Managing warranty entitlements is vital for manufacturers to gain control of warranty reserves and claims. Entitlement management involves administration, tracking, and enforcement of policies, coverage terms, expiration dates, and claim reimbursements.
Manufacturers benefit by accurately tracking warranty entitlements. Manufacturers will be able to:
- Ensure claim compliance with warranty entitlements
- Automate claims process and improve accuracy of claim payments
- Predict warranty costs, accruals and budgets
- Increase sales of service plans, renewals, and upgrades
Centralize all product entitlements
Manufacturers of high value durable goods with expensive long-life assets deal with diverse range of entitlements and service offerings during the lifetime of the products. In addition to standard warranties, manufacturers are required to track Service Plans, Extended Warranties, Maintenance Plans, Service Campaigns, and Supplier Warranties.
Centralized warranty entitlements helps manufacturers to:
- Track standard or factory Warranty durations and entitlements at Product Serial level
- Create and manage service plans and extended warranty information
- Track Software and related accessory warranties
- Authorize and Track Service Campaigns, Goodwill
- Link Warranty entitlements to Warranty accruals and budget
Visibility and Verification of Warranty entitlements
By ensuring entitlement data is accurate and visible to all stakeholders throughout the service lifecycle, manufacturers can reduce warranty costs and increase opportunities for additional service revenues.
By defining structured policy terms & conditions for all warranties and linking to product Bill of Material (BOM), manufacturers can improve claim process automation while ensuring the accuracy of claim payments.
An Entitlement verification system enables manufacturers to:
- Provide real-time information on a product entitlement status
- Verify warranty entitlement during support, service dispatch and warranty claim processes
- Check warranty eligibility for a part based on its use and configuration
- Leverage bill of materials (BOM) to include or exclude components or parts for a coverage
Manufacturers can reduce warranty costs, increase service revenues opportunities and enhance customer service and support through better entitlement management.
Mize Warranty software (mWarranty) helps you to manage warranty entitlements by supporting all aspects of the process with integrated Policy manager, Registrations, Service plans, Campaigns, Reserves Management, Claims, and Warranty Insights.
Please contact us today to request a demo on how you can gain control of warranty entitlements.