Claims management software has revolutionised the way claims businesses work on a daily basis. With hundreds of claims companies registered with the Claims Management Regulator, consumers have plenty of choices when it comes to picking a claims company. Offering low charges and impeccable customer service are just two ways that claims companies need to stand out in the competitive market.PPI
PPI claims companies are thriving at the moment with the upcoming PPI deadline. But, it’s not just PPI which is creating a market for claims companies. Thousands of consumers are due flight delay refunds, whilst others are fighting for their money back for mis-sold packaged bank accounts.
In order for these businesses to succeed, they need software which has the ability to make the day-to-day claims management significantly easier. This means fewer manual follow-ups and all the data secured in one place. If a company has software which does this, it will help them to stand out in the market.
How Does Software Help Businesses?
If the software is able to manage claims effectively, companies require fewer employees and can generate greater profits. Using the most up-to-date software for claims management means companies can focus on assisting as many customers as possible and providing the best service.
Developments in software mean that claims companies can handle hundreds of claims per day. They have all the information stored in accessible, user-friendly software, with regular updates streamlining the communication process.
A priority for every business at the moment is the new GDPR regulations. Coming into force in May, companies need to ensure that they’re keeping data as secure as possible. Software which prioritises data protection is essential, as customers (and the authorities) will want to know their details are stored safely.
Finally, software which has the ability to be customised and tailored to each individual business allows effective management and personalisation for each claim. The customisation of software for any company and their products enables efficiency, speed and superior customer service.
The processes required to deal with PPI claims will be vastly different to the likes of flight delay claims. Being able to customise the software to the needs of one company or one product means all kinds of claims can be made.
PPI Claims Companies are Thriving
Some of the most lucrative claims businesses today are those dealing with payment protection insurance (PPI). The August 2019 deadline, set by the Financial Conduct Authority, has created a sense of urgency for people trying to make claims before the deadline.
The most reputable PPI claims companies are dealing with up to 1000 claims per day. The PPI claims companies which are succeeding are those using the best claims management software. Equipped with sophisticated software, they are capable of processing all claims from start to finish and delivering the perfect solution to their customers’ requirements.
Many consumers choose to use PPI claims companies to take the hassle out of making a claim themselves. Companies can also research to find out if customers had PPI in the first place — a very appealing and useful option for working with customers who no longer have their previous paperwork.
Lloyds Banking Group reported that it is receiving 11,000 claims per week. With a year-and-a-half left before the deadline, the number of PPI claims being made shows no signs of slowing down. So far, the banks have repaid nearly £30 billion back to consumers for their wrongdoings. This figure will increase dramatically before the cut-off date next year, with many claims still being resolved with the Financial Ombudsman. The best PPI claims companies are managing these claims and are striving to process as many as possible in the next year, but will need to capitalise on the very best claims software to do so.