Category Archives: Service Contract

Hot off the press: New Frontiers for Extended Warranties

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New Frontiers for Extended Warranties by Aleem Lakhani is a must read for warranty industry professionals. In the article, Aleem examines the impact disruptive technologies and changing consumer expectations are having on warranty, extended warranty and service contract operations. He analyzes the contours of the present day warranty marketplace, the digital transformation of how business is done in the space, and what this transformation means for key stakeholders.  Aleem observes that “[t]he primary challenge [disruptive technologies present] relates to how to harness the data to make intelligent use of it in a timely manner for relevant partners in the warranty value chain ecosystem,” and predicts that “[t]hose that take bold steps today will benefit from first-mover advantage, increased market share, and will establish trust, loyalty and confidence about their commitment to innovation with partners, including the expectation of today’s and tomorrow’s customers.”

Aleem, the EVP at AmTrust North America, Specialty Risk Division, is a warranty industry veteran and thought leader. He also serves as on the Board of Directors for the Global Warranty and Service Contract Association. (Full disclosure: I am presently serving as GWSCA president.)  

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Does Offering a Service Contract Make Sense for Your Business?

Service contracts can be powerful tools for increasing revenue and customer loyalty. If you sell a product, you have almost certainly considered what type of warranty to offer. But, have you also thought about whether to also give customers the option of purchasing an additional service contract? Here are five things to consider: 

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Survey says: Service contract purchasers more loyal to brand and retailer.

TWG logoWarranty Week reports that a survey done by The Warranty Group shows that “buyers of protection plans are happier with their purchases and more loyal to both the seller and the manufacturer’s brand than are non-service-contract buyers.” The report does not answer one key question:  Why?.

Any thoughts?

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GWSCA President, Paul Wojcicki: Moving GWSCA Forward

GWSCA LogoIn a much less contentious election than many of us have been focused on recently, I have been selected to serve as President of the Global Warranty and Service Contract Association. Continue reading

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Warranty and Service Contract Industry Experts to Meet in Chicago

GWSCA LogoThe 2nd Annual Global Warranty and Service Contract Association Conference is coming to the Chicago Palmer House Hilton Hotel, September 16-18, 2015.

This year’s theme is “Knowledge:  The Profitable Advantage.”

Industry experts and thought leaders from the warranty and service contract business sectors will be there to share insight, analysis and recommendations for improving all aspects of warranty and service contract operations. Continue reading

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2015 GWSCA Conference Call for Presenters

2015 CFP GWSCA

The second annual Global Warranty and Service Contract Association Conference is set for September 16-18 at the historic Palmer House in Chicago. The GWSCA is now accepting presentation proposals.

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Even a critic sees value in vehicle service contracts

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A recent kiplinger.com post generally critical of vehicle service contracts (VSC) makes a pretty good case for buying one. Continue reading

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Groundhog Day: Another piece questioning the value of extended warranties

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The same article keeps popping up every other week or so in one publication or another. Its headline either asks if extended warranties are worth the cost or screams they are not. It gives the same advice – “buy smart” – and generally reaches the same conclusion on whether you should buy a service contract – “It depends”. See here, then here, here, herehere, and here.  Why is somebody always picking on extended warranties?

Here are 5 reasons why I think extended warranties make an easy target. Continue reading

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Consumer Reports to consumers: Choose risk or over peace of mind

boxing clip artIn a September 6 piece, Why you should avoid home warranties, Consumer Reports again takes a shot at service contracts. Noting a recent complaint filed by New Jersey regulators against Choice Home Warranty for allegedly making it difficult to obtain benefits, CR “recommend[s] avoiding service contracts” because those “that cover homes and cars, for example, can cost hundreds of dollars.” But what if the car or home costs many thousands of dollars? Isn’t spending a few hundred bucks on a service contract worth it to minimize risk and secure peace of mind? “No,” says CR, “it makes much more sense to buy reliable products and maintain them as the manufacturer recommends.” Now it’s clear, just buy things that won’t malfunction or fail. Continue reading

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Odds and ends in the world of warranty

notes Some interesting notes about the goings on in the warranty business. Continue reading

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