RSS Feed
February 20, 2018 07:27
Dealerscope Warranty Roundup: Standing Out In 2018
Comments
February 12, 2018 02:49
Tumblr
The CPO Playbook
How do you build a top-tier certified pre-owned marketing program in your independent operation?
You build it from the ground up.
That means you start with the basics – a good partner to help you with your program and train everyone on their role in the process.
When Peyton Manning was quarterback of the Denver Broncos, he would yell “Omaha” as he waited for the snap.
Manning’s voice made the entire stadium tense up in anticipation of what was coming. Most important, his teammates snapped to a state of mental preparedness. When the snap came, they could react without thinking.
The offense has the advantage over the defense – the offense knows what’s about to happen.
Every player knows his responsibilities and if any of them fail to carry out their assignment the play won’t work. Because they have a plan, the team moves in unison, beginning at the sound of the quarterback’s voice.
That can happen in your store. You can make is so everyone knows what to do when you call the play.
When your staff knows which part of the playbook is being used and what everybody’s assignments are, the store becomes a team.
Manning was able to get buy-in from his teammates because they all knew the situation. Some plays are designed to get one tough yard and some are after a big gain.
When everyone knows the situation and the goal of the play, they can carry out their duties with a more dedicated commitment.
So why are you calling the play for a CPO program?
Even if you know the answer to that question it might not be obvious to your employees.
The answer, really, is easy – to keep up with the competition.
The popularity of certified pre-owned is not showing any signs of slowing down. In fact, CPO sales set records for six consecutive years, and when the final numbers are tallied for 2017, they’re expected to break the record again.
Certified pre-owned vehicles are becoming more desirable even though fewer than half of all customers know what CPO entails.
According to Autotrader’s 2014 CPO research study, 60 percent of car buyers said they’d like to look at a CPO unit while making a used car selection, but only 48 percent actually knew what it means for a vehicle to be certified.
Those customers most likely don’t know the difference between warranties that come with a vehicle and extended service contracts that are purchased.
That leads to several conclusions about how to maximize the value of a CPO program. Customers have heard of CPO and feel it is a better option. They also know it’s usually backed by a warranty for some period.
The statistics tell us that to get the full value of a CPO program dealers should not rely on what customers think they know about certified pre-owned. A full presentation and explanation allows salespeople to create a need for the program.
For example, at Auction Direct USA, one of the nation’s most successful CPO dealerships, salespeople walk customers past an education wall that teaches them about Auction Direct, NIADA and their partnership in the NIADA Certified Pre-Owned program.
Sales is about giving enough information to allow customers to arrive at the conclusion you want them to. That definition requires your salespeople to have knowledge of what the dealership’s program includes.
With that knowledge your salespeople can provide customers information that allows them to consider the value of the CPO program when weighing your dealership’s vehicles against the competition’s.
The economy continues to grow, allowing more people to be able to buy a vehicle. That alone is going to create a spike in business.
To capture more than their share of that market, independent dealers must be ready to compete for every deal.
Analysts agree a majority of used vehicle buyers are interested in at least learning about CPO. That means if you do not have a CPO program, you are left fighting for the scraps among the minority of customers who don’t know about or are not interested in CPO.
And it allows new car franchises and sophisticated independents to dine on the more lucrative segment of customers who are searching for certified pre-owned vehicles.
You need to let your team know why the CPO play was called. The people who represent your programs to the public need to know it will allow the store to stay competitive and will make marketing to the entire spectrum of the used car business viable.
Once the people who will make your program a success know why you are setting up a CPO program, the next question to answer is, “Why that one?”
So how do you choose which program to bring into your dealership family?
Factory programs are fantastic – but they’re not an option for independent dealers. OEMs only certify their branded vehicles exclusively through franchise stores.
Even if independents could get in on the factory CPO programs, they have their issues.
Just a few years ago, for example, the margin for CPO vehicles was as much as $2,500 more than for other inventory. Today, according to research by iseecars.com, it’s more in the $750-$1,200 range.
That’s still a good return, but when you add in the average price of reconditioning a used vehicle to factory CPO specifications – including expensive items such as factory floor mats and four matching tires – most of that profit for OEM programs goes to expenses that don’t increase the customer’s satisfaction with the vehicle.
Indeed, factory programs are so stringent with their qualifications that they only certify their brand at a factory store. Which is why some new vehicle franchises have begun to use independent programs to certify their non-factory inventory.
Without a factory program what are you left with?
There are three main ways to certify a vehicle. OEM programs are one. Independents can also self-certify through a service contract company.
Or they can find an independent organization willing to certify the dealer’s CPO process.
The best-known national certified pre-owned program for independent dealers in the NIADA Certified Pre-Owned program, sponsored by NIADA – an organization with more than 70 years of history whose mission includes promoting ethics in the used car industry.
When NIADA wanted to bring its reputation and expertise to the CPO world it looked for a partner with the ability to certify pre-owned vehicles as well as experience and financial wherewithal to back those vehicles with a strong warranty.
The exhaustive search for a program administrator led to AmTrust Financial Services and its wholly owned subsidiary, Warrantech.
“The best thing about that is it’s the same administrator General Motors and Mazda use for their extended service contracts and CPO, giving independent dealers’ customers the same service a new vehicle franchise would give,” said Warrantech’s Natalie Suarez, director of NIADA Certified.
As a result of NIADA’s partnership with AmTrust, Suarez said, “we are able to provide a high-level, complete marketing program for independent dealers.”
NIADA’s program, Suarez said, “is designed to give customers the kind of service in the event of a breakdown that’s usually reserved for new car dealerships, elevating the independent dealer in the customer’s eyes.
“And the more repeat and referral business dealers can generate, the less they spend on conquesting new customers.”
One of the first car salespeople in America was a man named Eddie Rickenbacker, who was best known as America’s most decorated flying ace, earning the Medal of Honor in World War I. He also raced in the Indianapolis 500, helped design a vehicle that bore his name and founded Eastern Airlines.
Rickenbacker always said he learned while selling cars that you had to find your advantage and move continually towards that advantage, a philosophy that allowed him to survive countless dogfights over France.
“The one thing I know for a fact is every lot has the same vehicles and the prices are pretty much the same, so if you want to differentiate yourself from the pack, you better provide something no one else does,” longtime auto dealer and advertising pioneer Bob Catterson once said. “If you can’t do something special the only other choice is price, and price prohibits sales, not makes them.
” Calling the NIADA CPO play for your store creates that competitive advantage over other independent dealers – and it allows you to compete with new car franchises for their used vehicle customers.
NIADA adds to that advantage with CPO partners that include some of the biggest names in the industry, such as Carfax, eBay Motors and SiriusXM Radio, adding credibility with customers and making your inventory more visible on search engines.
