Tell us the story of how and why you started your company.
Twin Cities entrepreneur Clarence Bethea started Upsie in 2013 after seeing firsthand the lack of transparency and fairness in the warranty industry. He sought to give people more control over the warranty purchase experience and eliminate the hassles that have left consumers soured on warranties and reluctant to buy.
The warranty industry’s checkered reputation has included high prices (markups as much as 500 percent), a “hard sell” from cashiers, and murky terms and conditions. It works because it’s shrouded in confusion, and people accept this kind of price gouging simply because they don’t know any better and, until now, there hasn’t been a better option.
Upsie is the culmination of Bethea’s vision for a simpler, more transparent warranty process that helps consumers protect the things they love for a fair price. People are able to easily access and fully understand their coverage details to purchase only the warranties that make sense for them. The claims process, too, is simplified through the app. Users can access their warranties in the “My Stuff” section of the app, review coverage and even start the claims process. Claims processing and repairs are also simplified since all the user’s information and product receipts are stored in the app for access by customer service staff. Coverage for many products includes the option for customers to bring their device to a certified local repair shop or send it in for four-day, fix & repair turnaround.
What’s your most recent success or milestone hit?
Upsie proudly announced new additions to the leadership team, whose wealth of knowledge and experience together will be vital to Upsie’s growth:
- Brian Dunn as Chairman of the Board of Directors (former CEO of Best Buy)
- Stacy Webb as Chief Operating Officer (former VP of Business Planning and Operations)
- Jason Bristow to Board of Directors (former VP and Treasurer of Amazon.com)
Upsie has also increased its user base dramatically in the past few months, from 1,600 in April to nearly 80,000 in August 2015.
Where do you see your startup in 1 year?
In one year, we hope that Upsie will continue to grow and add great people to the team. We see Upsie playing on a national stage and hopefully leading the warranty market on behalf of the people that deserve great protection and service at an affordable price.