Top 10 Reasons to Purchase an Extended Service Plan

Extended warranty service plan is AMT Warranty's program that provides customers with the highest level of coverage. They can be set up to protect new electronic products against most, if not all, potential malfunctions or failures, including those that are not covered by the product's original equipment manufacturer (OEM) warranty.

1. Allows customers to prepare for the unexpected and possibly avoid having to pay for any large, unforeseen repair bills. 

2. Convenient, efficient and stress free, it takes away anxiety consumers might have should something go wrong with their purchase. 

3. Affordable and costs a fraction of what one might typically pay for a new replacement. 

4. Saves time as customers no longer have to search for a repair company to fix their damaged merchandise. 

5. If a covered product is not repairable, it could be replaced with a new model. 

6. Consumer products have become more complex and contain more electronics than they did just 10 years ago, which makes an extended service contract even more valuable to have. 

7. As a value-added benefit, numerous service contracts provide toll-free call center support for immediate help with in-home repair and questions about covered products. 

8. Some OEM warranties offer limited protection, which can be supplemented with an extended service contract once the warranty expires.
 

9. Electronic products have become more mobile over the years, which mean that they can be more susceptible to accidental damage from typical everyday use.
 

10. Many service plans offer on-site repair for added convenience. For more consumer tips and information regarding extended warranties and vehicle service contracts, be sure to visit: https://foursquare.com/amtrustwarranty

AmTrust Reports A 16% Increase in Operated Earnings For The Second Quarter 2015

AmTrust Financial Services (AFSI), the parent company of Warrantech, recently announced continued growth of operating earnings and strong operating on equity for the second quarter ended June 30, 2015.

Operating earnings were $130.5 million, or $1.55 per diluted share, an increase of 22%, compared to $107.1 million, or $1.34 per diluted share, in the second quarter of 2014. Second quarter 2015 net income attributable to common stockholders was $70.7 million, or $0.84 per diluted share, compared to $106.3 million, or $1.33 per diluted share, in the second quarter 2014. Second quarter 2015 annualized operating return on common equity was 26.3% compared to 28.0% in the second quarter 2014. Annualized return on common equity was 14.3% for the second quarter of 2015 compared to 27.8% for the second quarter of 2014.

Second Quarter 2015 Results

Total revenue was $1.11 billion, an increase of $0.10 billion, or 10%, from $1.01 billion in the second quarter 2014. Gross written premium was $40.3 billion and net written premium was $1.01 billion, an increase of $85.0 million, or 9%, compared to $923.7 million in the second quarter 2014. Net earned premium was $969.0 million, an increase of $94.0 million, or 11%, from $874.9 million in the second quarter 2014. The combined ratio was 90.5% compared to 90.9% in second quarter 2014.

A summary of Q2 results is listed below along with a link to the earnings release.

Financial Highlights

Second Quarter 2015

• Gross written premium of $1.68 billion, up 16% compared to $1.44 billion in the second quarter of 2014

• Net earned premium of $969.0 million, up 11% from $874.9 million in the second quarter 2014

• Operating diluted EPS of $1.55 compared to $1.34 in the second quarter 2014

• Diluted EPS of $0.84 compared with $1.33 in the second quarter 2014

• Annualized operating return on common equity of 26.3% and annualized return on common equity of 14.3%

• Service and fee income of $107.7 million, up 8% from the second quarter 2014

• Operating earnings of $130.5 million, up 22% compared to $107.1 million in the second quarter 2014

• Net income attributable to common stockholders of $70.7 million compared to $106.3 million in the second quarter 2014

• Combined ratio of 90.5% compared to 90.9% in the second quarter 2014

YTD 2015

• Gross written premium of $3.41 billion, up 10% compared to $3.11 billion YTD 2014

• Net earned premium of $1.92 billion, up 13% from $1.70 billion YTD 2014

• Operating diluted EPS of $3.01 compared to $2.58 YTD 2014

• Diluted EPS of $2.69 compared with $2.60 in YTD 2014

• Annualized operating return on common equity of 27.1% and annualized return on common equity of 24.2%

