How Warranty Claim Management Software Will Help In Increasing Revenue Of OEMs?
by Intellinet Aug 27, 2019
Automotive OEMs receive warranty claims of millions of dollars in year for replacement of spare parts under warranty. In an organization there are various departments, through which the claim is investigated, processed and at last it is settled. But, in this process they receive of a large number of claims and it is difficult to identify genuine claims at some points, due to which OEMs suffer huge loss.
All this happens due to complex warranty claim management process that lacks real time data access and transparency across the departments. As a result of such manual processing, it seems simple claim for replacement, but cost a lot to the company.
OEMs need to understand that claim management is a critical business operation across the industry. It includes several steps for validating and process claims. Moreover, it includes identification of fraud claims and refund process. To manage all such tasks in a fast pace world, OEMs need an automated warranty claim managementsolution.
Automation of claim management process will streamline the work cycle, will reduce the warranty cost, will save a lot of time, and saving revenue of the organizations, and most importantly it will improve the experience of customers with the brand. Moreover, the process will be quick, OEMs and dealer will get data in real-time and they will be able to communicate instantly if needed.
The most important thing that OEMs think about implementing such software is – that it’s tricky. But there is nothing like tricky about implementing automated claim processing, as the software is so smooth that one doesn’t require any special proficiency to run it. Also, after implementation it will start functioning immediately. Implementing a claim management solution will help OEMs and dealers ease the claim handling process.
Warranty management system from Intellinet address all phases of an organization’s warranty needs – from the assessment of claim maturity, standardization of claim processes, the definition of warranty claim strategy, to the transformation of organization rules, and much more. Claim can be entered in system by authorized dealers through their PC/laptop or mobile, as after login, the software provides a number of menu options that will help them in making claim filing easy.
This claim processing is fully transparent with zero manual intervention and customers will be able to track status of their claims anytime. Also, OEMs and dealers will be benefitted by investigating and unearthing fraudulent claims thereby reducing the high expenses.
There are three key considerations that OEMs and dealers should take into account while implementing warranty claim management solution. A simplified claim management solution mainly offers:
Fraud Claim Detection: The internal departments of OEMs face critical challenges in original claim detection and processing it accordingly. Decisions of this stage have a direct impact on warranty expenses of the organization. OEMs can tackle this challenge by setting up an advanced warranty claim management system that will automate the claim validation process. The detection system will harness the data generated earlier in the cycle and calculate an innovative anomaly score. This data will represent the quantum of quality issues in the product, and will enable OEMs and dealers to predict fault in work cycle, thereby offering proactive solutions, while avoiding product recalls.
Increased Collaboration: Due to miscommunication between OEMs and dealers, warranty claims processing gets affected and claims are not processed in a timely manner. Implementation of such software will increase collaboration, among the two parties and integrated platform will help them in analyzing the process and results. Such collaboration will solve a lot of warranty issues.
Customized System: A customized system, that will help OEMs to set rules according to their business needs and requirements and will help them in performing the tasks instantly in an error free way.
Smooth Warranty Claim Management Process
In today’s digital age where customer expectations are hyped, OEMs and dealers need to focus on after-sales customer experience. Operating with manual methods will not help, as it have zero real-time visibility and transparency level is also zero. An automated warranty claim management solution is what OEMs need and that can ensure superior customer experience and a healthy OEM-dealer relationship.