How would you describe your current extended warranty lifecycle?
Lengthy? Complex? A source of stress?
The truth is, it can take months from selling the policy itself to fulfilling claims that are filed against it.
Inline Admin is quickly becoming the preferred industry solution for all things administrative for every stakeholder: Business owners, employees and, yes, even customers.
But each will use and benefit from our platform in different but important ways.
Let’s dig into the whos and hows.
Benefit to Business Owners: Increased Profits
You own a business for many reasons. But it’s fair to say “making money” is near the top of the list, if not number one.
Basic math says you will never be profitable if your expenses exceed your revenue. But reducing your headcount to reduce expenses shouldn’t necessarily be your first line of thinking — especially in the extended warranty space.
Here’s why: Most of your overhead is fixed. Salaries, office rent, utilities.
The biggest monthly variable your company will face is how much you pay out of pocket to settle claims. Some months might see only a couple dozen trickle in. Others might be more like a monsoon.
In those busier months, some claims might not be scrutinized as closely to keep things moving. Those oversights can lead to catastrophic words for your bottom line: Policy leakage.
Inline Admin stops those excessive and unnecessary payouts through defined SLAs, approved labor costs and more. These methods (and more) stop rubber stamping, which reduces your expenses.
And makes you more profitable.
Benefit to Employees: Efficiency
Once you sell a policy, it needs to become an actual service. It transforms from a concept you discuss with a prospect into a living legal document. Creating these documents can be time consuming and are prone to human error — the cost of which correcting involves more time. And yes, more money and resources.
Inline Admin puts some of the important mundane tasks on autopilot.
From importing pre-templated documents to speeding up the bidding process, your employees will have a technological toolbox that elevates their efficiency in new and profound ways — ways that improve customer satisfaction.
Benefit to Clients: Faster Resolutions
Let’s be realistic: Rightly or wrongly, extended warranties are just as — if not more — likely to conjure skeptical sentiments than not. Consumer Reports state many people view them as an “expensive gamble” and even goes so far as to say most should steer clear of purchasing one.
One bad experience, either in the form of drawn-out repairs or surprise charges, reinforce those perceptions.
What can you do to shift them in a more positive light?
Accelerate repairs while providing timely updates.
Inline Admin can send automated texts that provide ETAs and updates to customers. Not only does this make them feel good about your product, they won’t feel the need to call and ask when something will be fixed. That makes your employees more efficient, which shortens claim completion lifecycles (while increasing customer loyalty and likelihood to renew).
Another Benefit for Employees: Increased Job Satisfaction
Happy workers are productive workers is not hyperbole. It’s a fact.
Study after study shows that happier employees accomplish 12-13% more in a given day than their unhappier cohorts.
What’s more is the actual cost of employee unhappiness. Disengaged employees cause a loss of $8.8 trillion dollars every year — roughly 10% of the entire world’s economy.
A main culprit of this discontent? Technology. Or, in the case of 96% of the workforce, the lack of technology.
That’s right: a mere 4% of surveyed employees feel they have the software needed for their work.
As we’ve pointed out before, empowering your employees with tools and technology that makes their job easier is key to employee retention. And, by extension, your profitability.
Bonus Benefit For Owners: Data That Delivers
Business is a numbers game.
It just so happens that you can run nearly infinite types of reports within Inline Admin to find the numbers that matter most for you: cancel metrics, pending claims, sales performance and even loss trend analysis.
This infinite capacity to customize can improve the very foundation from which your company operates. And you can automate which reports you receive when.
In Short, Everyone Wins
Schedule a demo of Inline Admin’s all-in-one contract management software and see the benefits yourself.
