Extended Warranty

 

Extended Warranty Industry: Role of Blockchain Technology in Shaping the Future of the Sector  

Highlights:

• Surge in awareness for extended warranty
• Decline in sales of PCs
• Expansion of products and services

Extended warranties are agreements that prolong the warranty duration of consumer durable goods beyond the manufacturer’s initial offering. They provide coverage for the expenses related to replacing or repairing a product affected by poor workmanship or manufacturing defects.

Extended warranties offer customers an added shield against unforeseen repair expenses resulting from product defects or accidental damage. This heightened protection is anticipated to increase awareness of extended warranties.

Numerous products typically include a standard manufacturer’s warranty at no extra cost. This warranty commonly covers the initial year or the first few years of the product’s lifespan. Consequently, extended warranties often offer redundant coverage that may prove unnecessary due to the overlap in protection.

Blockchain technology for extended warranties:

Blockchain technology provides the advantage of transparency. In the case of a traditional warranty, there is a possibility of confusion or misinterpretation regarding the terms and conditions of a claim. However, with blockchain, warranty information becomes easily accessible to all relevant parties. Such effortless accessibility encourages and enhances trust and transparency.

Improved efficiency:

Extended warranty companies can accelerate claims processes by utilizing smart contracts. This accelerates repair timelines and decreases expenses for warranty providers, ultimately helping maintain lower rates for consumers.

Enhanced customer satisfaction:

Transparency in blockchain technology plays a crucial role in establishing trust between a warranty company and its clients. Additionally, policyholders value the accelerated claims processing and easy accessibility to warranty documentation.

Streamlined process:

Blockchain technology can streamline warranty claims administration by automating various processes within claims management. For instance, smart contracts can initiate payments automatically upon meeting specific conditions, thereby reducing the necessity for manual involvement and expediting the entire claims process.

Recent developments shaping the extended warranty industry:

Canon has introduced a new Extended Warranty Program designed for the Colorado M-series Roll-to-Roll Large Format Graphics Printers.

Canon has announced a comprehensive Extended Warranty Program specifically for the Colorado M-series line of large-format graphics printers. This program offers customers the flexibility to extend their warranty for a duration of up to five years.

Canon provides a Standard Warranty for all Colorado M-series printers, valid for two years from the date of installation. There are two additional choices available: Extended Parts Coverage or Extended Parts and Printheads Coverage. The Extended Parts Coverage includes all serviceable parts except for printheads. On the other hand, the Extended Parts and Printheads Coverage encompasses the benefits of the Extended Parts Coverage along with complete coverage for printheads.

Daikin has introduced an extended warranty program in an exclusive collaboration with OneDios.

OneDios has declared its exclusive collaboration with Daikin, a prominent player in the electronic appliance sector. This pioneering partnership enables OneDios to provide authorized Daikin warranties nationwide in India, representing a significant advancement in ensuring complete product satisfaction for Daikin customers. Through this strategic partnership, OneDios is set to pave the way for substantial growth in 2023, fundamentally reshaping the extended warranty landscape.

Customers can now obtain extended warranties for any Daikin product via OneDios, receiving live updates on their warranty claims. Daikin’s extended warranty program ensures authentic brand service and genuine spare parts at exceptionally competitive rates, coupled with the brand’s commitment to service excellence.

Through Daikin’s authorized service, potential problems are promptly identified, mitigating the chances of expensive repairs and equipment wear and tear. Customers enjoy prioritized services and access to a specialized team of skilled technicians for product servicing covered under the brand’s authorized warranty.

In short, the extended warranty industry is expanding rapidly owing to a surge in penetration of electronic devices and awareness about an extended warranty. However, the untapped potential of emerging economies is expected to offer new avenues to industry.