How does an IER warranty program financially benefit your company?

Warranty programs are proven to financially benefit OEM companies in many different ways. When fully integrated into your product lines, these benefits include:

  • Higher margins
  • Increased incremental revenue
  • Customer security
  • Protection of your reputation
  • Creation of a greater brand loyalty.

In addition to the benefits to an OEM, an effective warranty program provides your customers with the peace of mind they need to purchase more of your company’s products knowing their investment is protected. Further, product buyers want to protect against random system failures and avoid extra costs in the future. Unexpected failures should not damage your company’s products reputation. This is where IER can help you by providing its warranty services.

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How does IER’s warranty program protect your company’s reputation and increase revenue?

We provide well-designed warranty programs that enable your company, as an OEM, a developer or assembler, to provide extended service agreements to your customers.

IER contracts your company to make the repairs covered under the warranty period. Service work with your customers represents an opportunity to increase customer interaction, retention and satisfaction which leads to increased service revenue and product sales.

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Why not self-insure warranties and assume the risk yourself?

Companies that self-insure become the obligors in the program. They take on the expense of administration, risk pricing, regulatory monitoring and underwriting. That choice often becomes a web of administrative work, riddled with complex regulatory hurdles, inadequate risk modeling, and demanding of both financial and human capital resources.

For these reasons, self-insuring your product lines can negatively affect your company’s profit margins and re-direct valuable resources away from what your company really excels at. In short, IER’s warranty program is a more cost effective option for your company!

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So how does IER actually work with a manufacturer and their customer?

IER private labels all of its products for you as the manufacturer. So, packages like our warranty services are under your company’s name and handled as such. This means that customers only see your brand name and not IERs. Therefore, you are more likely to be successful in providing this service since customers see that the plan is coming from the company that sold the product.

In the foreground customers communicate directly through our software that IER provides your company from the date the products are delivered. This software is branded for you. This interface provides simultaneous communication and enables your company to immediately service the customer directly.

While this system ensures good relations with your customer, in the background, IER handles underwriting the program and adjudicating any future the claims. This allows your company to focus on its core business and receive expert assistance in providing the warranty and other financial services that your company now offers.

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What are the benefits of a good warranty program to a manufacturer?

Warranty programs are also known as extended warranties, protection plans, product insurance, or service contracts. They protect brand loyalty, especially when customers experience a product failure after the “Limited Warranty Period”. In addition they provide the peace of mind and financial protection that customer’s look for and the service work and client retention that manufacturers seek.

Key reasons for having a warranty program for a manufacturer include:

  • Revenue enhancement. This is achieved through retained customers and extended service agreement periods.
  • Customer security. Customers feel more confident purchasing a product when they know that it can be taken care of if it breaks down. This is complimented when the customer receives the warranty program with their purchase and directly from the product seller, and not a third-party provider.
  • Brand credibility. An excellent service contract is the one that delivers more than an ordinary warranty. Providing a high quality, comprehensive warranty program in conjunction with best of class repair service will strengthen your brand credibility. It shows reliability and trustworthiness which creates overwhelmingly positive customer reviews.
  • Customer loyalty. Customers tend to come back to the company that gives them the best customer service. While no product is perfect, if you have a warranty program and complimenting repair service that takes care of your customer then you can maximize the lifetime of value for that customer.
  • Brand authority. The service portion of a well-designed warranty program gives your company the opportunity to display its knowledge and commitment to excellence when a repair is required. The key here is in the execution—how you go about the repairs or maintenance and how you process the claims.

IER’s interactive warranty system enhances the protection of your brand by facilitating the client interaction and providing the highest level of service.

Contact us now and discuss how IER can help you in providing finance and leasing solutions to your customers.