2019 Warranty Roundtable: What Warrants an ESP Sale?
Dealerscope posed a short prompt to a number of major consumer electronics and appliance warranty providers, asking them to shed light on initiatives they're pursuing to help retailers drive sales of their extended service plans (ESPs). Here's what they had to say.
AIG sees opportunity in (i) adding services that complement connected homes and advancements in the Internet of Things (IoT) and (ii) driving customers to subscription-based multi-product coverage. We see a strong demand for service contracts or standalone products that maintain IoT connectivity and protects our clients’ customers’ connected devices against security risks, including data breach and data loss. We also see significant economic value in shifting from traditional coverage of a single product (for a fixed yearly term) to enhanced coverage that covers multiple products in a monthly subscription-based fee model, such as multi-appliance coverage and whole home warranties.
In 2019, Assurant will continue to help retailers increase revenue while delivering a better customer experience. This starts with our industry-leading sales optimization program that is proven to increase attachment, both online and off. It continues in product design, offering solutions that include all the support and protection consumers need, without expensive luxuries they don’t. Then it extends to helping customers set up and connect their new products, educating them on how to get the most out of their purchases, and troubleshooting when something goes wrong. All this comes with greater size and scale, expanded capabilities and expertise, and more insights to help retailers innovate to meet the evolving needs of consumers, thanks to our acquisition of The Warranty Group in 2018.