Warranty claims is a $50 billion industry that organizations have overlooked during the digital transformation process. With little insight into how much money is wasted, two to four percent of a company’s revenues vanish into a black hole of fraud or discrepancies. Today, these expenditures are considered the cost of doing business for product manufacturers, but they don’t have to be.
To reign in unnecessary costs while also bringing data-driven processes to warranty claims (and beyond), Aquant created Intelligent Warranty Audit. The AI-driven product enables organizations to leverage large amounts of warranty data, reducing service costs through faster, more accurate claims processing.
Aquant’s AI-driven platform categorizes and prioritizes disparate data, helping warranty managers quickly process or reject high-risk claims. In addition, Aquant’s technology bridges the data gap that exists between the warranty management process and other departments across the organization. With this new digital thread, organizations can fill in a missing part of the transformation puzzle to bolster positive service outcomes and drive innovation in product engineering, sales, and marketing.
With Intelligent Warranty Audit, organizations will:
- Reduce warranty waste and processing times
- Encourage service best practices among their network of providers to deliver exceptional customer experiences
- Drive a closed loop of innovation to feed intelligence back into the rest of the organization
“It’s time to liberate warranty departments from the inefficiencies of manual processes and bring them into the 21st century as a key component of digital transformations,” said Assaf Melochna, President and co-founder of Aquant. “Today, leaders accept a wide range of inconsistencies because it hasn’t been cost-effective for claims managers to scale the process. Intelligent Warranty Audit adds ROI by guiding claims managers through the cases that have the biggest impact on the bottom line while providing a clear framework on why a claim falls outside normal parameters.”
Intelligent Warranty Audit infuses teams with accuracy and speed thanks to AI and natural language processing. The technology analyzes data from multiple sources to quickly identify and alert warranty managers to high-risk claims for review by analyzing:
- Asset service history
- Service provider performance
- Customer behavioral trends
- Anomalies in cost, service, or other criteria
“Enhanced digital tools such as AI are critical beyond simply improving day-to-day operations for warranty departments. Manufacturers and service organizations should view the warranty management process as another opportunity to deliver value to customers,” notes Aly Pinder, program director Service Innovation and Connected Products IDC. “When warranty management departments are included in larger transformation projects, that data becomes another key change agent in the move to deliver exceptional service in the new experience economy.”