Not to mention AmTrust, which has earned an A rating on A.M. Best’s rating system as one of the most stable companies in America and an A+ rating with the Better Business Bureau.
Once all the people in the store know their part in running the play, it is important for everyone to flawlessly execute his or her assignment.
As legendary coach Vince Lombardi once said, “You can’t coach a player who hasn’t been trained.” Before they can execute the plan, your staff must be trained.
Whoever is responsible for certifying vehicles must understand how important it is to properly communicate the condition of each vehicle to management.
If it costs too much to bring the car up to CPO standards, management needs to know. And the certifying technician needs to know that not certifying a vehicle also has a cost to the dealership.
The technicians who inspect the vehicles need to be shown the deeper importance of their work to the sales process. In the CPO process, credibility is extremely important. Customers must believe in the concept of the inspection process.
If customers do not believe there has been an actual technician touching the car, they will doubt the value of the warranty and that will negate any certification advantage.
Sales must use the NIADA certification checklist in the sales process.
The sales department should leave a copy of the checklist in the glove compartment of the certified vehicle. The salesperson will pull the checklist out during the walkaround or demo ride and go over how the inspection affects the customer’s ownership experience.
The tech’s role is to check every box individually to give validity to the checklist. He or she can help sales even more by adding extra details, such as writing the actual numbers for tire tread and brake pad width.
When the behind-the-scenes people who help sell vehicles realize how much the little things they do help the profitability of the store, their work ethic is increased.
Salespeople have the job of being enthusiastic about the program.
W. Clement Stone once said, “A positive attitude increases the likelihood of a good outcome.” That means being committed to the belief that what the store is providing the customer has value helps accomplish the task – in this case, the task is maximizing profit and sales volume.
How did Peyton Manning always perform at a high level and get his teams to perform with him when he called his plays?
The team started from the ground up, making sure everyone knew the play, their role in the play and the goal the play was meant to accomplish.
If everyone does their job, from the inspection process to sales and finance, having a great CPO option allows independent dealers not only to keep up with the local competition but to be competitive with dealers across the country via the Internet.
Article Source: https://warrantech.com/blog/january-2018/the-cpo-playbook/
Reblog
Follow
February 9, 2018 02:54
AmTrust Mobile Solutions – Covered. Connected. Confident.
Did you know that you can offer your customers smartphone coverage through our company?
AmTrust Mobile Solutions is a suite of mobile device protection and support services that provide your consumers with the protection that they need. Economic and hassle-free, this coverage allows for the repair or replacement of damaged or lost mobile devices quickly and efficiently with one of two options:
- If the damaged device is repairable, your consumers may have access to an authorized local service center for repairs while they wait.
- If an authorized local service center is not available, we will send a replacement unit, on an expedited basis, from our state-of the-art fulfillment center following claim submission.
Easy Claims Processing
AmTrust Mobile Solutions’ domestically located claims center is staffed with specialists who provide prompt and professional assistance. Available seven days a week, the claims center can also be accessed online. Our family of industry-leading customer support service centers has processed more than $1 billion in claims and is accredited by the Better Business Bureau.
Fully Supported
AmTrust Mobile Solutions appreciates that point-of-sale materials are critical in promoting and disclosing the various aspects of a program. That’s why we offer a marketing staff to design private label marketing materials or provide you with our own branded promotional items. Plus, we maintain strict adherence to each client’s branding requirements and possess an in-depth understanding of the legal and compliance issues associated with insurance product marketing.
A Dependable Business Partner
Working with AmTrust Mobile Solutions is easy. Whether your business is big or small, we can offer a carrier-grade program to suit your unique needs and exceed your customers’ expectations. From initial on-boarding to ongoing customer service, we can deliver customized mobile device protection solutions, provide complete administrative support and tailor the program to your financial requirements.
For more details about Warrantech feel free to visit: https://warrantech.com/blog/february-2018/amtrust-mobile-solutions-%E2%80%93-covered-connected-con/
February 5, 2018 02:39
Tumblr
Warrantech Named As A Finalist In The 2018 Stevie Awards For Sales & Customer Service
Warrantech was named as a finalist today in the Award for Innovation in Sales category in the 12th annual Stevie® Awards for Sales & Customer Service. Having previously won Gold in this category, Warrantech will ultimately be a Gold, Silver or Bronze Stevie Award winner in the program. Warrantech has been nominated in two other categories as well – Sales or Customer Service Solutions Technology Partner of the Year and Sales Management Team of the Year.
Based on the average scores of the 150 professionals worldwide who participated in the preliminary judging, Warrantech’s FutureProof Protect program was cited for its ability to eliminate the confusion that customers have with regard to smart-home products. An innovative service contract, it is the first protection plan of its kind to extend coverage to both smart devices and traditional household electronics. In addition to repair and replacement services, the FutureProof Protect plan offers 24/7 tech support to help customers with the integration of new smart-home products.
More than 2,500 nominations from organizations of all sizes and in virtually every industry were evaluated in this year’s competition. Finalists were determined by the average scores of more than 150 professionals worldwide, in seven specialized judging committees.
Entries were considered in 89 categories for customer service and contact center achievements, including Contact Center of the Year, Award for Innovation in Customer Service, and Customer Service Department of the Year; 60 categories for sales and business development achievements, ranging from Senior Sales Executive of the Year to Sales Training or Business Development Executive of the Year to Sales Department of the Year; and categories to recognize new products and services and solution providers.
The final results will be announced during a gala banquet on Friday, February 23 at Caesars Palace in Las Vegas, Nevada. Finalists from the U.S.A. and several other nations are expected to attend.
Article Source: https://warrantech.com/blog/january-2018/warrantech-named-as-a-finalist-in-the-2018-stevie/
January 15, 2018 07:05
The 3 C’s: Tips for Purchasing a Vehicle Service Contract
Purchasing a vehicle service contract can be a confusing and intimidating process. There’s a lot to consider and, in some cases, a lot of money involved. That’s why we’re here to help take the guesswork out of the decision-making process and make sure you get exactly what you’re looking for. It’s easy. All you have to do is remember the three C’s of service contracts – cost, coverage and commitment.
Cost
First, you’ll want to determine if the car is worth the added investment. Do you plan on putting a lot of miles on it? Does the particular make and model have a history of needing frequent repairs?
