How VisionERA helps Match Warranty Claims with Warranty Docs?

Trading is the lifeline of the global economy. However, trading companies are required to provide offerings in terms of products and services. These products and services are not only required to run as per their specifications but provide exceptional after sales service along with a promise of credibility.

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To deal with the later offering, companies provide warranties on their products. However with the increase in the global economy, trading is also increasing. Also an increase in trading means higher warranty claims.

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Therefore today let’s learn more about warranty claims, how they are processed, and how VisionERA can help in creating an automated claims management system.

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So read ahead…

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What is a Warranty? How it works?

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A warranty is a contract provided by the vendor keeping the quality of the product in terms. A warranty basically implies that under a certain term or tenure if the product sold becomes faulty or doesn’t work as intended then the vendor is liable for repairs or exchanges.

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A warranty is provided to customers via a warranty claims form. It is authorized by the seller during the sale. The form is attested by the vendor with the date of sale and post that the warranty period starts till the promised tenure. Usually the time period for the majority of warranties have a period of 1 year. However, there are certain companies that provide the same for up to 3, 5, or 10 years for certain parts of the product. For instance, the powertrain of a new car can have a warranty period of 5 or 6 years.

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Types of Warranties

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There are certain types of warranties that are provided to the customers. These are:

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Express Warranty

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An express warranty can be both verbal and written in nature. However, the verbal warranty given can be subjective such as a chair sold with the promotion of “most comfortable”. Adding to it, this type of warranty entails that the product sold would provide the necessary function based on its specifications. Although, if the requirements aren’t met then the vendor is liable for repair or exchange of the product.

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Implied Warranty

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This type of warranty is not expressed. Instead, it comes with an assurance that the product sold will perform its intended function. Also, if it fails to do so then the vendor is liable for repair or exchange. However, anything that isn’t covered under this type of warranty will be explicitly mentioned in the claims form.

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Steps to Match Warranty Claims with Warranty Docs

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Warranty claims are handled in almost every industry such as electronics, electrical, automotive, etc. Any product sold today that isn’t perishable in nature comes with a warranty. The process of warranty claims can differ depending upon the industry and the company. However, the gist of the process and steps followed usually follows the same pattern.

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To explain the steps followed during warranty claims processing, we will take the example of automotive:

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To claim a warranty, the customer is required to visit the automotive dealer. Based on the date the car was sold, the dealer will decide whether the car comes under warranty or the defects will be fixed under retail. If the car comes under warranty, no cost would be charged over the customer. However, the dealer would produce a warranty claim to the car company. The claim would be investigated for the labor cost incurred, parts changed, and services provided.

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To further elaborate, here are the steps…

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• The owner of the car visits the dealership.
• Dealer makes sure that the part that needs to be repaired or exchanged comes under the warranty.
• If the claim of the customer is valid, the dealer files for a warranty.
• The warranty claim by the dealer is reviewed by the warranty accessor.
• Based on the legitimacy of the claim, the warranty claim is either approved or rejected.
• Once the warranty claim is approved, the dealer is reimbursed for the services provided.

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Components of a Warranty Claims Form

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A warranty claims form comprises data that needs to be processed and matched in order to process a warranty claim. These are:

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• Name of Dealer
• Address of Dealership
• Purchase Date
• Product ID
• Description of Issue
• Claim Picture
• Customer Details such as Name, Address, Email, Contact No. etc.

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Each of these data points are reviewed, and only after a satisfactory review the reimbursements are processed.

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Why Automate Warranty Claims Management?

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With the increasing amount of sales & trade, all around the globe, the number of claims related to warranty have also increased. Every enterprise today that offers consumer goods receives thousands of warranty claims requests from various dealerships and vendors selling their products.  

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This is for the same reasons that manual processes and traditional methods are obsolete today. On the other hand, they give rise to certain challenges that create further challenges such as:

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• Duplicate Data Entry: With data being entered manually into the system, the chances of duplicate data also becomes higher. It further leads to multiple problems that include reconciliation and often double payment to the same party.
• Missed Claims Request: From the customer’s perspective, one might believe that processing warranty claims would incur cost over the company. However, the final price of the product is established such that even the warranty claims are covered at large. With the opportunity to settle warranty claims, companies get to establish their credibility in terms of after-sale support. However, there are times when these requests are simply missed because of the manual nature of the process. It affects the brand image negatively and adversely affects customer satisfaction.
• Recurring Issues: Companies try different methodologies to reduce the operational cost. Any customer that is suffering from a recurring issue would claim warranty again and again. It would cost companies so they try to assess the issue and come up with a solution that can fix the problem in a single time. However with manual processes, the capability to assess each and every document is limited leading to a lost opportunity of finding relevant data. Data that could have helped the company in the long run.
• Productivity & Efficiency: Manual processing is cumbersome especially with the number of requests increasing per day. However with the automation of claims process management, the efficiency and productivity for manually processing documents can be increased by a huge number.
• Reporting: Creating reports is essential to understand the different issues, patterns, and the cost incurred on settling warranty claims. However with manual processing, this work can take forever because it requires consolidation of data at one place. 

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With an automated warranty claims management system, each of these challenges could be easily obliterated. An effective claims management solution would provide a much more streamlined workflow and exceptional productivity & efficiency along with enhanced reduction in TAT.

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VisionERA - Automation of Warranty Claims matching with Warranty Docs

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VisionERA is an IDP (Intelligent Document Processing) platform. It provides complete end-to-end document automation for any document processing workflows. It is because of its industry and use case agnostic nature.

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With VisionERA, the user can simply select the key data points that require data extraction and verification from numerous forms. The user can simply upload unstructured documents in bulk and create a custom workflow DIY. Once the system is laid up our platform will automatically process all the documents providing consolidated data into spreadsheet or upload it directly to any downstream application. The user can also get the data verified from internal databases and third-party sources using APIs.

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Below are the steps that the user can follow to automate warranty claims matching with warranty docs:

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• The user will compile all the warranty claims documents.
• The compiled batch file will be uploaded to VisionERA via the console.
• Once the upload is complete, VisionERA would start extracting data from all the documents.
• Synonymously, the data will be verified from the internal database for claims matching.
• After the processing is complete, the data would be extrapolated to a spreadsheet or any downstream app used by the organization (i.e. CRM, CMS, etc.)

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VisionERA comes equipped with a continuous learning mechanism. For cases where VisionERA can’t take a decision automatically, it would ask the user to manually intervene. Post intervention, the actions taken will be learned by the platform and replicated in future incoming cases. Our platform also offers other compelling features such as table detection system, contextual autocorrection, effective bucketization, etc.

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Note: Right now, VisionERA can be implemented in your organization at $0 invoicing.

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Want to see VisionERA live-in-action, simply set up a demo with our automation experts for a detailed walkthrough by clicking here. You can also get the trial version to see for yourself.