Warranties are standard for most mechanized products, providing customers with options for repair, replacement, or refunds. Research shows that warranty claims and associated service costs typically account for 2% to 15% of net sales. For large companies, this can mean billions of dollars in annual expenses. Even for medium and small manufacturers, this cost has a considerable impact on the bottom line.
Gone are the days when warranty claims were manually assessed, and the details recorded and processed on paper. Original Equipment Manufacturers (OEMs) can now leverage AI-powered tools to streamline operations, enhance efficiency and accuracy, reduce manual effort and costs, and boost customer satisfaction. Additionally, automating workflows with AI also improves the ability to detect and eliminate fraudulent claims. Claims automation ensures a faster claims procedure, enhanced fairness, personalization, and easy availability. With minimal to no requirement for human intervention, the role of AI in claims significantly reduces errors and redundancies, ultimately resulting in warranty efficiency improvement.
Tavant’s TMAP Warranty.AI: A Game-Changer in Warranty Management
Tavant’s TMAP Warranty.AI is designed to help OEMs navigate the complex world of warranty claims with ease. Powered by AI, this solution reduces warranty costs by up to 5%, automates and streamlines processes, and improves after-sales service—leading to enhanced customer satisfaction and a significant return on investment (ROI).
- Suspect Claim Analytics: Suspect claims are managed efficiently through a systematic process of verifying and flagging suspicious claims, real-time claim scoring, automatic claim approval, dealer rankings, image-based anomaly detection, and rankings-based warranty audits.
- QA Code Predictions: Through predictive analysis, the tool accurately forecasts the likelihood of defects or failures in different products with the help of symptom code prediction, defect code prediction, remedy code prediction, and warranty system integration with multi-language support.
- Peer Averaging: Through labor cost analysis, labor hour clustering, parts claims clustering, and cluster value comparison, the tool helps competitor analysis for establishing benchmarks in warranty claims.
- Warranty Analytics: This feature covers warranty metrics and analysis of channel, claim, and return of parts. Additionally, analyst performance, warranty registration, dealer performance, supplier recovery, and claims forecast are other aspects analyzed in detail.
- Machine Failure Cluster: From cluster size monitoring to assessment of failure metrics and real-time product monitoring, it is possible to understand the root cause of machine faults better than ever before.
- Service Parts Management & Contract Analysis: Through a set of operational metrics, portfolio & pricing analysis as well as parts & service demand forecasting, the tool efficiently handles contracts and service allocation.
- Quality & Reliability: Weibull analysis, quality KPIs, and product quality systems are important components in ensuring the quality and reliability of outputs.
- Intelligent Search: Intelligent search forms the core of any AI tool, and with a focus on warranty claims, features like contextual search, Q&A, and knowledge management play a key role in the verification process.
- Field Service Analytics: A range of fieldwork analyses including service ticket prioritization, trend analysis, work order & inventory report generation, and service technician performance analysis, among others.
- Dealer Certification: Service & sales certification, performance-based dealer classification, points-based categorization, category-based incentive schemes, and dealer business improvement identification
The Power of AI in Claims Automation
Tavant’s TMAP Warranty.AI can automate and streamline warranty claims with incredible efficiency through detailed and fast data analysis, helping OEMs make real-time, data-driven decisions. As TMAP Warranty.AI continues to learn from new data, its performance improves over time, further enhancing the warranty management process.
Key Benefits for OEMs Using TMAP Warranty.AI:
- Improved Efficiency and Cost Savings: Automation eliminates routine tasks, enabling faster and more accurate claims handling. TMAP Warranty.AI automates routine tasks involved in the process and encourages decisions backed by accurate data, businesses can expect efficiency gains, lower expenses, cost savings in warranty, and better customer satisfaction.
- Enhanced Customer Service: Through AI-powered automation in TMAP Warranty.AI, expect claim settlement to be speedy and accurate. Customers will appreciate the lower waiting period and the hassle-free resolution process that increases brand loyalty and trust.
Future trends in warranty automation
Warranty management no longer needs to be a manual, labor-intensive process. Tavant’s TMAP Warranty.AI is an innovative, advanced solution designed to automate claims. The tool delivers automation excellence through its ability to learn from data, making it a critical asset in modern warranty management.
AI-powered solutions like Warranty.AI go beyond offering the convenience of automating tasks – they offer intelligent solutions backed by identifying patterns and trends and offering data-driven insights. While inspired by traditional manual processes, these advanced tools streamline the entire system, enabling faster and more accurate claims resolution. By leveraging data-driven approaches, OEMs can handle a higher volume of claims with precision, enhancing both operational efficiency and customer satisfaction. By adopting AI early, OEMs can not only reduce costs but also deliver faster, more reliable service, making AI a crucial investment for the future of warranty management.
Reach us at [email protected] to schedule a demo on TMAP Warranty.AI
