Learn how VisionERA can help in matching warranty claims for huge bulk of documents 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.
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.
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.
So read ahead…
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.
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.
There are certain types of warranties that are provided to the customers. These are:
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.
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.
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.
To explain the steps followed during warranty claims processing, we will take the example of automotive:
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.
To further elaborate, here are the steps…
A warranty claims form comprises data that needs to be processed and matched in order to process a warranty claim. These are:
Each of these data points are reviewed, and only after a satisfactory review the reimbursements are processed.
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.
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:
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.
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.
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.
Below are the steps that the user can follow to automate warranty claims matching with warranty docs:
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.
Note: Right now, VisionERA can be implemented in your organization at $0 invoicing.