Why Claims Software Is Essential for Every Claims Firm
Client-centric software enabling claims firms to process ever-larger caseloads is proving to be a winning solution.
Claims management firms are now faced with a choice: spend the majority of their time dealing with growing amounts of paperwork, or automate the entire process and watch the revenue flow in, while doing less manual work to handle claims.
Every claims firm wants to settle more claims for their clients, doing so without allocating more time and resources (financial as well as human) to the operation. Is this feasible? Or even possible? Here at Logican, we are happy to tell you that it is, with cutting-edge claims software.
It helps firms to grow by enabling them to handle different claims sectors and expanding their workloads, simply and easily. There is no need to be burdened by the mountains of paperwork that come with increasing numbers of clients, no necessity to hire large numbers of additional staff to handle the claims and more claims than ever can be processed.
Getting Organised with Claims Software
Keeping track of all the various elements of dealing with claims can be a laborious task if it is done manually. It can be slow, cumbersome and prone to errors. For management, it is not always easy to get a clear picture of where current claims stand and if progress is being made.
With the best claims software, everything from client data to specific documentation and more, is instantly organised and available for managers to see. Sharing information becomes a simple task and valuable staff time is spent doing other, more productive tasks, rather than the chore of administration.
Claims software is especially indispensable for firms handling high volumes of claims. This is an environment where precision is key and there is little or no margin for error. Claims must be professionally processed and their progress driven to completion in as short a time as possible, so clients get their refunds or compensation and claims firms generate their fees. Here, manually processing claims is simply not an option.
Claims and the Need for Claims Software
Claims software is becoming vital to firms’ operations due to the expanding nature of the claims market. Whereas before, claims may have been limited to personal injury or a small number of financial issues, today the claims sector is large and still growing.
The types of claims prevalent today include everything from packaged bank accounts — where a number of additional financial products are added to accounts and customers are charged for it — to mortgage mis-selling, flight delays claims and the ongoing story of payment protection insurance (PPI).
Claims firms are set to enjoy another bonanza in this sector, if they are set up to deal with it. Earlier this year, the Financial Conduct Authority decided to bring about an end to PPI claims and said they must be made by August 2019. An advertising campaign telling people to claim if they can is soon to launch and is sure to drive enormous public interest — and another wave of claims being made.
Claims software can be easily configured to handle all these types of claims, with individual portfolios set up for each client. The entire claims process is automated and easier to manage. Managers know where they stand at all times and are better equipped to drive the company forward.
It is little wonder that claims software has become so essential to the success of claims firms.
If you run a claims management company and wish to expand your reach into different sectors, Logican’s specialist claims software can help. Get your no-obligation consultation today.