For a new program, there are three basic options for structure and approach. Each option includes many details, and this summary provides a high-level overview of those options.
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Tag Archives: Personal Safeguards Group
Personal Safeguards Group, LLC (PSG) Supports Creation of a New Furniture Service Contract Program
PSG provided support in every step of creating a new service contract program in North America including:
- Program Design
- Claims Administration
- Regulatory and Compliance
- Sourcing an Admitted Carrier
The PSG process is designed to support Independent Providers, Original Equipment Manufacturers (OEM) and Retailers. OEMs and Retailers can in-source or outsource individual elements of their program for their Service Contract Program allowing individual structures to address revenue recognition issues, customer experience & lifetime value and overall program design and development.
Contact Personal Safeguards Group for more information. https://personalsafeguardsgroup.com
Personal Safeguards Group (PSG) Supports Creation of a New Consumer Products Service Contract Provider
PSG provided support in every step of forming and operating a new service contract provider in North America. PSG leverages deep contacts in the warranty industry to help facilitate the entry into the space.
PSG’s roadmap includes support with:
- State level service contract requirements
- Financial guarantee options (CLIP/SCRIP)
- Sales and claims administration processes
- Creation of rates and reserves
- Creation of forms and coverages
- Selecting administration technology
- Repair infrastructure options
The PSG process is designed to support Independent Providers, Original Equipment Manufacturers (OEM) and Retailers. OEMs and Retailers can in-source or outsource individual elements of their program for their Service Contract Program allowing individual structures to address revenue recognition issues, customer experience & lifetime value and overall program design and development.
Contact Personal Safeguards Group for more information. https://personalsafeguardsgroup.com
Personal Safeguards Group Releases 2020 Service Contract Industry Projections
UPDATE: The shutdown driven by the CoronaVirus will greatly impact every category in 2020. This should be viewed as a run rate prior to the shutdown.
For 2020 Personal Safeguards Group projects over $61b at retail for consumer related service contracts.
Automotive continues to lead the industry in terms of gross revenue with 2020 projected at over $33b for Vehicle Service Contracts and over $6.4b for Ancillary products.
Continue readingDealerscope 2019 Warranty Roundtable: What Warrants an ESP Sale?
Dealerscope article on service contracts in the appliance and electronics retail channel. Executives from AIG, Assurant, Asurion, Centricity, Mack, Marsh, OnPoint, Personal Safeguards Group, SquareTrade and Warrantech share initiatives.
Full Article: https://www.dealerscope.com/article/2019-warranty-roundtable-what-warrants-an-esp-sale/
Personal Safeguards Group Launches Marine and RV Limited Warranty Programs
Personal Safeguards Group, LLC (“PSG”) has launched marine and RV limited warranty programs to assist OEMs with offering longer term limited warranties while transferring the risk off the balance sheet with a financially secure solution.
Custom programs are designed to support promotional or blanketed programs with coverage for parts or parts and labor.
For more information contact: Personal Safeguards Group
PSG launches Home and Auto Deductible Reimbursement Programs
Personal Safeguards Group, LLC, a leading specialty insurance and warranty advisory and brokerage firm, launches a new Auto and Home Deductible Reimbursement Insurance solution for Affinity Marketers, OEMs, Financial Services firms and Sellers.
Having Trouble Sourcing a Service Contract Reimbursement Policy for a Client?
If you are a P&C Agent or Broker trying to help a client obtain the correct type of insurance policy for state level compliance or lender requirements for a Service Contract Provider please feel free to contact Mike Frosch, President of Personal Safeguards Group, LLC.
Service Contract Reimbursement Insurance (SCRIP)
Contractual Liability Insurance Policy (CLIP)
Contractual Liability Reimbursement Policy (CLRP)
Utah Amends Service Contract Regulations
Utah Code, 31A-6a, Chapter 6a Service Contracts has been amended and expands the definition of a Service Contract Reimbursement Policy or Reimbursement Insurance Policy to now read:
Direct Marketing Vehicle Service Contracts
Personal Safeguards Group, LLC has published a paper titled “Unleash the Value – Direct Marketing Vehicle Service Contracts.” This paper is related to direct to consumer Vehicle Service Contract programs.
Full Paper: http://www.personalsafeguardsgroup.com/resources/UnleashtheValue.pdf