What Is Claims Management Software and How Can It Help My Business?
Are you a claims company looking for software to aid your day-to-day tasks?
The claims market is extremely busy at the moment as individuals aim to make their PPI claims before the impending deadline, set for August 2019. The claims companies who deal with PPI are striving to gain new clients and process consumer’s claims before the cut-off date.
PPI claims dominate a large section of the claims market, with over 64 million PPI policies sold — millions of which were not sold in the correct way. Other claims companies are continuously working on behalf of clients on cases of flight delays, personal injury, mis-sold mortgages and mis-sold packaged bank accounts. There is also a belief that SIPPs (self-invested personal pension) was widely mis-sold to individuals, creating another type of claim for businesses to help customers with.
All of these businesses work to regain compensation and money back for their clients. If you work in the claims management business, processing claims quickly and efficiently is a must. Using the best claims management software is the easiest way to streamline your everyday tasks.
The claims market is competitive and the Financial Conduct Authority (FCA) is looking at these companies and tightening regulations. As of April 2019, the FCA will be regulating claims companies and imposing guidelines on how businesses will need to conduct their services.
Below, we explain what claims software is and how it can benefit your business in terms of efficiency and profitability.
What Is Claims Software?
Claims software is created specifically for businesses working in the claims management market. The software is designed to hold all of the information required for businesses to process a claim on behalf of a client. This includes documents from both the client and third-parties.
What Are Some of the Features of Claims Software?
LogiClaim is the claims software created by Logican. The following features of our claims management software enable companies to work efficiently:
- Creating a file for each client — All data and documents from the client can be kept in a single portfolio. This is particularly important for those dealing with mis-sold mortgages, as these cases require documents from a number of different businesses, as well as from the client.
- Document Management — The facility to create and edit a document from our library. Word documents, emails, and scanned documents can all be integrated.
- Automated tasks — The software will automatically update cases based on incoming and outbound communication.
- Integrated direct debit system — Payment plans can be easily set up and invoices automatically sent when necessary.
- User-friendly software — No business needs complicated software. Our easy-to-use system means employees can quickly check the status of a claim if a client enquiries.
Every claims business is different and LogiClaim has the ability to be customised for each company’s specific needs and requirements.
How Can Claims Software Benefit Your Business?
When choosing claims software, a key consideration of all businesses is its ability to keep data safe and secure under the new GDPR regulations. Efficient claims management software allows all data to be kept secure, especially sensitive information about personal finances.
Having a portfolio for each client and being able to create as many as you need means all information is easily accessible by those who need it.
The automated features take out the need for time-consuming administrative tasks such as communicating with clients and following up on payments. This allows employees to focus on other tasks and for money to be spent on generating custom. In turn, this will improve the profitability of the business.
Logican creates bespoke software for a variety of claims companies. Having worked with numerous claims management companies, we know what functionality your software needs. Request your free demo or call us today for more information on 0800 084 2724.