You’ll also want to keep in mind that just because a plan is cheaper, that doesn’t mean that it’s better. In some cases, a company might sell you a less expensive plan that doesn’t provide the same level of coverage. Look for a good service contract that can offer you exceptional long-term savings and value. A few things to consider in association with the cost of your plan include:
• 24-hour technical assistance and access to qualified service professionals
• Value-added extras such as discounts on hotels and restaurants, rental car benefits, locksmith services and 24-hour roadside assistance
• Paying in advance could save you money later at the time of service
• In some cases, a service plan can pay for itself in just one repair
Coverage
Next, consider the vehicle type and the best type of coverage for it. For instance, if you have a vehicle that you intend to keep for long time, you’ll want a plan that takes high mileage into account. At the opposite end of that spectrum, if you simply want to protect your vehicle’s appearance, a supplementary protection plan is probably in your best interest. Warrantech has several options you can choose from that encompass a wide variety of services:
• CustomEdge Plus – Provides you with the flexibility to pick your plan, length of coverage, miles of coverage and deductible
• RepairMaster Service Drive – Complete coverage for cars, trucks and SUVs
• MileEdge – Perfect for unpredictable, high-mileage vehicles, this plan covers costs associated with an automobile breakdown
• SecureEdge – Covers costs to repair or replace any breakdown of parts, except engine, turbocharger/supercharger, transmission, transfer case and drive axle components
• OwnerEdge – Offers powertrain vehicle protection
• PowerEdge – For motorcycles, scooters, ATVs, snowmobiles and other recreational vehicles
• CampersEdge – For motorhomes, travel trailers, fifth wheels, pop-ups and slide-ins
Commitment
Finally, keep in mind that as the owner of the service contract, you are responsible for fulfilling the terms and conditions outlined within. As such, you’ll want to:
• Read the contract paperwork carefully and make sure you understand the coverages and exclusions
• Follow all the manufacturer’s recommendations for routine maintenance. Failure to comply with these requirements could void the contract
• Register your plan online if the provider has a website page that allows you to do so
• Keep your contract paperwork, receipts, maintenance reports and contact numbers in a safe place where you can easily access them. This will make ownership and claim submission simple and easy
To learn more about our vehicle service contracts, visit warrantech.com
Article Source:https://warrantech.com/blog/january-2018/the-3-c%E2%80%99s-tips-for-purchasing-a-vehicle-service-c/
December 15, 2017 07:36
Tumblr
How Warrantech Differentiates Itself From The Competition To Help Your Business
Infrastructure Scalability
One of the core strengths of AmTrust (Warrantech’s parent company), and a major reason why AmTrust was recently ranked as one of Fortune’s 100 Fastest Growing Companies, is the scalability of the our infrastructure. Rapid expansion capability is a hallmark of AmTrust and woven into the fabric of the company. Over the past 10 years, AmTrust has successfully integrated more than 2,700 new client programs and completed over 40 acquisitions.
Proficient Project Management
A skilled team of project managers effectively facilitates the integration process using proven methods to implement new programs and meld new companies into the Warrantech ecosystem. Each transaction poses unique program integration challenges, but our project managers collaborate with the various business teams to accomplish the desired results.
Built-in Expandability Warrantech
maintains facility space and IT resources solely for new programs and implementations. We have the ability to add significant resources to facilitate your business and can do so in a rapid manner.
Skilled Workforce
Warrantech is adept at quickly amassing its workforce to accommodate new programs. Our Dallas, Texas location affords us access to a dynamic and highly trained workforce. Coupled with robust systems and training programs, Warrantech ensures rapid deployment of new, skilled personnel.
Multiple Product Options
Warrantech maintains “off-the-shelf” products and programs for speed to market, but is equally adept at customizing programs specifically to meet each client’s needs. We are also able to work with each partner’s existing products, if desired.
Customer Service & Claims Adjudication
Warrantech firmly believes that service excellence is the cornerstone of any successful extended service contract program. The service standards and customer experience are mutually established with each of our clients during the implementation phase so that our service team can act as an extension of our clients.
Finance & Accounting
Warrantech has a sophisticated accounting structure and employs very experienced financial professionals. The organization uses the Oracle General Ledger System, which provides tools for effective management control and real-time visibility to financial results. Our accounting and financial statements are audited by the accounting firm of BDO USA, LLP. Relevant parent company financial information is filed as required with the Securities and Exchange Commission. Our program-specific reporting capabilities enhance the overall management and administration of a program by using standard, custom and ad hoc reports to drive strong decision making and provide full transparency. We are compliant with Sarbanes-Oxley and PCI and maintain our SSAE16 certification.
Marketing Development
Warrantech employs a full-time, dedicated service contract marketing team. We also leverage third-party expertise to ensure that we are constantly providing robust marketing materials and strategies for our clients. This team is well versed in coordinating with the internal departments of our clients to ensure that all marketing requirements and brand standards are maintained. Missed Point of Sale/Renewal Marketing We employ a direct marketing team to capture opportunities that were missed at the point of sale by targeting prospects through personalized mail, Internet and/or telemarketing campaigns—all designed in conjunction with our partners. This team also manages our renewal program, which offers customers extended coverage and flexible payment terms, while providing additional revenue and brand loyalty to our partners.
Training & Field Services
Depending on each client’s needs, our training staff has the ability to build a custom field support program focused on:
• Internal program training: to ensure all of the Warrantech individuals assigned to this program have a full understanding and expertise with your culture and philosophy, the products and systems, sales and marketing approach, and customer experience standards. This training would be required before any individual would be permitted to touch any part of your program.
• Retail store and management training: to provide customized training, best practices, information on the products and systems, and general sales development.
Visit warrantech.com or give us a call at 800.833.8801 to learn more about how we can best support your business.
December 8, 2017 01:19
How Warrantech Differentiates Itself From The Competition To Help Your Business
Infrastructure Scalability
One of the core strengths of AmTrust (Warrantech’s parent company), and a major reason why AmTrust was recently ranked as one of Fortune’s 100 Fastest Growing Companies, is the scalability of the our infrastructure. Rapid expansion capability is a hallmark of AmTrust and woven into the fabric of the company. Over the past 10 years, AmTrust has successfully integrated more than 2,700 new client programs and completed over 40 acquisitions.
Proficient Project Management
A skilled team of project managers effectively facilitates the integration process using proven methods to implement new programs and meld new companies into the Warrantech ecosystem. Each transaction poses unique program integration challenges, but our project managers collaborate with the various business teams to accomplish the desired results.
Built-in Expandability
Warrantech maintains facility space and IT resources solely for new programs and implementations. We have the ability to add significant resources to facilitate your business and can do so in a rapid manner.
Skilled Workforce
Warrantech is adept at quickly amassing its workforce to accommodate new programs. Our Dallas, Texas location affords us access to a dynamic and highly trained workforce. Coupled with robust systems and training programs, Warrantech ensures rapid deployment of new, skilled personnel.