• Service and fee income of $220.6 million, up 16% from $190.5 million YTD 2014

• Operating earnings of $251.9 million, up 23% compared to $204.5 million in YTD 2014

• Net income attributable to common stockholders of $225.4 million compared to $206.1 million in YTD 2014

• Combined ratio of 89.8% compared to 90.4% in YTD 2014

• Book value per common share of $24.05, up 8% from $22.34 at December 31, 2014

• AmTrust's stockholders' equity was $2.47 billion as of June 30, 2015 up 21% compared to $2.04 billion as of December 31, 2014

For more consumer tips and information regarding extended warranties and vehicle service contracts, be sure to visit: http://www.onlineprnews.com/news/398475-1373521737-amt-warranty-corp-extendedwarranty-enhancing-programs-and-support-services.html

AMT Warranty Corp - Extended-Warranty Enhancing Programs and Support Services

AMT Warranty Corp's extended-warranty providers are rolling out a host of new services and programs for clients and end users to help lower costs and raise attachment rates during the slow economic recovery.

AMT warranty service is placing greater emphasis on extended-service plan (ESP) bundles that provide a value-add for consumers. “You can boost sales by providing extended warranties with a different twist,” said President of the company, such as an identity-theft protection offer included free with the purchase of a plan, or 15 months of coverage for the price of 12. “We are giving the consumer a more robust offering so they feel they are getting more for their money,” he explained.

AMT Service Corp is also maintaining “an intense focus” on account management through enhanced training, point-of-sale material and sales techniques. “Sales people need a different dialogue today,” said, one of the company officials, as hard-pressed consumers question an extra ESP outlay in a tough economy. “Clients welcome a different message for different times.”

For Service Net Warranty, growth has come from multiple channels, including OEM aftermarket programs; subscription-based coverage for notebooks and wireless devices that can be extended from month to month; and an early entry into the burgeoning e-book reader business, which has given it a dominant position in that category.

For manufacturers, Service Net is providing a stepped-up marketing program that reaches out to consumers both during and at the conclusion of their extended-service contracts through email, direct calls, social networking and direct mail pieces. The company is also now offering factory service programs on Amazon.com for a wider array of clients including Panasonic, Sharp and the recently signed LG Electronics.

The company recently began providing factory and aftermarket warranty programs for two of the industry's leading flat-panel TV vendors, and continues to expand its extended-warranty offering with current manufacturer clients.

AMT Warranty Corp has also enjoyed a significant expansion in the fitness category as that business extends into the CE space, and has upped its profile with furniture dealers, where CE is also playing an increasingly significant role.

For NEW Customer Service Companies, the answer is a new suite of interactive plug-and-play Web tools that can help optimize sales of extended-service plans and other premium services for retailers by providing an appealing and convenient online interface for consumers.

“As online retailing has grown, and as services are continually being added to support product offerings such as extended-service plans, NEW identified a need for tools to manage that system and provide a more engaging experience for customers,” said the CEO of the company.

About AMT Warranty Corp

AmTrust Financial Services, Inc. was founded in 1998 to provide workers' compensation insurance to small businesses across the United States. AMT Warranty develops specialized programs to meet your individual business needs. We look forward to the opportunity to demonstrate how extended service plans bring value to you and your customers. Extended Service Plan agreements offer customers the highest level of product protection against potential failures of their new purchase - beyond the product's original OEM warranty.

For more consumer tips and information regarding extended warranties and vehicle service contracts, be sure to visit: https://about.me/amtservicecorp

AMT Acquires Remainder of Warrantech

AMT Warranty Corp. announced last week that it has purchased the remaining 73 percent of Warrantech Corp., bringing its interest in the company to 100 percent.

AMT is a subsidiary of AmTrust Financial Services, Inc.

