GRAPEVINE, Texas — Identifying a gap in the administration of replacement products, Dallas-based ANEW Business Solutions has created a new approach to validating and processing service plan claims which, it says, can help maximize the return dollars for service plan administrators.
According to ANEW, millions of dollars in questionable warranty claims for replacement products have been processed over the years due to the lack of a solution allowing service plan administrators to validate the majority of claims.
Utilizing customizable Web-based software verification engines such as the company's Web site, ANEW says it has streamlined the process for service plan administrators, eliminating costly "upgrade" or "trade-in" programs. Indeed, the company says its process provides a reduction in claims that can reach as high as 30 percent — and all at no cost to the administrator.
In this model, the administrator pays nothing up front, and ANEW charges only a portion of the resale of each item, but no validation fees, while the administrator sees an immediate increase in its returns. Standard asset recovery programs that are currently available only offer minimal returns since items are sold in large wholesale lots, the company argues, while ANEW has designed a model which maximizes these returns by creating a repair and refurbishing method, then marketing the items directly to consumers.
"Working with service plan administrators over the last several years, we recognized a need for an efficient solution to maximize the monetary recovery for the assets they underwrite," said John Zeitlin, VP of ANEW. "ReturnMyItem.com offers that solution for service plan administrators looking to decrease fraudulent claims and increase the recovery dollars against their client's portfolio."
ANEW's process calls for consumers to contact the service plan administrator when their item malfunctions, their warranty contract is validated, and they are given a claim number and instructions to visit one of the ReturnMyItem Web sites that ANEW has developed. This generates a shipping label to ship the item, and notifies ANEW that the item will be coming to their facility. The consumer then drops the product off with UPS or FedEx, and once it's received at ANEW, a product verification process triggers the settlement of the claim.