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>> Greenumbrella.com is actually a new service that
we're launching on August 4, which is an extended
service plan for consumers. And it's really addressing
the problem we saw in the market when we're talking to
consumers about extended service plans, which is a lot
of consumers don't even know what an extended service
plan is, they don't even know what they're buying, a lot
of them forget they even buy one. So what we did is we
came up with a unique way for consumers to protect their
electronics, appliances, and computers all under one
plan for 9.95 a month.
>> Is that irregardless of where you buy the product,
what kind of product --
>> Yeah, doesn't matter where you buy the product or
what brand you choose to buy, it's all covered for 9.95
a month.
>> How can you do that?
>> Well, it's easy --
>> Sounds like a great deal.
>> We actually -- yeah, we partnered with a leading
extended warranty solutions provider called the Warranty
Group, and they're our partner, and they administrate,
underwrite the plan, and Greenumbrella.com is a web site
you go to, to sign up for the service and manage all
your electronics, appliances, and computers.
>> And does this -- matter what kind of credit card or
what kind of payment method you're using, or how does
that all break down.
>> For the service it's a 9.95 a month service, so you
can use any credit card you want. It doesn't matter how
you buy your item, whether you buy it online, at Best
Buy, or Circuit City. It's all, you know -- we cover it
all.
>> And why don't you explain exactly what products are
covered -- will be covered. Gadgets, electronics, and
appliances?
>> Yeah, it's almost everything you can think of in the
categories of electronics, appliances, and computers.
Laptops, desktops, stoves, washer-dryers, all the way to
LCD TVs. You know, you name it in the electronics
category. Basically, anything that plugs into the wall
that comes with a 90-day manufacturer's warranty we'll
cover. The two major items that we don't cover are
cellular telephones and exercise equipment. But other
than those two items we cover pretty much everything.
>> And do you have a certain time limit for when you
have to sign up for the service?
>> Yeah, so you can sign up any time, and we look back
60 days. So anything you bought in the last 60 days you
can register and cover at Greenumbrella.com, and
anything going forward you can register and cover as
well. So all you need to do if you're a member of the
site, you just need to register your purchases and keep
your receipts to the extent you ever need to file a
claim or do anything like that, you come back to this
site, there's a phone number, you just make one call.
And it's really -- what we've tried to do, we listened
to consumers, we made a simple, convenient, and
affordable extended service plan, and trying to take the
hassle and confusion out of, you know, buying extended
service plan from a retail salesperson.
>> Right, and especially if you buy your products from
all different sources, you know, you've got to keep
track of all those different plans and phone numbers, et
cetera, et cetera.
>> Yeah. Exactly. And when we -- we polled consumers
we found that -- actually just over a third of consumers
forget they even buy the extended service plan, and then
even more than that can't find the paperwork when they
need to file a claim. So this consolidates everything
and makes it really convenient, simple, and easy to use,
and the other thing that we learned when talking to
consumers is they have no time to review the actual
extended service plan, they don't know what types of
coverage they're getting. So on our site just one click
away from the homepage you can go and read the service
agreement. It's right there, and really understand all
the ins and outs of the coverage that we provide.
>> And is it simple to explain right now; what kind of
coverage do you get through your plan?
>> It's cut -- we've modelled the plan to be comparable
to what you would buy at a major retailer. We have no
lemon policies, we have bulb replacement on projection
TVs. We have surge protection, so a lot of the coverage
that you would get when you buy a plan from a major
retailer you get at this. It's not -- I can't say it's
exactly the same, but it's very comparable inline. It's
three years of protection, so protection starts from the
date you purchase the product and it will last until
three years.
>> Why do we need extended service plans, I mean, isn't
technology disposable?
>> Well, there are technologies that are disposable, but
when we talk to consumers they just wanted the peace of
mind, and knowing that we have protect out there that
when they invest a thousand dollars in a new HDTV that,
you know, it's going to last for at least three years.
So that's what we've really modelled as a protection
plan that's really affordable, convenient, and gives
consumers the peace of mind they're looking for. And
actually, when we were looking at the extended service
plan market there's over 100 million transactions
annually. So, it's -- it's a big opportunity and we're
really excited about it.
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