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Warranty Metrics: Consumer Approaches to Extended Warranties for White, Brown and Grey Goods in the UK
Finaccord, March 2011, Pages: 41
This report titled Warranty Metrics: Consumer Approaches to Extended Warranties for White, Brown and Grey Goods in the UK offers unique, detailed insights into the behaviour of UK consumers regarding extended warranties for white, brown and grey goods.
Based on a primary survey of 1,000 consumers in the UK carried out in November and December 2010, the research provides valuable data concerning the extent to which they take out extended warranties with audio systems, desktop computers, dishwashers, fridges / freezers, games consoles, laptops / netbooks, set-top boxes, televisions and washing machines with data shown separately for each of these nine types of product.
The investigation also analyses which risks are covered by these warranties (i.e. breakdown only or also cover for accidental damage and / or theft), whether consumers purchased a warranty for a specific consumer product or a multi-appliance warranty, which distribution channel and interface they used to take out the extended warranty, and whether they bought an extended warranty at the same time as the underlying consumer product or later.
Finally, the reports analyse claims frequency for extended warranties split between white goods, brown goods, and grey goods, showing whether the claim was accepted or rejected.
You may be able to use this report in one or more of the following ways:
- benchmark your organisation’s performance in the extended warranty sector: are your cross-selling rates in line with the market averages described in this study?
- appreciate the potential for increasing the penetration of extended warranties in the UK through packaging with banking products or marketing multi-appliance warranties;
- evaluate the opportunities for distributing extended warranties through means other than the outlets selling the underlying electronic products - to what extent will consumers buy through alternative channels and interfaces?
- assess the prospects for retrospective marketing and re-solicitation programs - how many UK consumers take out extended warranties after they have bought the underlying electronic product and how long do they wait?
- understand claims experience for extended warranties, how this varies by type of customer and what this might mean for the way in which your organisation underwrites or distributes this type of policy.
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