutions to a third party is the built-in claims processing and customer service that comes with it. While important to your business, handling customer claims and related questions can be pesky and time consuming. At Fortegra, our contact centers, databases, and supply chain flow are designed to handle all that and more, so you can get back to doing what you do best.
Handling your risk management woes
A major part of the warranty claims process is assessing how much money to put aside in reserves to fund potential customer claims. Last year, U.S.-based manufacturers set aside $4.3 billion in warranty reserves – that’s a lot of money that has the potential to alter your balance sheets. As a specialty insurance underwriter, Fortegra is there to take on your claims liability. With our affinity for high-frequency, low-risk programs, we’ve got it covered.
Surrounding you with a network of trusted partners
We’ve been in the insurance business for decades. This means that over time we’ve built up an expansive network of trusted partners; when you partner with us, we deliver this network to your doorstep, tapping into their expertise to bring you and your customers high-quality solutions. Our commitment to trust and excellence means we’ll work hard to earn your loyalty, too.
Bringing you quality solutions you won’t find elsewhere
At Fortegra, we pride ourselves on our flexibility. Not only does it ensure we’re able to deliver the very best solutions to you and your customers, it also means we’re always one step ahead of the competition thanks to our ability to innovate and customize for specific needs. Plus, compliance is a key focus. Cutting-edge solutions and quality compliance? It’s all part of the full Fortegra package.
Need talking points to inform customers why OEM warranties are necessary in the first place? Read our latest blog on the importance of adding OEM coverage to mobile products.