Harnessing warranty program data to mitigate risks and enhance loyalty
Description
Extended warranty programs have emerged as a strategic solution that provides organizations, such as manufacturers, with an efficient way to maintain customer engagement well beyond the initial purchase. Further, the treasure-trove of data from extended warranty programs allow manufacturers to proactively address product issues and can be used by insurers to assess loss ratios and identify potential claims patterns, allowing them to make more informed underwriting decisions.
In this episode of Risk in Context, Marsh’s Phil Hobson, Arun Narayanan, and Alessandro Filon discuss the multifaceted benefits of warranty programs, explore how they can foster customer loyalty, and speak about the importance of data in identifying potential risks and informing product improvements.
You can access a transcript of the episode here.
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