4 Businesses That Need Claims Processing Software
Using claims software increases the efficiency and profitability of a variety of businesses.
Claims processing software is essential for any claims management company. These businesses deal with a variety of claims on behalf of consumers, such as PPI and flight delays.
Consumers often choose to use the services of a claims company if they are too busy to make a claim themselves or do not want the hassle. With claims such as PPI, evidence (including previous statements) is required, much of which consumers no longer have. Claims companies are often able to obtain this information, making the process easier for people. The claims management regulator has a full list of all registered companies offering these services.
All claims companies require the right software to make managing claims simple and affordable. Here are four types of businesses that need claims processing software to handle their workload.
1. PPI Claims
The PPI saga has been in the news for nearly a decade, with the banks mis-selling millions of PPI policies to customers. To date, the banks have repaid almost £30 billion to customers. Much more money is expected to be returned to customers before the impending PPI deadline, set for August 2019.
The PPI claims companies market is overcrowded, meaning companies need to go above and beyond to stand out and gain customers’ trust. Finding the best claims software allows them to manage each case swiftly and efficiently while keeping important financial details safe and secure.
2. Mis-sold Mortgage Claims
Claims for mis-sold mortgages are much less frequent than PPI but are of high value to claims companies. Mis-sold mortgage claims require gathering a lot of information from lenders and clients.
As such, claims processing software must be equipped to track and manage the progress of each mis-sold mortgage case. This includes sending follow-ups to the client to keep them up-to-date with the claim.
Claims for mis-sold mortgages can take a long time, and having effective claims software makes managing the caseload significantly easier.
3. Flight Delay Claims
Due to EU laws, thousands of people could be due money if their flight was delayed. There are legal obligations that airlines must adhere to if a flight is delayed by a certain amount of time, as set down by the Civil Aviation Authority. Many people do not realise just how much money they could be owed.
Flight delay claims can be managed with claims processing software. Flight details, passenger information and the name of the airline all need to be kept secure, as well as financial forecasts for each claim.
4. Packaged Bank Account (PBA) Claims
It’s estimated that one in five PBAs were mis-sold. Two-thirds of claims to the Financial Ombudsman (FOS) about mis-sold PBA are upheld. Much like PPI, customers felt pressured into buying a PBA or thought that it was mandatory.
Making a claim for PBA requires details from customers and the bank involved. Claims processing software with automated messages and follow-ups means less time and energy spent doing these necessary tasks. It allows more money to be spent on finding customers who deserve to make a claim and making people aware of their rights.
Automated follow-ups, financial projections, and safe data are just a few of the features that all companies need from claims software. These components make the day-to-day management much more efficient and manageable.
LogiClaim is the claims processing software developed by Logican. It’s the ideal option for any business needing a claims management solution.