With just one year left to claim PPI, speed and efficiency are needed now more than ever.
The clock is ticking for those wanting to make a PPI claim. The Financial Conduct Authority set 29th August 2019 as the official date for all PPI claims to be made to the relevant banks. The aim of the deadline is to encourage those eligible to make a claim to do so, rather than put it off.
However, as the rush causes consumers to act, it means banks and PPI claim companies alike need to be prepared. With an influx of people making claims, companies need to work quickly and efficiently to keep on top of each case.
For companies handling numerous PPI claims (or any other type of claim), finding the right claims management software is key.
What Is Claims Management Systems Software?
Claims companies work on behalf of customers to make a case to a third party for compensation, a refund, or any other obligation, if the third party has done wrong.
With the customer’s permission, the company will handle every aspect of the case and help regain any money rightfully owed to the consumer. The scale of the mis-selling of PPI has led to the establishment of many PPI claims companies. These companies can uncover if PPI was mis-sold and contact the relevant bank or lenders to make the claim.
In order for these companies to keep on top of each of their cases, software is needed to efficiently handle day-to-day tasks. Claims management systems software is specialist software designed specifically for use by claims companies.
Such software keeps information about each case in an easy-to-access location for employees and automates communication with both the client and the bank or lender. Having software that can store all of the necessary information helps claims companies streamline their workflows and manage their caseloads.
How Claims Software Benefits Customers
Many consumers choose a PPI claim company to handle their case. These companies do all the work, from finding evidence of PPI to contacting the bank and, in the event of an unsuccessful claim, referring it to the Financial Ombudsman. This is often a desirable option for those who are too busy to make a claim independently or who do not have the relevant paperwork and evidence of mis-sold PPI.
However, when the customer picks up the telephone to contact the claims company or submits an online form, how can they know the company will deliver? The right claims software enables these companies to seamlessly handle the case from beginning to end. More than that, it can also give the customer considerable peace of mind regarding:
- Data protection — Claims management systems software keeps personal data safe. The process of making a PPI claim involves collecting and storing important financial information and consumers need to be reassured that this is secure.
- Receiving regular updates — A claimant could receive a large sum of money from the bank. Customers often want to know the status of their claim, without having to chase the claims company. Claims software eliminates manual communication by automatically updating clients on the progress of their case.
- Invoice reminder and payment plan — If a claim is successful, the customer will pay the claims company a fee. A reminder of when and how this needs to be paid will automatically be sent to the client. If a client does not want to — or cannot — pay all at once, a payment plan can be put in place to enable customers to pay in instalments.
These features allow companies to provide exceptional customer service, while allowing employees to focus on other areas of the business. Because of this, claims management systems software benefits both clients and customers — which is key to running a successful business.
If you want to find out more about Logican’s claims management systems software, LogiClaim, request a free demo and see how it can streamline your processes.