Multiple Product Options
Warrantech maintains “off-the-shelf” products and programs for speed to market, but is equally adept at customizing programs specifically to meet each client’s needs. We are also able to work with each partner’s existing products, if desired.
Customer Service & Claims Adjudication
Warrantech firmly believes that service excellence is the cornerstone of any successful extended service contract program. The service standards and customer experience are mutually established with each of our clients during the implementation phase so that our service team can act as an extension of our clients.
Finance & Accounting
Warrantech has a sophisticated accounting structure and employs very experienced financial professionals. The organization uses the Oracle General Ledger System, which provides tools for effective management control and real-time visibility to financial results. Our accounting and financial statements are audited by the accounting firm of BDO USA, LLP. Relevant parent company financial information is filed as required with the Securities and Exchange Commission. Our program-specific reporting capabilities enhance the overall management and administration of a program by using standard, custom and ad hoc reports to drive strong decision making and provide full transparency. We are compliant with Sarbanes-Oxley and PCI and maintain our SSAE16 certification.
Marketing Development
Warrantech employs a full-time, dedicated service contract marketing team. We also leverage third-party expertise to ensure that we are constantly providing robust marketing materials and strategies for our clients. This team is well versed in coordinating with the internal departments of our clients to ensure that all marketing requirements and brand standards are maintained.
Missed Point of Sale/Renewal Marketing
We employ a direct marketing team to capture opportunities that were missed at the point of sale by targeting prospects through personalized mail, Internet and/or telemarketing campaigns—all designed in conjunction with our partners. This team also manages our renewal program, which offers customers extended coverage and flexible payment terms, while providing additional revenue and brand loyalty to our partners.
Training & Field Services
Depending on each client’s needs, our training staff has the ability to build a custom field support program focused on:
• Internal program training: to ensure all of the Warrantech individuals assigned to this program have a full understanding and expertise with your culture and philosophy, the products and systems, sales and marketing approach, and customer experience standards. This training would be required before any individual would be permitted to touch any part of your program.
• Retail store and management training: to provide customized training, best practices, information on the products and systems, and general sales development.
Visit warrantech.com or give us a call at 800.833.8801 to learn more about how we can best support your business.
December 4, 2017 03:42
Want Niche Capabilities? You’ll Want A Unique Company
It’s important to partner with a company that’s well-versed in your line of work. After all, every industry has a unique set of risks and differentiators. And if you’re a small business owner, having access to someone who is receptive to the specific, yet ever-changing needs of your business can make all the difference.
AmTrust, Warrantech’s parent company, places a deliberate focus on delivering quality programs and services to businesses in underserved niche markets. With a staff of business developers, underwriters and account managers who are experienced, dedicated and client-focused, they strive to develop strong partnerships to ensure that your business plans are expertly executed, fully licensed and well-designed for your particular industry.
Small Commercial Business
Specifically targeting small businesses, AmTrust has crafted its commercial package insurance offering to provide coverage for niche audiences such as: lumber, restaurants, automotive service centers, financial institutions, inland marine, commercial agriculture and much more.
By combining leading technology, proprietary online business submission software and a deep understanding of each market, AmTrust reduces risk, produces efficiencies and provides effective loss control for its clients. AmTrust services small businesses with the same concern and attention to detail expected by large businesses, treating policyholders with the individual attention that they deserve.
Specialty Program
At its core, the program business provides risk funding arrangements to a small group of targeted program business clients dedicated to the long-term proposition of shared risk and shared rewards. The risks to which these policyholders are exposed require in-depth knowledge of the industry segments in which they operate. Underwriting often entails customized coverage, loss control and claims services, as well as risk-sharing mechanisms. Underwriting expertise is the core competency of this specialized business unit.
AmTrust partners with MGAs and claims administrators to originate and manage this book of business. They target sophisticated small- and middle-market businesses, such as retail and wholesale operations, service operations and non-profit organizations. The coverages offered consist primarily of workers’ compensations, general liability, commercial auto liability and property insurance.
Specialty Risk and Extended Warranty
Warrantech’s extended warranty coverage focuses on automotive and consumer product clients, offering accidental damage, mechanical breakdown and related risks, while AmTrust’s specialty risk coverage targets the categories of consumer and commercial goods, auto, involuntary employment and travel/purchase benefits.
By serving as both underwriter and third-party administrator of our warranty programs, including our own full-service, state-of-the-art call center, we are uniquely positioned to simplify purchasing and help protect the integrity of our clients’ brands.
November 7, 2017 07:03
Tumblr
Why You Need A Vehicle Service Contract
Contemplating a vehicle service contract, but unsure of how it works or how it differs from an automotive warranty? You’re not alone. A lot of consumers tend to get the two mixed up or fail to understand just what they cover. But seeing as how your vehicle is usually the second most important purchase you will make right after your home, it is in your best interest to do your homework and make sure that you are protected.
What exactly is a vehicle service contract?
It is an agreement to cover costs associated with repairs or services made to your vehicle. A manufacturer’s warranty, on the other hand, is a promise from the manufacturer to stand by their workmanship for a limited time after you purchase the vehicle. Once this warranty expires, a vehicle service contract becomes valid and provides you with much-needed coverage on your vehicle’s most important systems and components.
Is a vehicle service contract right for you?
Here are a few things to consider:
• Keep in mind that the average hourly rate for a mechanic is $100 an hour. A vehicle service contract can help do away with this cost, save you money and keep you from paying any unforeseen and unexpected repair bills.
• If you plan on owning your car for an extended period, it’s definitely in your best interest. A vehicle service contract can keep your car running at its very best and on the road for a long time.
• Even if you don’t intend to keep your car for long, a service contract can increase your vehicle’s resale value once you decide to sell. But before you do, make sure that the service contract you’re purchasing is transferable.
• Do some research into the make and model of the vehicle you plan on purchasing. Is it likely to need repairs and, if so, what are the costs? Weigh this against the price of the service contract to determine if it is worth it to you.
• Does the contract include extras such as discounts on hotels and restaurants, rental car benefits, locksmith services and 24-hour roadside assistance? Not only do these add to the value of the service contract, they can provide you with added peace of mind in the event that something goes wrong while you’re on the road and away from home.
• Take your driving habits into account. Will you be on the road a lot? Is there a lot of stop-and-go traffic? What are the road conditions like? Do you park outside where the weather is extreme? These can all have an adverse effect on your vehicle.
• Check the terms and conditions carefully. Make sure you know exactly what you’re getting and what is covered specifically.
• In addition to the type of coverage, be mindful of the length of coverage, miles of coverage and deductible.
• Research the company providing the service contract. Are they reputable? Some guidelines to help determine this might include checking their Better Business Bureau rating to see how they work with consumers and finding out what their A.M. Best rating is to verify financial strength and stability.
