Claims Management Software: Helping Firms Meet the PPI Deadline
It’s no surprise that there’s big business in handling claims, but when mountains of them come pouring in — as is projected with PPI compensation claims — and you’re unable to handle the workload, you may lose out. Time to reach for claims management software.
Claims management firms all over the UK are preparing themselves for a deluge of fresh business, as huge numbers of people make new claims against banks for mis-sold payment protection insurance (PPI).
The savvy ones know they won’t be able to handle it all manually, as they’ll soon be swamped with all manner of paperwork and have to deal with countless errors.
So, they’re turning to the powerful assistance of claims management software to get ahead of the game and make more profits.
As we all know only too well, the PPI scandal began just over a decade ago. In 2004, it emerged that big banks were making big money from attaching policies onto loans, mortgages and credit cards that guaranteed repayments in case the account holder lost their job, became ill, or died.
The problem was, many people didn’t know about it and they were also unaware large commissions were being earned by the financial institutions — unfair and illegal, the Supreme Court ruled.
So why the predicted rush of people claiming for mis-sold PPI? Because the Financial Conduct Authority (FCA) has decided to draw a line under the whole controversial affair and end it.
In a decision that’s to be confirmed sometime around the middle of this year, the financial regulator has said anyone intending to make a claim for PPI will have to do so before the end of June 2019 (pushed forward from an initial cut-off period of 2018).
The FCA is planning to remind everyone that they should check to see if they’re due money back.
An Official Call to Claim
The public’s interest in finding out if they can claim for mis-sold PPI will largely be triggered by a mass advertising campaign being drawn up by the FCA, in conjunction with some of the leading advertising agencies in the country.
The banks will be paying for the massive marketing blitz — all £42 million of it. The authorities want to make sure no-one is left uninformed ahead of the deadline and that those who were, essentially, duped by financial institutions do not lose out.
So far, the banks have been forced to cough up £26 billion in PPI compensation. Now, they’re bracing for further gargantuan payouts. One estimate has the amount put aside by the banks to cover PPI claims in the next two years at more than £40 billion.
The figures are massive, but given that tens of millions of PPI policies were sold to a largely unwitting public, they are not all that surprising.
Even ahead of the expected tsunami of PPI claims once the ad campaign starts gearing up later this year, complaints about PPI continue to pour in.
Up to the end of last year, the Financial Ombudsman said it was still swamped with complaints over PPI mis-selling, handling tens of thousands of them each month. It’s all adding up to a huge workload for claims management firms.
Big Claims Requires Claims Management Software
Large volumes of claims need not be a headache for any claims management company, however. There’s more than one advantage to letting solid claims management software crunch all the data and run the entire process.
As with many things in modern business life, automation is the key, making companies far more efficient, reducing costs and helping to boost profits.
Top UK claims management software creators such as Logican design their packages to be highly secure, user-friendly and powerful enough to cut through even the most demanding of claims workflows.
All in one place and viewable at a glance, the entire claims process is seamless and important documents and letters are automatically generated, freeing up staff to work in more profitable areas.
When you’re staring down the road to incoming business and you see an avalanche of work ahead, you’d better have some serious help to emerge at the other end without a scratch, but a much bigger bottom line. It’s a safe bet that claims management software will help you get there every time.
Latest posts by Paul (see all)
- 6 Questions to Ask When Switching Banks - June 28, 2017
- Important Things to Consider Before Buying a Used Car - June 23, 2017
- Would £2,000 help you to #DoWhatYouLove? - June 23, 2017
- Are You Ready for the Cash Machine Revolution? - June 22, 2017