How Does PPI Software Work?
PPI software is critical for claims companies to work efficiently on a daily basis. But, how does it work?
The upcoming PPI deadline has encouraged consumers to take action. The Financial Conduct Authority (FCA) reported that PPI claims were up 40% in the latter half of 2017, totalling over 1.5 million claims in six months. This means the banks and claims companies are handling more claims than ever. With £415 million paid to customers in January 2018, this brings the total figure repaid to over £30 billion.
This figure is likely to increase as the deadline edges closer — with the final date for PPI claims set for 29th August 2019. This year, the banks have reported profits despite still paying out considerable amounts for PPI. Lloyds announced another £90 million contribution to its PPI provisions, while Barclays is still paying back thousands of customers.
PPI software is helping companies to manage claims on a huge scale and feel at ease during this time of increasing claims. Logican’s PPI software is used by the best PPI claims companies to keep on top of claims and manage each one of them to the very highest standard.
What are the Capabilities of PPI Software?
PPI was frequently sold alongside credit cards, mortgages, and loans. This means that some consumers will be making multiple PPI claims. The first role of PPI software is to keep all of a customer’s personal information regarding claims in one portfolio. When a customer calls a claims company, they will be required to give as much information as possible. This includes any banks and lenders who they believe mis-sold PPI to them, old addresses, names, and dates.
Having software which enables all the data to be kept safely and securely in one place means managing claims is straightforward for employees. A case can be accessed easily and all the information is organised in a user-friendly way.
But, what makes PPI software unique is the extra capabilities it has. For clients, automated updates mean they won’t need to phone the claims company to ask for an update. Automated follow-ups to the bank also mean that employees won’t need to do this task manually — saving considerable time.
The integrated financial features in PPI software allows PPI companies to keep on top of payments from customers. As well as chasing clients for payments, they can calculate how much they are owed to make accurate financial projects. There is also the option for customers to pay in instalments, with direct debits taken on the day required.
Finally, claims management software is customisable for each business. While PPI software is in high demand, claims software can be adapted to various other claims, such as flight delays or packaged bank accounts.
Choosing the Right PPI Software
Claims companies need to choose powerful software to handle the vast amount of PPI claims currently being made. Only those using the best software will be able to compete in the market.
But, as well as choosing the best PPI software, it’s critical to work with an experienced software developer. Having support on hand when required is a necessity for all businesses. At Logican, we offer unparalleled support so businesses can get the most out of their software.
LogiClaim is the PPI software used by countless PPI claims companies. The software includes all the essential requirements needed to deal with claims. Request a free demo to learn how LogiClaim can help your business.