“We are excited about the additional revenue opportunities and diversification that the Warrantech transaction provides,” AmTrust Financial Services, Inc. President and CEO Barry Zyskind said as part of the announcement. “By bringing together these two robust warranty administration platforms, we expect to significantly increase our fee income and benefit from enhanced scale and technology efficiencies while further strengthening AmTrust’s market presence and premium opportunities in the warranty space.

For more consumer tips and information regarding extended warranties and vehicle service contracts, be sure to visit: http://amtwarranty.jimdo.com/amt-warranty-blog/amt-warranty-corp-offer/

“Everything Must Go” — Including Warranties?

Losing a favorite place to buy a book, procure the latest electronic gadget or update the home can send passionate shoppers into an emotional spiral much like the stages of grief.

 Denial sets in first. “They can’t go out of business; they are always so helpful and sell only the best products.”

Soon after comes the inevitable anger stage. “Great, they went out of business. Now my extended service plan (ESP)* won’t be any good. How could they do this to me?”

*NOTE: While many store associates and consumers consider the purchase to be an extended warranty, this is often not the case. Many extended plans are not truly adding on to the original manufacturer’s warranty, but rather, extend the post-warranty service options and are therefore more appropriately referred to as an extended service plan, or ESP.

Retailer bankruptcies have been an unfortunate reality, as almost 3,000 stores in the U.S. closed, were downsized or went out of business in the 2013 calendar year. While many analysts believe that the worst is now over, many consumers are still left wondering what will happen to their ESPs. The truth is there are a number of ways it can go.

 In a worst case scenario, extended service contracts are voided when the company files for bankruptcy. This is often the case if the retailer underwrites its own ESPs. On a positive note, manufacturers’ warranties are in no way affected when a retailer closes. So, some repairs and replacements might still be covered.

In a better scenario, the retailer outsourced its warranty underwriting to a reputable third party.

 “The end of a retailer doesn’t necessarily mean the end of the extended service plan,” said Sean Stapleton, CEO of Warrantech. “Responsible companies have safeguards in place, such as third-party contract underwriters, that protect their customers, even after bankruptcy.”

So, the first step is to read the service contract papers if a store closes. Chances are that the ESP isn’t actually owned by the retailer, so there’s no reason to panic. But, rather than waiting until the unthinkable happens, Stapleton advises to read the service contract before it’s purchased to avoid potential problems down the road.

“Check the fine print for a third-party provider and consider the reputation of the company,” Stapleton said. “Look for an address to write to or a phone number you can call if there are issues.”

 Consumers are spending more on electronics and other big-ticket items than ever before, so ESPs are becoming increasingly important — as long as they will be there when they are needed. On its consumer protection website, the Federal Trade Commission urges shoppers to read warranty and ESP paperwork and look for answers to the following questions:

- How long does the warranty and ESP last?

- Who do I contact to get warranty and ESP service?

- What will the company do if the product fails?

- What parts and repair problems are covered?

- Are there any conditions or limitations on the warranty or ESP?

By asking these questions upfront and ensuring that their ESPs are backed by a reputable third party, shoppers can gain peace of mind that their purchases will be covered — even if a favorite retailer permanently closes.

For more consumer tips and information regarding extended warranties and vehicle service contracts, be sure to visit: https://vimeo.com/amtwarrantycorp

AMT Warranty Corp Wins Gold at the 2015 Stevie Awards for Sales & Customer Service

Warrantech was presented with a Gold Stevie® Award for Innovation in Sales during the ninth annual Stevie Awards for Sales & Customer Service. The awards were presented to honorees during a gala banquet on Friday, February 28, at the Bellagio in Las Vegas. More than 500 executives from the U.S.A. and several other nations attended.

The Stevie Awards for Sales & Customer Service are the world’s top sales awards, business development awards, contact center awards, and customer service awards. The Stevie Awards organizes several of the world’s leading business awards shows including the prestigious American Business AwardsSM and International Business AwardsSM.

