How to Improve the Claims Management Process
Are you a claims management company looking to improve your process?
From PPI claims to flight delays, the myriad of claims companies offering their services means consumers have plenty of choice when it comes to claiming compensation.
PPI claims are dominating the headlines as the deadline looms. Consumers now have less than a year to submit their claims to the bank. As such, PPI claims companies are aiming to process as many claims as possible before the cut-off date.
There has also been a stark increase in payday loan claims. Payday loan companies have blamed an increase in claims companies for the rise in claims. Wonga’s recent collapse into administration was also blamed on the growing claims market.
In order to deal with the surge in claims for PPI, payday loans and other types of compensation, claims companies must streamline their claims management process. This means ensuring they can handle multiple cases simultaneously and keep each case up to date, while ensuring customer data is kept secure.
If you’re a claims company looking to improve your claims management process, it’s time to evaluate your current system and learn if claims management systems software can effectively consolidate your daily workload.
Restricting Factors of the Claims Management Process
Any process can be improved in one way or another. The first step is to identify where there is room for improvement. Here are some of the areas where your current claims system and process may be holding you back:
- Manual follow-ups — Whether you’re waiting for a returned form or payment from a client, making manual calls, and sending emails and letters are tiresome and take considerable time.
- Lack of projections — Every busy needs to create accurate financial projections. Within the claims management process, this can be difficult. You never know if a claim is going to be successful, which makes planning profits difficult.
- Slow or inappropriate software — Restrictive software can be problematic. Companies need to have the ability to tailor the software for their specific needs. Not all claims companies are the same and each will need different software and functionality.
- Struggles with GDPR — The General Data Protection Regulations caused a shift in how every business must handle client data. Claims companies require personal and sensitive data and adhering to the regulations can be tricky.
How Software Can Improve the Claims Management Process
The right claims software can help with all of the above issues — and more. Effective claims software, such as that designed by Logican, aims to eradicate the problems that many businesses face during day-to-day management. Below, we outline how powerful software can improve the claims process:
- Automated communication — This function in itself saves businesses many valuable hours. The ability to automatically follow-up via SMS, email or post is something every company should be able to do.
- Financial forecasts — Claims management software that can help with financial projections is a huge benefit to businesses. By consolidating information about how much is won for each case, it can estimate the amount of profit for each case and, in turn, the claims company.
- Bespoke customisation — Being able to customise the software to your specific requirements makes the software easier to use and allows you to run your business more efficiently.
- GDPR compliant — Software should be encrypted to keep data secure and reassure customers that their personal details are safe.
Don’t let your software and current process hold you back from generating more leads and sales. Identify your issues and take the relevant steps to ensure your processes improve with the right software.
Logican’s claims management software can significantly help to improve your claims management process. No matter what type of claims your business is handling, LogiClaim can be tailored to your requirements. Contact us today for a free demo.