Axiom Connected CEO & Founder, Mike Reth, recently hosted a webcast to discuss Warranty-as-a-Service (WaaS). The warranty industry, a $60 billion market in the U.S. alone, has remained largely unchanged for decades. Inefficiencies like manual processes, excessive paperwork, and outdated systems create frustration for both businesses and customers. It’s clear the traditional model is overdue for transformation. To combat these inefficiencies, Mike Reth introduces Warranty-as-a-Service (WaaS) - a modern, customer-centric approach that’s reshaping what warranties look like in the digital age. Rethinking how warranties are sold and harnessing powerful tools available right now will allow businesses to create a customer-focused approach with usage-based pricing. Let’s take a dive into what WaaS has to offer.
Today’s customers have high expectations for speed, transparency, and flexibility. Unfortunately, the industry’s reliance on outdated infrastructure often leads to slow claim resolutions, rigid terms, and subpar experiences. The solution? A shift to digital-first workflows and smart automation.
For example, tools like digital First Notice of Loss (FNOL) enable customers to submit claims online, drastically reducing wait times. Paired with automated decision-making, businesses are seeing efficiency gains of up to 95%, eliminating the need for excessive human processing.
Modern customers thrive on convenience, as demonstrated by the success of subscription memberships in other industries. WaaS introduces monthly subscription warranties and usage-based pricing, allowing customers to select plans tailored to their needs. By offering options like month-to-month coverage, post-purchase protection, or on-demand warranties, businesses not only improve customer satisfaction but also create new revenue streams.
Take subscription-based plans in the automotive industry, for instance. These models boast higher attachment rates than traditional term warranties, creating predictable, recurring revenue for providers.
The integration of AI-powered automation is transforming the customer experience in unprecedented ways. AI enables businesses to reduce reliance on human capital while enhancing claim accuracy and speed. With capabilities like 24/7 virtual agents and predictive decision-making, both simple and complex claims can be addressed with minimal friction. Consumers gain clarity with real-time updates, mirroring the transparency offered in retail and logistics.
Adopting WaaS helps businesses move beyond rigid, one-size-fits-all solutions. It allows them to offer tailored protection plans, streamline claims processes, and scale efficiently without overburdening resources. Most importantly, WaaS aligns perfectly with the modern consumer’s expectations for speed, flexibility, and ease of use.
Businesses that fail to evolve risk losing their customers to competitors who deliver better, more relevant experiences. Whether you’re a retailer, administrator, or technology provider, the tools to modernize your warranty offerings are already here.
Are you ready to unlock the full potential of Warranty-as-a-Service? Start exploring the solutions that can transform your operations today.
Watch the full webcast here:
Contact us at: hello@axiomconnected.com
Offer products for any asset type in one seamlessly digital transaction.
Seamlessly create, manage, and engage with policies for any asset type — all in one powerful, digital platform.
Ready to start?
Talk to one of our experts to answer your questions.
.webp)
