Yes, making reports can be a tedious, time-sucking task if you do them manually.
But the numbers within those reports? They hold treasure troves of insights that can turn your company from (barely) profitable to a bottom-line behemoth.
Need proof?
Auto warranty management software had a market cap of $2.5 billion in 2023 — a number that’s expected to grow more than 200% in the next five years. Growth in part fueled by the reporting capabilities found within that software. After all, if extended warranty companies use data to sell policies, shouldn’t they have reporting capabilities to better administer them?
The answer, of course, is yes.
Let’s look at some of the reports you should start using to make your decisions (and claims processing) better.
Risk Reporting
Our industry inherently involves risk. You sell customers services that mitigate some of the risk they’re bound to encounter. And your job, in large part, is to reduce your company’s exposure to risk from the products you sell:
- Fraudulent claims
- Low reserve levels
- high claim frequency and costs
- Claims-to-revenue ratios that are out of balance
Compiling risk reports is a task by itself. And a tall one at that. Inline Admin can generate all of these reports in literal seconds.
And when you want to drill down and compare reserve levels by warranty type? That’s built in.
Bottom line for your bottom line: Risk no longer controls you because you can uncover ways to control it. In other words, you go from potential financial dangers to fiscal protection.
Accounting & Finance Reporting
Yes, your company exists to help car, home and RV owners. But you can’t help anyone if you go under due to bad bookkeeping or foggy financial data.
And while QuickBooks, NetSuite and other software can track revenue and cash flow, they lack the specific data warranty claims processors need to do their job accurately. Data like profitability per warranty.
Bottom line for your bottom line: Not all accounting and finance software is the same. Inline Admin provides relevant and real-time metrics made with extended warranties in mind that you can use to improve your company’s fiscal health.
Dealer Performance Reporting
What do the most successful extended warranty companies have in common? A large network of dealers that are happy to do the selling for them.
At the same time, that doesn’t mean all dealers are equal. Or even good for that matter. Some of them might actually do more harm than good.
So, how do you know?
You could go with your gut. Or, course correct based on dealer-related information you care most about:
- Active/inactive
- Sales performance benchmarking
- Warranty mix (tiers, bundles, type, etc.)
- Cancel rations and reasons
Bottom line for your bottom line: These reports provide more than data; they provide real-world learnings from top performers that can be used to improve the performance of laggards. They incentivize you to reward top performers. And, ultimately, they provide an opportunity to strengthen your professional relationships.
All of which are good things.
Claims Analytics
Everyone wants a claim to be closed fast: customers. Vendors.
And above all, you.
Data suggests it takes anywhere from two weeks (when you have a trusted relationships and a near-perfect process) to a month (shipping delays, busy contractors) to fulfill an extended warranty claim.
But the longer this process takes, the more susceptible your company becomes to a host of headaches, from unhappy customers, more back-and-forth and, depending on contract language, potential legal battles.
Using Inline Admin prevents those issues because you can run a report on every claim ever filed to find out:
- Processing times
- Denial reason(s)
- parts/labor costs
- Customer satisfaction level (based on time to fulfill, claim outcome, etc.)
Bottom line for your bottom line: You’ll determine if you should consider changing vendors or partners, tweak coverage limits, identify bottlenecks and more.
"I Wish We Could See" Reports
Reporting software usually leans into left-brain thinking with numbers and analytics.
But what about the creative, right-brained people on your team? They probably have some ideas to improve efficiency or profitability.
The problem is, the reports they need to draw a conclusion don’t exist by default.
Inline Admin makes any report possible. Just tell us what you want to know and we can code the formula for you.
Bottom line for your bottom line: When you think outside the box, you gain an advantage over your competitors. And with Inline, we erase the box for you.
Crucial Reporting Considerations
It’s always best to have a plan before charging headfirst into reports. Here’s what we’ve learned works best.
- Start with what you already know. As discussed, Inline Admin reporting provides virtually infinite customization. Odds are, though, that default options are more than enough to get you started. Begin with an area you know is lagging and tackle others over time.
- Determine who needs to know what. Some people only need surface level data. Others require “in the weeds” information. Adjust settings accordingly so everyone gets what they need — not too much (or little).
- Get into a review rhythm. Numbers should never be viewed in a silo. Set a recurring meeting with appropriate stakeholders every week, month or other pre-determined time to discuss what the data shows — and make it mandatory.
- “Improvement is possible” mindset. Reports aren’t just meant to show problems. They can also show improvement. Celebrate wins and those gradual gains in efficiency.
Inline's Data Drives Excellence
And that’s the biggest bottom line for your bottom line. Reach out and turn our reporting into a catalyst for change with a free, no-risk, hands-on trial today.
