The automotive parts industry has one of the highest warranty processing costs across industry segments. In an industry where counterfeit products are extremely prevalent brands need a warranty solution that can
- Help brands identify fraudulent warranty claims
- Help customers identify genuine automotive parts from counterfeit automotive parts
- Reduce warranty process costs
Protecting the investment of their customers and maintaining high levels of trust to encourage repeat business is critical for automotive brands. Many brands overlook this notion and often discount the importance of warranty and after-sales support services and end up losing invaluable repeat sales.
Are you looking for these features in a Warranty Management Software for your automotive brand?
- Automates your warranty process
- Increasing customer engagement
- Warranty claims tracking
- Elimination of fraud/ expired claims
If yes, NeuroWarranty is a Digital Warranty Management Software that has helped leading home appliances brands like JCB, Escorts, Syska, and a 100+ leading brands achieve these results in no time.
How has NeuroWarranty helped automotive brands with its Digital Warranty Management Software?
Table of Contents
Introduction - A warranty management software that helps brands automate their process and reduce costs.
What issues do automotive parts brands face?
- High Operational Costs.
- Low customer satisfaction rates related to post-sales services.
- Increased Fraudulent Claims.
- Hassle in managing product warranties for multiple SKUs.
What did NeuroWarranty notice?
Automotive parts brands have a high Customer lifetime value, but customers' experiences of dealing with time-consuming warranty processes and counterfeit parts create a negative brand image and affect future sales.
High operational costs -
Automotive brands have extremely high warranty processing costs. Their operations are extremely dependent on paper-based systems, and these high overheads accounted for a huge percentage of the total spending in this department. As a result, their warranty services cost increased multi-fold due to four main factors:
- Labor-intensive manual claims process.
- No direct communication between customers who claim a warranty. and the client servicing teams.
- Fraudulent/ Expired warranty claims.
- Lack of access to warranty data.
Low customer satisfaction rate (post-sales service related) -
Customers often had to go through the hassle of finding old purchase bills and visiting service centers in person to validate their claim to access some essential post-sales services like warranty claims and product replacement.
Increased Fraudulent Claims -
The automotive parts industry is amongst the industries that suffer the most from fake and counterfeit products, and brands have to put in a lot of time and money into differentiating between genuine and fraudulent claims.
A traditional warranty solution used by Automotive brands cannot differentiate between fraudulent, expired and genuine claims. This affected its revenue and caused a poor brand image, thus, increasing warranty costs and cutting margins.
Hassle in managing product warranties for multiple SKUs -
A large number of automotive brands use a Traditional Warranty Management System. In the absence of AI and IoT based tools, they face an increase in cost and time elements.
- Huge time investment in the claim settlement process.
- Increased warranty frauds due to reliance upon paperwork. And we know how manual data recording is prone to errors.
How can NeuroWarranty help automotive brands?
NeuroWarranty enables brands to:
- Automate claim processing and reduced data entry by automatically recovering customer, product and warranty information based on business rules.
- Manage different types of automotive claims.
- Integrate with EPC and other enterprise systems using standard web services to enable Seamless End-to-End Warranty Processes
- Increase in business performance, reduce warranty and service contract costs, and improve product quality through warranty analytics, fraud detection and prediction analytics
How was the home appliances brand's post-sales service improved?
- Customers no longer have to go through the hassle of finding old bills and warranty cards to claim a warranty.
- Customers can track the status of their warranty claim in real-time.
- Using the Inbuilt CRM customers can communicate directly with customer support executives to solve their queries.
- In case of improvements needed, customers can have the reviews and feedback acknowledged leading to an increase in customer engagement.
Simplifying customer communications and building a connect with end-customers -
NeuroWarrnty's Inbuilt CRM helps brands manage all their post-sales customer communications on a single dashboard.
NeuroWarranty helps automotive brands increase their customer engagement by enabling them to respond to individual customer queries and acknowledge customer feedback and reviews.
Digitizing and automating warranty claims -
In an industry where it is crucial to building trust among your customers for a long term relationship, the easy and hassle-free warranty claims process can soon become a key differentiator between you and your competitors.
NeuroWarranty replaces your traditional warranty with a QR code-based Digital Warranty Solution. With the process of 'NeuroTagging', NeuroWarranty not only helps automotive brands automate their warranty but also make product serialization more effective for improved supply chain management.
Download the complete case study to know more on how NeuroWarranty helped the consumer product leader Syska digitize its warranty process and increase repeat sales. Download Complete Case Study.
What results does NeuroWarranty deliver?
- Automotive brands can differentiate between fraudulent claims and genuine claims that results in the stoppage of warranty frauds.
- Automotive brands can reduce claims processing costs by automating the process and managing it on a single dashboard.
A simplified warranty claims process ensuring that only genuine parts are supplied builds trust among your customers, and can become your brand's biggest USPs.
How can your home appliance brand benefit from this solution?
NeuroWarranty's warranty management software is helping JCB, Escorts, Syska and 100+ leading brands increase their repeat sales by transforming their post-sales services.
What are you waiting for?
Make Digital Warranty Management System your Strategic Advantage!
NeuroWarranty guarantees -
- Increase in revenue and profit
- Up to 90% decrease in warranty-related costs.
- Up to 180% increase in repeat sales.
- 100% Reduction in fraudulent warranty claims
- Data of your Amazon, Flipkart and retail end customers
- 5X customer engagement compared to your competitors.
- Kickstarting your D2C journey.
If you wish to convert your warranty expenses into a profit-making asset, schedule a call with our solution experts and get a solution that has delivered results for market leaders in the home appliances segment. Schedule a call now.