How Do Businesses Manage Claims on a Large Scale?
Today, many claims companies have to manage a countless amount of claims at any one time. We look at how they do this successfully.
Claims management businesses have helped customers to claim compensation for decades. They do this by contacting the relevant business on the client’s behalf with all the correct documentation, putting forward the best possible case for success.
Managing different clients and contacting different companies on a daily basis is just part of the role of a claims management company. There are a variety of companies that offer their services for a fee of successful claims.
When choosing a company to handle your claim, you might be wondering how they can manage such high volumes of claims. While many companies hire a lot of staff, it takes more than just top employees — and lots of them — to deal with claims.
We look at which companies need to manage claims on a large scale and how they can do this effectively on a daily basis to get the best results.
Which Companies Need to Manage Claims?
There are multiple claims companies nowadays, each dealing with different consumer issues. Here are different claims which can be managed by a claims management company.
- PPI Claims – Some of the largest claims management companies deal with mis-sold PPI. Thousands of UK consumers were mis-sold PPI on products such as loans, mortgages and credit cards.
- Flight Delay Claims – If a flight is delayed by over three hours within the EU, there are grounds for compensation. Companies helping people claim compensation for flight delays will manage a high number of claims.
- Injury Claims – If people had an accident and they aren’t to blame, a company can help them earn compensation for this.
- Mis-Sold Mortgage Claims – Mis-sold mortgage claims companies can often deal with complex cases. They may not be as frequent as PPI or flight delays, but these claims are important and often profitable.
- Packaged Bank Account (PBA) Claims – PBAs are becoming increasingly popular. Many people were mis-sold packages from their bank accounts and could be due hundreds or thousands of pounds in return. There are numerous ways PBA was mis-sold, meaning lots of variations of claims are now being made.
How Do Companies Manage Claims?
There is one simple way that claims companies can manage claims on a large scale: software. Using the best software makes managing a large number of claims so much easier.
Features such as automated follow-ups and the ability to customise and make it a bespoke piece of software make it a necessity for claims businesses. Using the best software will streamline the workload for any claims company to manage claims.
With the ability to hold a large number of claims in a safe and secure way, incorporating software and building a business’ processes around it is the best way for companies to deal with claims and keep customer information stored safely. Utilising the power of managing high volumes of claims on one piece of software means there is less of a need for staff (or at least less of a need to drown those employees in tasks), making a business much more profitable.
For consumers and claimants, this means their claims are dealt with far more efficiently, in terms of paperwork, time and expense. Find a claims company that uses excellent claims management software, such as LogiClaim: the bespoke software from Logican that has helped countless businesses refine their processes.
How Many Claims Do Companies Deal with?
PPI claims companies usually receive the highest number of claims. The insurance was mis-sold on an astronomical level, with hundreds of thousands, if not millions of customers being mis-sold the product. So far, the banks have paid £30 billion to customers for their wrongdoings.
These companies are busier than ever due to the upcoming PPI deadline. People are rushing to claim PPI before the August 2019 deadline, so the best PPI companies are receiving well over 100 claims a day.
Other businesses which manage lots of claims are those dealing with flight delays. Due to a court ruling in 2014, millions of people could be eligible for compensation if their flight is delayed by more than three hours, which has led the number of claims to soar to sky-high levels.
Logican has created the best software for companies to manage claims of huge volumes. Want to see how we can help your business? Contact Logican to receive a free demo of our software.