Have questions about a specific vehicle service contract?
Don’t hesitate to ask your salesperson or agent for more information. Most dealerships typically provide you with a brochure or direct you to a website so you can review the plan in its entirety. Take time to make sure that you fully understand the scope of the service contract and don’t get pressured into purchasing something that makes you feel uncomfortable. With so many options currently available, you are sure to find something that is satisfactory for your budget and your vehicle’s specific requirements.
For more details about warrantech feel free to visit: https://warrantech.com/blog/october-2017/why-you-need-a-vehicle-service-contract/
October 20, 2017 07:06
Why You Need A Vehicle Service Contract
Contemplating a vehicle service contract, but unsure of how it works or how it differs from an automotive warranty? You’re not alone. A lot of consumers tend to get the two mixed up or fail to understand just what they cover. But seeing as how your vehicle is usually the second most important purchase you will make right after your home, it is in your best interest to do your homework and make sure that you are protected.
What exactly is a vehicle service contract?
It is an agreement to cover costs associated with repairs or services made to your vehicle. A manufacturer’s warranty, on the other hand, is a promise from the manufacturer to stand by their workmanship for a limited time after you purchase the vehicle. Once this warranty expires, a vehicle service contract becomes valid and provides you with much-needed coverage on your vehicle’s most important systems and components.
Is a vehicle service contract right for you?
Here are a few things to consider:
• Keep in mind that the average hourly rate for a mechanic is $100 an hour. A vehicle service contract can help do away with this cost, save you money and keep you from paying any unforeseen and unexpected repair bills.
• If you plan on owning your car for an extended period, it’s definitely in your best interest. A vehicle service contract can keep your car running at its very best and on the road for a long time.
• Even if you don’t intend to keep your car for long, a service contract can increase your vehicle’s resale value once you decide to sell. But before you do, make sure that the service contract you’re purchasing is transferable.
• Do some research into the make and model of the vehicle you plan on purchasing. Is it likely to need repairs and, if so, what are the costs? Weigh this against the price of the service contract to determine if it is worth it to you.
• Does the contract include extras such as discounts on hotels and restaurants, rental car benefits, locksmith services and 24-hour roadside assistance? Not only do these add to the value of the service contract, they can provide you with added peace of mind in the event that something goes wrong while you’re on the road and away from home.
• Take your driving habits into account. Will you be on the road a lot? Is there a lot of stop-and-go traffic? What are the road conditions like? Do you park outside where the weather is extreme? These can all have an adverse effect on your vehicle.
• Check the terms and conditions carefully. Make sure you know exactly what you’re getting and what is covered specifically.
• In addition to the type of coverage, be mindful of the length of coverage, miles of coverage and deductible.
• Research the company providing the service contract. Are they reputable? Some guidelines to help determine this might include checking their Better Business Bureau rating to see how they work with consumers and finding out what their A.M. Best rating is to verify financial strength and stability.
Have questions about a specific vehicle service contract?
Don’t hesitate to ask your salesperson or agent for more information. Most dealerships typically provide you with a brochure or direct you to a website so you can review the plan in its entirety. Take time to make sure that you fully understand the scope of the service contract and don’t get pressured into purchasing something that makes you feel uncomfortable. With so many options currently available, you are sure to find something that is satisfactory for your budget and your vehicle’s specific requirements.
For more details about Warrantech feel free to visit: https://www.linkedin.com/company/warrantech
Article Source: https://warrantech.com/blog/october-2017/why-you-need-a-vehicle-service-contract/
September 14, 2017 02:17
Tumblr
Building Blocks to Success: The Warrantech Advantage
When choosing a provider for your extended service plan (ESP) program, it’s important to consider someone with the ability to adapt quickly to your company’s unique needs. The market moves fast and your ESP administrator has to be able to keep up in order to meet the growing and fluctuating demands of your business.
One of Warrantech’s core strengths is the scalability of our infrastructure. Rapid expansion capability is a hallmark of our business and woven into the very fabric of our company. As your needs change, our modular approach allows you to make changes to your program in order to reach your goals and, most importantly, maintain superior customer service and financial stability.
Flexibility
• Customized to grow with your needs
• Program incubation and growth strategies
• Complete training and support solutions
Transparency
• Real-time program performance
• Monetization of product performance data
• Pricing and underwriting data sharing
Scalability
• State-of-the-art infrastructure and technologies
• Profit sharing / reinsurance / alternative risk transfer
• Modular solutions Dedication•
Dedicated staffing model
• Segregated data/systems
• Creation of dedicated obligor company for your business
Execution
• Industry expertise
• Proven implementation and project management expertise
• Focused, entrepreneurial and accountable philosophy
Financial Stability
• A 2017 Fortune 500 company
• Rated “A” (Excellent) by A.M. Best Company for financial strength and stability
• Ranked 45 on Fortune magazine’s “Fastest-Growing Companies” list
• Named Forbes’ “2014 Best-Managed Company (Insurance)”
September 12, 2017 05:17
Sean Stapleton To Speak At Extended Warranty & Service Contract Innovations Conference
The eighth annual Extended Warranty & Service Contract Innovations Conference opens September 13 at the Renaissance Hotel in Nashville. Several hundred professionals from the extended warranty and service contract industry are headed to Nashville to talk about how changes in technology and regulations will impact their businesses in the years ahead.
Successful Partnerships
On Thursday morning, Sean Stapleton, the President and CEO of AMT Warranty, will join with Kenneth J. Mac, the Director of Chevrolet-Buick-GMC-Cadillac Protection at General Motors Co., to deliver a presentation on “Successful Partnerships in the OEM F&I Space.”
GM spun off its vehicle service contract, insurance, and finance business years ago into what is now known as Ally Financial Inc., but which used to be known as the General Motors Acceptance Corp. (GMAC). Then, of course, the great recession hit, and both GM and GMAC went through bankruptcy reorganizations. Afterwards, GM decided to re-enter the VSC business under its own name, and Mac’s Customer Care & Aftersales unit decided to do it in partnership with an outside insurance underwriter.
Stapleton said AMT won the bidding after an extensive vetting process. “The relationship with GM has been truly phenomenal,” he said. “We’ve been in business for many years now.” He said they started working together in 2014, after AMT Warranty won the bid in late 2013.
“The program has grown tremendously since then,” he said. “And it continues to grow. So I’m really proud of what AMT Warranty and GM have put together.” Their joint presentation in Nashville will explain how the relationship works, how they strive for continual improvement and innovation together, and what advice they can offer to others looking to create similar partnerships for their service contract programs.
