For Release: September 23, 2016
The Global Warranty and Service Contract Association (“GWSCA”) used the occasion of its Third Annual Conference on Warranty and Service Contracts to announce its 2016 industry award winners. A call for nominations was issued earlier this year and they were received in August. The nominations were reviewed by GWSCA Board.
The 2016 winners are:
Excellence in Service Contracts – Polaris Industries
Innovation in Service Contracts – AIG Warranty
Excellence in Warranty – Thor Industries, Inc.
Innovation in Warranty – AmTrust Financial Services, Inc.
Additionally, the Board of Directors, in a separate action, has named its 2016 Pioneers in Warranty and Service Contract Awards. The winners are:
Pioneer in Warranty and Service Contracts: Jim Mostofi
Pioneer in Warranty and Service Contracts: Paul Swenson
Special Recognition to Tavant Technologies – Platinum Sponsor
Polaris Industries was nominated by After, Inc. Polaris has $4.5 Billion in annual sales, employs 8000+ employees, and has thousands of dealerships.
Polaris reached out to After to help transform their program into a best-in-class marketing operation that could quickly ramp up to achieve their revenue, profit, and customer experience goals. The first action items revolved around: limited customer awareness of extended warranty product and benefits; insufficient POS staff training and priority on selling extended warranty products; low converting after-market postcard campaigns; and limited finance team resources, time, and service contract marketing expertise.
After engaging with After Inc., the Polaris Industries’ warranty program achieved:
- Increased aftermarket conversion rate by130%
- Grew service customers by more than 200%
- Increased revenue by over 250%
- Raised customer satisfaction scores.
- Achieved more than a 50% increase in dealer penetration at POS
- Increased dealer participation levels to all-time highs
- A substantial rate increase was eliminated
- Moved to a new risk structure with much lower costs
- Program administration has been moved entirely in-house
- Both revenues and profits achieving multi-million dollar increases
AIG Warranty has been actively engaged in underwriting and administration of warranty and service contract programs for decades. ServicePower has this year nominated AIG Warranty for its Innovation in Service Contracts.
No line of sight is a serious problem. You won’t know if the contractor is on the way and whether they are going to be able to fix the issue if/ when they arrive. Therefore, visibility of contractor profiles (who, what, where), job status and filed claims is critical. Customers and internal stakeholders require constant communication from a field service organization in terms of contractor coverage, which jobs have been dispatched, and real-time activity on site.
Key elements of the AIG transformation strategy:
- Reorienting the business model for customer success
- Deploying and fine tuning technology
- Driving efficient business processes
- Increasing customer satisfaction
- Increasing customer profitability
As a result of this transformation, AIG has been able to reduce the percentage of rework, or second truck rolls, across the 3rd party network. It has also been able to drive down its work in progress span to fewer days, as well as reduce its time to onsite which measures the number of days from dispatch to physically arriving for a scheduled appointment.
AIG continuously works with its third-party networks to ensure accurate profile and capacity information in ServiceOperations provided by ServicePower.
Thor Industries, Inc. is the parent company of several operating entities that together make up the world’s leading manufacturer of recreational vehicles, both motorized and towable. In a recent CNBC interview, Thor’s CEO, Robert Martin, describes the company’s business model as a collection of decentralized brands that compete with each other. He explained that the decentralization drives innovation which in turn drives the industry.
One example of Thor’s innovation in the area of warranty is the Thor Motor Coach Shield of Protection program. The program traces directly back to the company’s customer-first philosophy. Program features include the Concierge Connection, which pairs every purchaser of Thor Motor Coach motorized RV with a contact person at the factory to answer product questions; One Source Warranty, which makes available to owners and dealers a Thor Motor Coach representative to facilitate claims under supplier warranties; 24/7 Factory Support, which makes highly trained factory technicians available day and night to diagnose and solve product problems, and Rapid Response, under which enables Thor Motor Coach maintains and ample stock of essential parts so that it can rapidly dispatch parts to get a motorhome back on the road. Thor’s shares have increased 45% for 2016. The company attributes is growth to its “total commitment to quality and our philosophy of putting the customer first.”
