Data-driven warranty claims processing speeds up filing, increases accuracy and timely reimbursement, while lowering fixed costs.
SAN FRANCISCO, June 21, 2022 /PRNewswire-PRWeb/ -- FrogData has launched WarrantyMind, a data platform for warranty claims processing that solves critical warranty administration problems at dealerships. The WarrantyMind platform integrates with the DMS, enabling warranty experts to file claims more accurately 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 to ensure accuracy and to improve the 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 biggest driver of cash flow in an auto dealership and depends on good documentation by warranty administrators and technical repair staff, but that very often, claims pile up due to staffing issues.
In addition, current and future industry trends make effective warranty administration even more important. For example, increased consumer adoption of EVs and lease-based mobility models mean dealer's warranty business will increase. Delay, or failure, to file these claims can cause significant revenue losses.
"As demand for warranty administration increases, WarrantyMind offers peace of mind to dealers because they can depend on its vast data analytics platform and AI to punch through the claims and process them automatically," continued Dulla. "And, with its direct one-to-one communication with the service manager, missing information will no longer 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 designed WarrantyMind to be a total claims solution for dealers, one 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 improving warranty cash flow and reducing 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.
- Instant communication through FrogData's internal system with dealers for repair clarifications
- OEM-certified warranty experts with years of experience.
- Real-time analytics on dealer warranty repair efficiency.
- Integration with most DMS systems, 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 misinform technicians and fail to follow up through the complex process of claims. Not only do warranty administrators need to understand repair types and what information is needed to file a claim, they also need to be good at analysis, multitasking, and communications with customers across several functional dealership areas: skills that are difficult to find and train for. WarrantyMind helps to cost-effectively bridge this skills/personnel gap for auto dealers and is built on a consistent standard and simplified process that leverages technology and expertise to help make warranty claims management more effective.
About FrogData
FrogData is the 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 to 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)
Media Relations Contacts:
Melanie Webber, mWEBB Communications, (424) 603-4340, [email protected]
Angela Jacobson, mWEBB Communications, (714) 454-8776, [email protected]
SOURCE FrogData
Share this article