“It’s a unique partnership in so many ways,” Stapleton said. “This isn’t a vendor relationship with them. We’re not order-takers. It’s very collaborative. We meet every Monday. We have our quarterly calls. We have update calls. We’re living and breathing and looking at the same things.”
Fear-Free Communications
Stapleton said he and Mac will outline some of the best practices that seem to work for them in their partnership, while acknowledging that things may be different for other partnerships. First, he said, the partners employ what he called “fear-free communications” between the two teams.
“We empower our teams to build these relationships amongst themselves,” he said. “They fight for each other. It’s almost like one organization. It doesn’t feel like finger-pointing. It feels like we win or lose together.”
The teams also are encouraged to ask a lot of questions, particularly around reasons why they’re doing something a particular way. “Some of those things are hard to discuss, whether it’s personal or professional, but we have that openness. And it’s been really beneficial.”
Stapleton said the partners started out in 2014 with just a handful of auto dealers selling their vehicle service contracts (most were still loyal to GMAC/Ally). Ally still had rights to the GM name. So the partners decided to sell Buick, Cadillac, and Chevrolet-branded VSCs, and gradually some of those dealers decided to come aboard.
“It was a huge challenge,” Stapleton said. “But it was also a pretty exciting time — to know that we were doing things differently, to do things that were intended to drive retention and loyalty. That’s one of the biggest differentiators I think that the program has.”
They also offered disappearing deductibles, and introduced a “white glove” level of service within the dealerships to boost loyalty and turn what could be a real negative (getting a defect repaired) into a real positive (cementing the relationship with a phenomenal experience).
“Issues create long-term relationships with these customers,” he said. “Their alternator may have blown. And that stinks. But they had a great experience. They were put into a loaner car. And there’s a disappearing deductible, so there’s no money out of pocket. It makes it a whole lot easier, and it builds that level of trust. Challenges can actually result in longer-term relationships with customers.”
GM could have done it alone, essentially remanufacturing GMAC all over again. But instead it decided to work with AMT. Stapleton said this allows the partners to share data about both the products and the risks, with each bringing their expertise to the table.
“We support other large OEM programs,” he said. “So we know what’s been successful, and we know what’s been a failure.” And it helps the partners to properly price the service contracts sold for not only for new GM vehicles, but also the used vehicles that dealers have on their lots. “We have a depth and breadth of understanding of this space that’s hard to compete with, because this is our core.”
August 30, 2017 07:25
AmTrust Financial Services, Inc. Strengthens Senior Management Team with Appointment of Ariel Gorelik as SVP and Chief Information Officer
AmTrust Financial Services, Inc. Strengthens Senior Management Team with Appointment of Ariel Gorelik as SVP and Chief Information Officer
AmTrust veteran Christopher Longo continues as Chief Operating Officer
NEW YORK, Aug. 16, 2017 (GLOBE NEWSWIRE) — AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the “Company” or “AmTrust”) today announced that Ariel Gorelik, an experienced global insurance industry executive and most recently Chief Operating Officer of AmTrust’s AMT Warranty division, has been appointed Senior Vice President and Chief Information Officer (CIO), reporting to Chairman and Chief Executive Officer Barry Zyskind. Mr. Gorelik succeeds Christopher Longo who continues as EVP and Chief Operating Officer, appointed in 2016, who has guided technology development at AmTrust as the Company’s CIO since 2006.
Mr. Gorelik will lead AmTrust’s global IT organization, with a focus on operational excellence across the IT function. He is responsible for ensuring that AmTrust will continue to lead through technology innovation and capitalizing on technology solutions to help enable AmTrust fulfill its business goals. Mr. Gorelik’s extensive operational leadership experience in the insurance sector includes expertise in centralization of operations and transformation of service delivery to improve customer satisfaction.
Mr. Gorelik joined AmTrust in 2014 as Senior Vice President AmTrust North America operations, and in January 2016 was promoted to Chief Operating Officer of AMT Warranty, one of the Company’s operating subsidiaries in the U.S. Prior to joining AmTrust, from 2013 to 2014, Mr. Gorelik was a managing consultant of the ICON division for Zurich North America, a property and casualty insurer. From 2010 to 2013, he served as deputy chief operating officer at SK Allianz/Allianz Group, a German property and casualty insurer. He was responsible for the procurement, real estate management, and transportation departments, as well as for areas of IT relating to Allianz’s core insurance system. He also led the organization’s full automation of the policy life cycle. Prior to his role as deputy COO, Mr. Gorelik served as head of Allianz Eurasia’s business services, where he established a shared service center with a number of back and middle office functions, including claims handling, P&C policy administration, payments, and call center.
“AmTrust has always led with technology and innovation, which have been a competitive differentiator for us,” said Barry Zyskind, Chairman and Chief Executive Officer. “Under Ariel Gorelik’s leadership as Chief Information Officer, we will continue to harness the power of our technology platforms and digital capabilities. Similarly, we now can maximize Chris Longo’s management focus as AmTrust’s Chief Operating Officer to enable us to undertake the initiatives and processes to optimize results across our business units and product and service offerings.”
Mr. Zyskind continued, “With more than 400 knowledge developers within our IT staff of 1,000 men and women supported by in-house underwriting, actuarial and claims processing experience, innovation is in our DNA. Chris has been instrumental in developing our technology platforms and building our IT organization into the powerhouse it is today. He led the development of a single proprietary platform that allows us to continually improve the experience of our agents and our customers. It also allows us to develop new products and integrate emerging technologies quickly. With our IT function well established, Ariel, as Chief Information Officer, can move us further forward, utilizing his abilities to increase efficiencies across broad organizations and platforms, while enhancing the experience of our brokers, agents, and policyholders.”
August 22, 2017 07:53
Tumblr
AmTrust Reports Second Quarter 2017 Net Income And Confidence In Long-Term Financial Strength
AmTrust Financial Services, Inc. (Nasdaq:AFSI) today announced second quarter 2017 net income attributable to common stockholders of $5.8 million, or $0.03 per diluted share, compared to $127.2 million, or $0.73 per diluted share in the second quarter 2016. For the second quarter 2017, operating earnings were $72.9 million, or $0.40 per diluted share, compared to $135.3 million, or $0.77 per diluted share, in the second quarter 2016.
Net income and operating earnings in the current quarter were impacted by catastrophe losses of $16.1 million after-tax, or $0.09 per diluted share, ($24.8 million pre-tax).
