WarrantyMind solves a painful, and ongoing, issue for dealerships: the cumbersome, manual process of warranty administration, which can lead to significant delays in claims reimbursement and future revenue losses.
SAN FRANCISCO (PRWEB)
June 21, 2022
FrogData has released WarrantyMind, a data platform for warranty claims that solves critical warranty administration problems at dealerships. The WarrantyMind platform integrates with the DMS, enabling warranty experts to file claims that are more accurate and much faster than the existing dealership process.
Because of its comprehensive integration with all DMS systems, WarrantyMind is able to optimize claims management, using data analytics to analyze each repair order and improve speed of filing. The auto dealership claims management team is then able to use the FrogData platform to track and file claims efficiently.
“WarrantyMind solves a painful, and ongoing, issue for dealerships: the cumbersome, manual process of warranty administration, which can lead to significant delays in claims reimbursement and subsequent revenue losses,” said Chris Dulla, Vice President, FrogData. “In addition, today’s dealers face a critical shortage of good warranty claims administrators: WarrantyMind addresses, and resolves, this issue directly and efficiently.”
Dulla noted that warranty administration is the single largest driver of cash flow in an auto dealership and depends on good documentation by warranty administrators and technical repair staff, but that is very often the case.
In addition, effective warranty administration is even more important to make current and future industry trends. For example, EVs and lease-based mobility models of increased consumer adoption will increase the average dealer’s warranty business. Delay, or fail, to file these claims can cause significant revenue losses.
“As demand for warranty administration grows, WarrantyMind offers peace of mind dealers who can rely on its vast data analytics platform and AI to punch through claims and process them automatically,” continued Dulla. “And, with its direct one-to-one communication with the service manager, there will be no further delay claim submission.”
According to recent FrogData dealership reports, the WarrantyMind process is making a difference to the dealership bottom line. For example, one dealer saw a 30% (4.2 day) improvement in the time it took to file a claim and reported a 10% lower rejection rate along with a five-day improvement in warranty collection efforts. Additional dealers reported an overall lower cost for their stores, with many saving up to $ 25,000 in the first year of service alone.
“We have designed WarrantyMind to be a total revenue solution for dealers, they can count on every day to open a critical revenue channel,” said Dulla. “So, it’s very rewarding to see that WarrantyMind is making a measurable difference in warranty cash flow and overhead costs.”
Key features of WarrantyMind include the following:
- Data-driven warranty claims management that analyzes every repair order and uses FrogData technology to ensure accuracy and speed of filing.
- Repair clarifications for dealers with FrogData’s internal system through instant communication
- Years of experience with OEM-certified warranty experts.
- Dealer warranty repair efficiency on real-time analytics.
- Most DMS systems with integration, so repair orders are already in the FrogData platform.
Warranty administration pain points at the dealership are usually the result of inadequately trained employees who are misinformed technicians and fail to follow through on the complex process of claims. Not only do warranty administrators need to understand the types of repair and what information they need, they also need to analyze, multitasking, and communicate with customers across several functional dealership areas: skills that are difficult to find and train . WarrantyMind helps auto-dealerships with a cost-effective bridge and skills gap for auto dealers and a built-in standard and simplified process that leverages technology and expertise to help make warranty claims management more effective.
FrogData is an automotive industry leader in data analytics. FrogData Analytics Platform delivers advanced reporting, business insights and predictive analytics to auto dealers, helping them make better decisions and improve their business performance. FrogData is a division of izmocars, a leading global provider of automotive retail solutions including Dealer Websites, Search Engine Marketing & Interactive Media products. FrogData is based in San Francisco, CA. (http://www.frogdata.com)
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