Amidst strong competition, retaining customers is critical for manufacturers and other organizations in order to sustain their market share and reach revenue targets. Extended warranty programs have emerged as a strategic solution that provides these organizations with an efficient way to maintain customer engagement well beyond the initial purchase.
Aside from fueling customer loyalty, extended warranty programs provide manufacturers with a treasure-trove of data that can help them identify potential challenges that could emerge in their products beyond the original manufacturer warranty period. This knowledge enables them to proactively address issues and enhance overall customer experience and loyalty. Further, insurers can leverage this data to assess loss ratios and identify potential claims patterns, allowing them to make more informed underwriting decisions.
In this episode of Risk in Context, Phil Hobson, who leads Marsh’s International Affinity, speaks with Arun Narayanan, International Digital Leader and Chief Operating Officer for International Affinity, and Alessandro Filon, Affinity European Sales Leader. They discuss the multifaceted benefits of warranty programs, explore how they can foster customer loyalty, and speak about the importance of data in identifying potential risks and informing product improvements.