“We took transformative steps in the second quarter, executing on a number of strategic initiatives to increase certainty and confidence in AmTrust’s long-term financial strength, and appointing a new CFO,” said Barry Zyskind, Chairman and Chief Executive Officer, AmTrust. “In particular, we enhanced our balance sheet and capital base through a $300 million equity investment by members of the Karfunkel family to further support our insurance business and organic growth opportunities. Our sale of approximately 86% of our equity position in National General simplifies our balance sheet and reduces concentration in our investment portfolio composition. The reinsurance agreement we entered provides up to $400 million of coverage for adverse net loss reserve development, in excess of our stated net loss reserves as of March 31, 2017, to insulate AmTrust from future reserve volatility. We undertook these actions with a long-term view for the Company and our shareholders, to demonstrate strength and stability to all of our partners, brokers, agents, and insureds, and to enhance our earnings consistency.”
Mr. Zyskind continued, “Our second quarter financial results reflect disciplined sales execution and high policy retention levels with gross written premium of $2.2 billion, up 6.1%. We are focused on maintaining underwriting and pricing rigor in our target markets, and are taking a conservative stance toward our book of business in order to support future profitability and balance sheet strength.”
Second Quarter 2017 Results
Total revenue was $1.6 billion, an increase of $0.2 billion, or 18.2%, from $1.4 billion in the second quarter 2016. Gross written premium was $2.2 billion, an increase of $0.1 billion, or 6.1%, from $2.1 billion in the second quarter 2016. Net written premium was $1.4 billion, an increase of $0.1 billion, or 8.2%, compared to $1.3 billion in the second quarter 2016. Net earned premium was $1.4 billion, an increase of $0.2 billion, or 16.8%, from $1.2 billion in the second quarter 2016. The combined ratio was 101.2%, compared to 91.3% in second quarter 2016, and the adjusted combined ratio was 95.9%, after giving effect to the adverse development cover.
Year-to-Date 2017 Results
Total revenue was $3.1 billion, an increase of $0.4 billion, or 16.0%, from $2.6 billion YTD 2016. Gross written premium was $4.5 billion, an increase of $459.8 million, or 11.5%, from $4.0 billion YTD 2016. Net written premium was $2.7 billion, an increase of $0.2 billion, or 9.1%, compared to $2.5 billion YTD 2016. Net earned premium was $2.6 billion, an increase of $347.2 million, or 15.4%, from $2.3 billion YTD 2016. The combined ratio was 98.6% compared to 91.6% YTD 2016. The adjusted combined ratio was 95.8% compared to 91.6% YTD 2016.
A summary of Q2 results is listed below along with a link to the earnings release.
Financial Highlights
Second Quarter 2017 Highlights
• Second quarter gross written premium of $2.2 billion and net earned premium of $1.4 billion, up 6.1% and 16.8%, respectively, from the second quarter 2016
• Second quarter service and fee income of $168.4 million, up 35.5% from the second quarter of 2016
• Second quarter net income attributable to common stockholders of $5.8 million, or $0.03 per diluted share, compared to $127.2 million, or $0.73 per diluted share, in the second quarter 2016
• Second quarter operating earnings of $72.9 million, or $0.40 per diluted share, compared to $135.3 million, or $0.77 per diluted share, in the second quarter 2016
• Second quarter gain of $68.4 million on sale of 10.6 million shares of National General stock
• Second quarter loss ratio of 74.2% compared with 66.4% in the second quarter of 2016• Second quarter loss ratio of 68.9% after giving effect to the adverse development cover
• Second quarter combined ratio of 101.2% compared with 91.3% in the second quarter 2016
• Adjusted combined ratio of 95.9%, after giving effect to the adverse development cover, versus 91.3% in the second quarter 2016
• Second quarter annualized return on common equity and annualized operating return on common equity of 0.9% and 11.4%, respectively
• Board of Directors approves payment of quarterly dividend on common stock of $0.17
July 26, 2017 08:26
3 Keys to Customer Satisfaction: Speed, Efficiency, Knowledge
Customers want fast service or support from knowledgeable people where, when and how they prefer to receive it, based on results of a study the CMO Council published Tuesday.
Together with SAP Hybris, the CMO Council last year conducted an online survey of 2,000 respondents, equally divided between men and women. Fifty percent were in the United States, and 25 percent each resided in Canada and Europe.
Among the findings:
• 52 percent mentioned fast response time as a key attribute of an exceptional customer experience;
• 47 percent said knowledgeable staff, ready to assist whenever and wherever needed, was key;
• 38 percent wanted an actual person to speak with at any time and place;
• 38 percent wanted information when and where they needed it;
• 9 percent wanted brand-developed social communities; and
• 8 percent wanted always-on automated services.
Consumers have a shortlist of critical channels they expect to have access to, the survey found, including the company’s website, email, a phone number, and a knowledgeable person to speak with.
“The mindsets of consumers — whether B2B or B2C — are shifting, said Liz Miller, SVP of marketing at the CMO Council.
Marketers “have to start asking, ‘Are we set up to be a responsive organization that looks at data, looks at analytics, understands what’s coming in through CRM and is able to reflect that back through all touchpoints, including physical ones, quickly? Or are we simply waiting to react?'” she told CRM Buyer.
Serve Us Well or Die!
Angry customers hurt brands. The survey identified the following behaviors:
• 47 percent of respondents said they would stop doing business with a brand if they were continually frustrated;
• 33 percent were annoyed because of slow service or dealing with reps who knew nothing about their past history or purchases;
• 32 percent said they would email a company to complain; and
• 29 percent said they would tell their family and friends about their bad experience.
That’s a possibility that Warrantech, which provides extended service plans and warranties nationwide, is well aware of.
The company on Tuesday announced a partnership with mobile workforce management ServicePower, which will let it instantly connect customers who have service needs with available repair technicians.
“Prompt response time is critical in our line of business,” said Brian Weaver, director of service operations at Warrantech.
The teamup is expected to reduce overall customer turnover time by up to 10 percent across all verticals and “ultimately translate into commensurate lifts in clients’ sales and customer retention,” he told CRM Buyer.
The Customer Wish Conundrum
One problem marketers face is that customers appear to have conflicting desires, as shown by the survey results:
• 36 percent of respondents were angry about not being recognized for their loyalty;
• 12 percent wanted companies to recognize their history with the brand at any touchpoint;
• 10 percent wanted multiple touchpoints; and
• 23 percent felt they were being followed online.
That poses a conundrum for marketers.
“This survey did indicate the respondents wanted knowledgeable staff — and for that, I’d argue part of the knowledge is knowing about the customer, not just the product, so that the advice can directly address the customer’s unique problem,” said Rob Enderle, principal analyst at the Enderle Group.
“Knowing about the customer improves the quality of the engagement,” he told CRM Buyer.
That said, consumers don’t care how companies do what they do — they only care about the results, the CMO Council’s Miller noted.
“It’s a sausage factory. Consumers don’t care how you make them, they just want tasty sausage. At the end of the day, consumers want to be treated like persons,” she said.