AmTrust Financial Services, Inc. is financial holding company with 14 insurance companies operating globally providing small business insurance, unique risk, and warranty and specialty risk solutions. All their insurance carriers are “A” rated by A.M. Best. AmTrust is a publically traded company trading under the symbol “AFSI” on NASDAQ.
AmTrust underwrote $6.8B in Gross Written Premium in 2015 and has assets in excess of $17B. They have offices in more than 40 locations and operate in more than 50 countries. In 2014, AmTrust was ranked 63rd in Fortune Magazine’s Fastest Growing Companies. In the same year, Forbes named AmTrust as one of the best run companies (insurance). Warranty Week, the leading online authority in the warranty industry identified AmTrust as the most ‘warranty-centric’ company.
“Complete” is a comprehensive protection plan program developed for Microsoft’s OEM and third party devices sold via Microsoft’s numerous sales channels, including their brick and mortar store locations, their online store, distribution partners, and resellers worldwide. In 2009, the Complete program launched in one Microsoft store. Today, AmTrust is the exclusive provider of Microsoft Complete in 60 countries, with plans that cover Surface Pro, Surface Book, Surface Hub, Xbox, Band, HoloLens and all third party OEM PC products sold by Microsoft.
Visionary leadership, strong management, robust technology platforms, efficient operations, and focused client management are among the key attributes driving the success of AmTrust in support of Microsoft Complete.
AmTrust has worked diligently and rapidly to facilitate Complete sales in all the territories in which hardware is being sold. In less than 18 months from initial launch, they rolled out Complete in 60 countries and expanded the product offerings to include all Microsoft OEM products. They’ve developed unique mobile applications to market, sell and register smartphone insurance policies with Microsoft Mobile, formerly known as NOKIA.
We have followed Jim Mostofi as he led the team at AIG Warranty following the acquisition of ServiceNet in revitalizing AIG service contract business. Jim is a lawyer and an account by training, with a long standing involvement in the service contract business. He moved the company from its historical role of underwriter to a full service provider of contract administration and service provider. Integrating these cultures on a global basis with a number of Fortune 500 clients. Not only is Jim a great leader, he makes time to help others. When GWSCA announced its first conference, Jim did not hesitate when asked to serve as our keynote speaker. He has always been supportive of GWSCA activities. His tireless efforts and willingness to share best practices are greatly appreciated in the industry.
Paul Swenson has held positions of senior leadership in the service contract industry for the past 23 years. Beginning as Vice President of Warranty Administration at Circuit City, he followed that with senior roles at Aon Innovative Solutions. Most recently, Paul has served as President of Fulcrum Analytics (now After, Inc.). He is an industry veteran, always willing to share his wisdom and experience both publically at conferences and privately when asked. Paul not only has the experience, but that even temperament needed to deal with almost any opportunity or crisis.
Tavant Technologies – GWSCA is a nonprofit organization staffed by volunteers. Events such as our Annual Conference could not take place without the financial assistance and other resources provided by our sponsors. This year we were honored when Tavant Technologies became our first Platinum Sponsor. Tavant is an IT solutions and services provider recognized globally for its innovative solutions. They have been able to provide game changing results for their customers by combining their industry experience with cutting-edge technologies. An unwavering commitment to customers has paved the way for long-standing customer relationships. At all levels, Tavant employees continually strive to provide a superior experience to customers through their passion and excellence. The company specializes in building custom technology solutions and providing end to end services across domains such as capital markets, consumer lending, manufacturing, media and entertainment, gaming, and retail.
These distinguished individuals and organizations join prior GWSCA award winners:
Kohler Company, Engine Division
Warrantech, an AmTrust Financial Co.
Pioneer in Warranty: Sheila Cardines
Pioneer in Warranty and Service Contracts: Ashok Kartham
Ford Motor Company
Seagate and Fulcrum
Pioneer award: SCIC
2013 Pioneers in Warranty:
Alison Griffiths, Organizer of the Warranty Chain Management Conference
Eric Arnum, Founder and Publisher of “Warranty Week”
2012 Warranty Maturity Model Champions
Case New Holland
Mitsubishi Caterpillar Forklift America
Terry Hawkins, President of GWSCA stated, “We sincerely appreciate the nominees and our Awards Committee. All of our nominees were deserving of recognition and we look forward to even a greater awards program for 2017.”