More than 1,900 nominations from organizations of all sizes and in virtually every industry were evaluated in this year’s competition, an increase of 27% over 2014. Finalists were determined by the average scores of 139 professional’s worldwide, acting as preliminary judges. Entries were considered in 54 categories for customer service and contact center achievements, including Contact Center of the Year, Award for Innovation in Customer Service, and Customer Service Department of the Year; 50 categories for sales and business development achievements, ranging from Senior Sales Executive of the Year to Business Development Achievement of the Year; and categories to recognize new products and services and solution providers. The Business Development categories are new for 2015.

More than 100 members of several specialized judging committees determined the Gold, Silver and Bronze Stevie Award placements from among the Finalists during final judging earlier this month.

Warrantech was recognized for its Connected Protection program, which provides repair and replacement benefits for mobile devices utilized in a connected vehicle should such devices malfunction. Available through automobile dealers, the protection plan can be added to the vehicle financing, thereby costing pennies per day for extensive coverage. Enhancing Warrantech's product portfolio, the new offering also provides important benefits to connected vehicle owners and much-needed additional revenue sources for auto dealers.  

“Entries to the Stevie Awards for Sales & Customer Service awards have more than doubled over the past three years,” said Michael Gallagher, president and founder of the Stevie Awards. “The widespread support of this program illustrates the importance of the functions it recognizes to business success. This year’s Stevie Award winners are the highest rated in the history of the awards, and we congratulate all of the winners on their commitment to excellence and innovation.”

Warrantech administers and markets service contracts and after-market warranties on automobiles, automotive components, recreational vehicles, appliances, consumer electronics, computers and computer peripherals for retailers, distributors and manufacturers. Warrantech ESPs are underwritten by sister company AmTrust Group insurance carriers, rated “A” (Excellent) by A.M. Best Company for their financial strength and stability.

For more consumer tips and information regarding extended warranties and vehicle service contracts, be sure to visit: https://www.facebook.com/amtservicecorp

Introducing Campers Edge, Protection for Motor homes

AMT Warranty Corp is proud to now offer dealers and customers alike the finest overall RV program in the industry — Campers Edge. As industry leaders since 1983, AMT Warranty Corp developed Campers Edge to strike the perfect balance between providing comprehensive coverage choices while keeping it simple to use. 

Only Campers Edge offers the flexibility to choose the coverage plan, length of coverage, number of miles covered and deductible to fit the way you drive and the budget you live with. Whether you drive 5,000 or 50,000 miles a year, AMT Warranty Corp has made it easy to pick the coverage that’s right for you: 

Two Simplified Coverage Levels

• Preferred

- Comprehensive stated component coverage

• Ultimate

- Exclusionary coverage

• Coverage available for motor homes, travel trailers, fifth wheels, pop-ups and slide-ins

• Fewer add-on or surcharged items than found in competitive programs

• New plan terms up to 7 years

• Used plan terms up to 4 years

• Coverage available for units up to current plus 15 model years old

Features And Benefits For Customers

• Multiple time and mileage terms

• 24/7 roadside assistance

• Coverage that meets your needs and fits within your budget

• Motorhome coverage available for:

   - Units with up to 100,000 miles 

   - Units up to $500,000

• Unparalleled customer service 

• Deductibles: 50, 100, 200 and 100 disappearing

Features And Benefits For Dealers

• Offers your customers the best coverage available

• Simplified, transparent reinsurance opportunities with no hidden fees

• Ability to transact business online through Warrantech’s “VSCOnline” Platform

• 30 minutes or less claims payment

• Offers significant income opportunities from a strong, stable company that treats your business with respect

For more consumer tips and information regarding extended warranties and vehicle service contracts, be sure to visit: https://www.facebook.com/amtservicecorp

Filed Under: CampersEdge, coverage, fifth, motorhomes, pop-ups, slide-ins, trailers, travel,Warrantech, wheel