“Each firm needs to survey their own customers, assess the impact and costs of changes, then formulate a strategy that applies uniquely to them,” Enderle suggested. “Some may find that the cost/benefit ratio is still better with automation.”
July 19, 2017 08:39
Warrantech Improves Customer Experience by Reducing Service Time for Warranty Programs and Extended Service Plans
BEDFORD, Texas–(BUSINESS WIRE)–Warrantech, a leading national provider of extended service plans (ESPs) and warranties, announces a unique new offering that will improve the customer experience by reducing the amount of time it takes to service products.
Through a partnership with mobile workforce management platform ServicePower, Warrantech will now instantly connect customers who have service needs with available repair technicians. By using technology to schedule service appointments in real-time, Warrantech will dramatically reduce the average time it takes for repairs to be made to customer products.
Warrantech, a subsidiary of AmTrust Financial Services, Inc., provides innovative extended service plans, vehicle service contracts and warranty programs to retailers, dealers, distributors and manufacturers in numerous consumer and automotive markets.
ServicePower dispatches experienced third party contractors to repair product under contract through its contractor management solution, while improving warranty claim management through real time adjudication logic and collaborative business intelligence. Warrantech leverages improved visibility of each repair and real time data analysis to streamline and improve service operations.
“We are always looking to provide our large enterprise customers with an advantage in the competitive markets in which they operate,” said Ariel Gorelik, COO of Warrantech. “We believe this partnership with ServicePower will be positive for customers because it will make repairs quick and easy to schedule and we believe it’s positive for technicians because it eliminates the hassle of scheduling service times.”
“Warrantech operates in a complex industry serving many sectors and thousands of consumers,” said Marne Martin, CEO at ServicePower. “ServicePower prides itself on offering software solutions that minimize complexity, providing a real-time picture of field activities so that better-informed decisions can be made and executed to offer the best possible customer experience. That another project was delivered efficiently and on budget is further evidence to prospective customers that you can trust ServicePower to deliver.”
About Warrantech
Warrantech is a subsidiary of AmTrust Financial Services, a Fortune 500, multinational property and casualty holding company that is rated “A” (Excellent) by A.M. Best Company for their financial strength and stability. An innovative, technology-driven company, AmTrust brings its financial strength to Warrantech, enabling it to offer a unique, bundled approach that includes both underwriting and administration. This creates transparency and visibility to information that enables customers to change and create plans that are both highly customized and profitable.
About ServicePower
For companies providing field based services, ServicePower offers a field service and mobile workforce management platform facilitating hybrid workforce management, enabling organizations to save money, improve customer satisfaction and drive new revenue by efficiently managing both captive and 3rd party service providers. ServicePower uniquely combines customer entitlement and real time communications, schedule and route optimization, work order, asset and inventory management, service and maintenance contract management, contractor management and dispatch, warranty and claims management, field mobility, and business intelligence of all field service interactions, in a single solution.
ServicePower also offers a fully managed network of 3rd party service providers to enable rapid and high-quality on-demand “spill-over” servicing at peak times and in hard-to-reach locations across North America and the Europe.
July 13, 2017 06:27
AmTrust Financial On Board as Diamond National Corporate Partner
AmTrust Financial Services, a multinational provider of insurance and warranty services and parent company of NIADA Certified Pre-Owned program administrator Warrantech, has joined with NIADA as a Diamond-level National Corporate Partner.
Operating through its partners and subsidiaries – Warrantech, AmTrust Specialty Risk, Warranty Solutions and NIADA Certified Pre-Owned – AmTrust offers dealerships unique, customized solutions designed to fit their specific business needs.
The AmTrust team includes automotive industry experts and vehicle service contract/insurance industry veterans, expertise that translates to a comprehensive perspective with insight that enables the company to uncover hidden growth opportunities and structure programs that offer a high-value proposition for dealers and their customers.
AmTrust’s real-world expertise guides its team of trainers to help dealers refine sales strategies and build customer loyalty and enhance brand image.
The company’s vertical integration allows it to provide any combination of program management solutions, from turnkey operations with full underwriting, marketing, dealer training, sales support and administration services to a la carte services and hybrid solutions.
Last month, AmTrust announced it has been named to the prestigious Fortune 500 list for the first time. The list, which includes the largest companies in the U.S. by total revenue, is recognition of AmTrust’s financial strength and stability. The company’s revenue rose 18 percent in 2016, reaching $5.45 billion.
AmTrust’s partnership with NIADA gives dealers access to the only nationally recognized independent CPO program, which lets your customers know your business and the vehicles you are selling are held to a higher standard.
July 10, 2017 07:35
Getting Your Staff On Board With Your CPO Program Begins With Asking Five Key Questions
June 21, 2017 07:28
Our Financial Strength Is Your Peace Of Mind
June 9, 2017 06:44
AmTrust Financial Services, Inc. Earns Distinction as Fortune 500 Company Following Record Year of Revenue
Achievement Recognizes AmTrust’s Long-Term Success
NEW YORK, June 07, 2017 (GLOBE NEWSWIRE) — Warrantech’s parent company, AmTrust Financial Services, Inc. (NASDAQ:AFSI) (the “Company” or “AmTrust”), today announced that the Company has been named to the prestigious Fortune 500 list for the first time. The list celebrates the largest companies in the U.S. by total revenue.
This achievement is a recognition of AmTrust’s financial strength and stability and follows a year of record revenue for the company. AmTrust’s total revenue in 2016 was $5.45 billion, an increase of 18% over the prior year.
Since its founding in 1998, AmTrust has grown into a multinational property and casualty insurer with nearly 8,000 employees in more than 125 offices serving 70 countries around the globe. In the U.S., AmTrust is one of the top three providers of workers’ compensation insurance and one of the top three warranty writers. AmTrust is also a top 13 Lloyd’s manager by capacity. As an innovative, technology-driven provider of insurance products, AmTrust has earned a prestigious “A” (excellent) rating from A.M. Best.
“AmTrust is honored to join the Fortune 500 alongside an elite group of successful companies, and we’re very grateful to our partners, brokers and agents for their trust in us as we reach this milestone,” said Barry Zyskind, Chairman and Chief Executive Officer of AmTrust. “AmTrust’s inclusion in the Fortune 500 is possible thanks to the hard work and dedication of our people, who live our core values of integrity, diversity, accountability, teamwork, community engagement, and a spirit of entrepreneurship. We adhere to these values every day allowing us to continue to successfully build a best-in-class property and casualty insurer for our valued partners and customers.”
AmTrust was ranked 475 on the 63rd annual Fortune 500 list.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York City, offers specialty property and casualty insurance products, including workers’ compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries rated “A” (Excellent) by A.M. Best.