Guides

4 Reasons To Use A Claims Management Company

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There may be many reasons why a customer feels they have been unfairly treated by a company and are owed financial compensation.

Whether you’re claiming for flight delays, mis-sold mortgages or another type of grievance, submitting a complaint can be complex and time-consuming. Compensation equating to billions of pounds goes unclaimed every year because consumers are unaware of their rights to claim or put off by the hassle involved.

A claims management company can manage the entire process while you sit back and wait for the cash to roll in. The fees charged by these companies will be well worth the time and stress you save in going it alone.

How Do Claims Management Companies Work?

Claims management companies act as an intermediary between claimants and the businesses they are complaining to. Such a company may well have contacted you,  inviting you to submit a claim for PPI (Personal Protection Insurance) before the deadline last year. Claims companies handle a wide range of complaints. Examples include flight delays, mis-sold packaged bank accounts (PBAs) and payday loan claims.

The company will manage the entire claims process for its client, in return for a percentage of any compensation won. There may also be a flat fee to pay.

Why Should You Use a Claims Management Company?

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Professional Knowledge and Convenience

The legislation and regulations surrounding all types of claim is often complex and getting to grips with it can be daunting for many people. Are you eligible to claim? How much should you expect to receive? What’s involved in filing a complaint? Flying solo means you’ll have to figure all this out yourself.

For many people who may be juggling full-time employment with family life and a host of other commitments, finding the time, energy and motivation to pursue a claim is challenging. Yes, you’ll “lose” a percentage of any compensation owed to a claims management company, but if you’re too busy to make a claim independently, you’ll walk away with nothing. 80% of something is better than 100% of nothing, right?

Access to Technology That Speeds up the Claims Process

A company dedicated to processing claims on behalf of its clients will have access to all the latest claims management software. This technology can significantly speed up the claims process. Automation software delivers a high level of accuracy and eradicates the risk of human error, which could result in delays. It’s quick and easy to start a claim and customers can track its progress at the touch of a button. Individuals claiming independently must ensure they provide all the required information, accurately and at the right time. Incomplete claims documentation will impact the outcome and the time required to achieve it.

Support and Advice

Most companies will manage the entire claims process from end-to-end. However, this should not mean you submit a claim and never hear from the company again until it achieves a resolution. Most reputable claims management companies will offer ongoing advice and guidance. Questions might arise as the claim progresses and one major benefit of using a professional service is the availability of support.

Experience and Contacts

An established claims management company will have experience of working on a wide variety of claims so can offer valuable expertise. They will also have built up a portfolio of contacts who can help them move things along at a good pace. This combination of experience and connections ensures clients receive the highest level of compensation they are entitled to. A novice making a claim independently may well be less successful.

The Bottom Line

A claims management company can take the hassle, stress and time out of claiming or compensation. They have the expertise and the resources to complete the claims process as quickly as possible and with the best outcome. Be sure to do your research and find a reputable company that does not add hidden costs or charge excessive fees. Look to see if the company is authorised by the Financial Conduct Authority (FCA), which now regulates claims companies A professional claims management company can help you to get successfully claim compensation with minimal effort required from you.

Poppy
About author

Poppy loves personal finance almost as much as she loves her two cats, Tif and Taz.
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