NEW Corp, a product service plan provider, won an award from Walmart Financial Services for helping design its new product care plan.

NEW Customer Service Companies, Virginia-based and founded 1983, has granted warranty coverage to over 150 million people. Daniel Eckert, Walmart's vice president, presented NEW Corp with the award.

Rob DiRocco, senior vice president at NEW Corp, and general manger of client service called the award a "true validation" and a reassurance that its 30-year-old formula is just as effective as ever for helping companies provide their clients with positive product ownership experiences. Allegedly, over 90 percent of customers surveyed said that the new plan allowed them to resolve their issues with products in one phone call.

Walmart is not alone in its acknowledgement of NEW Corp's exceptional performance. In March, New Corp received similar accolades for its work from the 2012 Playbefore awards. Playbefore praised New Corp specifically for a system of quick compensation they developed for replacement claims. 

With New Corp's system, an unsatisfied customer can log a complaint or dissatisfaction with a Walmart product online. Once customer service appraises and confirms the legitimacy of the complaint, they can credit a gift card in the customer's possession with compensatory funds within the span of one or two days. The program covers consumer electronics under $200.

Returns are a cut throat business. The Economist estimates that American retail companies lost almost $14.5 billion during the year 2011. And the returners are getting smarter. By arranging pre-meditated mob-return events, they disorient and overwhelm unassuming customer service employees.

To figure out an appropriately strict return policy without driving shoppers into the arms of your competition is a walk on the tight rope. In some industry demographics, a return policy for a product can become as important as price. The fact that New Corp has been consistently receiving awards from Walmart since at least 2010 is not a small accomplishment