eBaoTech Releases New Extended Auto Warranty System v1.5
This specialty China market product enables car manufacturers and dealers to offer and manage Extended Warranty insurance products
Shanghai – October 23, 2012, eBaoTech, a leading provider of new generation software and services for the life and general insurance industries, announced the general availability of its eBaoTech® Extended Auto Warranty System v1.5 for the mainland China auto manufacturer and dealer market. This Warranty System enables car manufacturers and dealers to offer Extended Automobile Warranty products and to manage the complete life cycle of this popular insurance product.
Extended warranties, sometimes called service or maintenance agreements, are often offered by car dealers or manufacturers. The standard warranty contract provided by car manufacturers usually covers 60,000 kilometers or the first 2 years of a car’s life. Manufacturers are increasingly extending warranties to 100,000 kilometers/3 years or 100,000 kilometers/4 years. As new car sale margins of new car sales have been shrinking, the warranty market has generated interest as an important profit center for car manufacturers, dealerships and insurance companies. Car dealerships and manufacturers naturally see extended warranty services as a way to increase customer loyalty and increase sales revenue in the after-service market. Innovative car manufacturers such as Shanghai General Motors, Dongfeng Nissan and Dongfeng Honda have begun offering extended warranty services in the China market.
eBaoTech® Extended Auto Warranty System v1.0 was released in 2007. Like v1.0, version 1.5 supports the full life cycle of extended auto warranty products, from inquiry, underwriting, policy issuance and claims, and includes mechanisms to reduce error and fraud. Version 1.5 adds ease-of-use functionalities and an improved analytics dashboard.
Key features include:
- Support for the complete life cycle of an extended auto warranty contract, from renewal, cancellation, alteration and transfer to claims
- Support for online inquiry, automated underwriting, policy issuance and contract printing to improve data entry accuracy, automate common tasks, reduce processing time, and increase customer satisfaction
- Easy integration with third party payment systems to enable immediate policy issuance after payment and reduce operational risk
- Built-in analytics dashboard of sales revenues
“In China, the importance of auto financing and insurance to car dealers’ sales revenues is growing,” noted Woody Mo, CEO of eBaoTech. “Extended Auto Warranty services have existed in developed countries for more than 40 years. eBaoTech, with its experience serving insurance companies in over 20 countries, is pleased to bring this advanced product to the China auto insurance financial industry. We look forward to seeing the industry develop in this area.”
Clients of eBaoTech Extended Auto Warranty System include Ally Financial (previously GMAC Insurance) and a leading national car dealership. Ally Financial uses the eBaoTech Extended Warranty system to manage all extended warranty products sold in its retail stores across China, and to provide claims services to its customers.
eBaoTech delivers standards-based, highly configurable insurance software suites to both property and casualty (P&C) and life insurers. Its product offerings enable insurers to realize cost-effective, scalable, flexible and highly automated insurance operations in an ever-changing environment. With offices in ten countries across Europe, Asia and the Americas, and installations in more than 20 countries, eBaoTech has extensive global presence to serve leading insurance companies. For more information, visit www.ebaotech.com.