World class warranty programs are managed by robust software systems that enable retailers, consumers, and repair technicians to file, update, manage, and track all warranty related claims. Anytime you are considering using a Warranty Management Software (WMS) tool, there are a few capabilities that you should keep in mind before making your final decision.
The 4 Key Capabilities of a Warranty Management Software Tool
1. Customer Database Management
This feature is critical to any WMS tool and should be considered a normal function. The database should include all of the warranty sales you have made, and service related information. Details of the customer including name, contact information, sales notes, and more should be available. Additionally, ensure that warranty contract information is also available in the tool include the product purchases, terms of coverage, expiration of coverage, claim history, and notes from technicians.
2. Sales and Claims Data
The more information you have about your warranty program, the better you will be able to forecast future sales and claims. When you choose a WMS tool, make sure that historical sales and all claim data is available for every customer and contract. If the tool can break this down by product type, that’s even better.
3. Manufacturer Authorized Servicers Details
Your service network is of the utmost important to the success of your warranty program. A WMS tool should include information about authorized brands, locations, service rates, and dispatch criteria so that the customer experience is quick and smooth from start to finish.
4. Business Intelligence and Reporting
You need to grow revenue for you business, and the only way to know how to do that (beyond selling more) is to have key insights into the programs that are fuelling your business. Your warranty program and WMS tool can show you these insights to help you fine tune and progress even further toward your goals. Check for claim history information for the entire program and specific products. Make sure the tool gives you real time updates of insurance reserve and a calculation of the remaining claims to be paid.
Consider W3 Solutions WMS Tool
W3 Solutions manages claims through our own software technology combining best practices of warranty management methodology including:
- Self-service online claim management for partners and client
- Automated and real time track of service/claim incidents
- Automated dispatch and tracking of technicians
- Reporting for the entire warranty program
To learn more about our WMS tool, request a free consultation here.