AmTrust Specialty Risk’s Warranty Survey Report reveals a significant opportunity in the marketplace to improve offerings and expand warranty adoption across all segments and categories.
The survey found that motivators for purchasing warranties are different across generations, education and income levels. This information allows us to better understand buying behaviors to develop products appealing to specific markets and demographics.
Using the Findings and Data from AmTrust’s Warranty Survey Report
Claims
The claims experience is a critical touchpoint in the customer journey. According to survey respondents, swift claims handling is the most important aspect. The processing speed was even ranked above the convenience of an online experience, revealing that efficiency remains a differentiator. With streamlined intake and payment processes, claims administrators create a positive impression with customers, impacting brand loyalty and overall customer lifetime value.
“What’s becoming increasingly important is that the claims process is as simple for the customer as purchasing the policy,” says Bruce Saulnier, President of Specialty Risk.
Building Warranty Value
While the results vary slightly by age, respondents named cost and value as the two highest deterrents of purchasing a warranty across all categories.
“People don’t go into a store shopping for a warranty. The value has to be clear at the point of purchase and continue beyond the transaction.” - Bruce Saulnier
Our partners with the highest attachment rates leverage a value-based approach at the time of purchase. This highlights the real-life application of the protection plan, including instances of accidental damage, mechanical breakdown, loss or theft.
Communication with the customer after the warranty purchase also creates a sense of lasting value. Bolstering customer confidence in their decision now goes beyond simple notifications of the warranty expiration date. Reminding customers of your certified technician network, environmentally sound refurbishment program, or simple cash reimbursement process are additional ways to promote a deeper understanding of the value included in their warranty purchase.
Download Your Copy of the 2021 Warranty Survey Report
The Warranty Survey report takes a deeper dive into data, such as:
- Who is most likely to have purchased an extended warranty in the past
- What features purchasers prefer
- Where the majority of warranties are purchased
- What types of products purchasers are most likely to want extended coverage for
To see more of the survey findings, download a copy today.