Claims Management Software: Simplifying the Entire Claims Process
Claims firms can offer their clients a quicker and faster claims route with claims management software.
People around the UK are often told by official bodies and others not to use claims companies if they have a personal injury, medical, financial or other type of claim they want to proceed with. This is certainly the case with payment protection insurance (PPI). Instead, they are advised to go ahead and make the claim themselves.
With many rogue claims companies being dishonest with clients, it’s not surprising that some individuals are wary of using a company to help with their claim. In some instances, clients paid money but never received the outcome of a claim.
This fact presents something of a dilemma as well as an opportunity to claims firms, especially those using advantageous tools like claims management software. How do you grow a company in the face of guidance from the authorities (and the media) that the public does not need your services? Is it even possible to battle that sort of high-level advice and get ahead?
The answers lie in providing a swift and efficient claims service that cuts through all the potential roadblocks and quickly gets clients their money. This is possible with claims management software — and for the average person who is not knowledgeable about the claims industry, making their own claim can be a daunting task. For PPI claims in particular, research by Which? reveals that some banks are difficult to deal with when making a claim. Nationwide, Lloyds Banking Group and RBS were highlighted as the worst.
For those who don’t wish to deal with banks or lenders or don’t have the time to make a claim themselves, seek out a claims company with the right software for the best solution.
Giving Clients the Service They Want
Once a company takes on a case, claims firms have a strong incentive to ensure the claim is successful. Most claims companies operate on a no-win, no-fee basis — meaning the customer pays no upfront fee and the claims company takes a cut of the successful refund. The best PPI claims firms work on this model and use claims management software to keep on top of the vast number of claims.
Since PPI claims began in 2011, claims management companies have collectively enjoyed £5 billion in fees, with over £32 billion paid out by the big banks to date. But, this will soon be coming to an end. The Financial Conduct Authority (FCA) has imposed a deadline for all consumers to process their PPI claims by. 29th August 2019 is the cut-off date and it means that individuals will need to quickly begin processing their claims if they wish to receive a refund.
Those who have been mis-sold PPI and other financial products have the choice of making their own claim or using the expertise of claims management companies. But as we have said, it can be a perplexing undertaking that is fraught with all kinds of difficulties. There exists the very real possibility that someone might get far less than they would have done had they used a claims firm — or worse, nothing at all. Simplifying PPI and other claims is what clients want; it is what claims management software delivers.
Advantages of Claims Management Software
Our claims management software, LogiClaim, has multiple benefits for businesses, from helping efficiency to being highly cost-effective.
Let’s begin with the money. Claims management software need not be all that expensive. At Logican, for instance, we only charge a modest fee to install it on a network. Then there is a licensing charge that is calculated based on the number of people using the software in a claims firm. It can be paid monthly or annually and discounts are available, so the outlay is minimal.
What is it exactly that claims software can do? We have designed ours to be highly intuitive, starting with the admin interface. Clients can customise the software to get the most out of it for their particular requirements. This is easily achieved in the various options and preferences in the admin area, with minimal training needed. If claims firms want the software more tailored to their needs, our developers can do that for them.
Once set up and configured, claims management software allows companies to create the kind of claims they want to process, as well as each of their client’s portfolios. From there, customised documents are generated automatically and invoicing and payments can be planned. Managers can instantly get a visual overview of the entire claims operation, as well as notes about individual clients and their claims progress.
Overall, claims management software merges the expertise of claims firms with sophisticated technology to deliver a powerful, simplified experience to clients.