The payment protection insurance (PPI) claims deadline, set for August 2019, is edging ever nearer. The rush is on for people to make a claim within plenty of time before the deadline. To ensure no-one is caught out by the cut-off date, the Financial Conduct Authority (FCA) has hired Arnold Schwarzenegger to promote the deadline. In television adverts, Arnie is yelling at people to “do it now!” and decide if they want to make a claim. The FCA has reported positive feedback from the deadline campaign, with over a million views to their dedicated PPI website.
PPI claims companies are handling a large majority of the claims. In order to provide the best service to customers and deal with the high volume of claims, they require effective claims management software. This software enables companies to keep an accurate record of each claim and sends automated updates to customers.
To date, the banks have repaid nearly £30 billion to customers for mis-sold PPI. Thousands more people are expected to make a claim before the deadline. It’s estimated that over 50 million PPI policies were sold.
Although PPI claims are dominating the claims market, it’s not the only industry using claims management software. Packaged bank accounts (PBA), mis-sold mortgages and flight delays are other claims that people can make to earn compensation or receive a refund. Although these claims are less frequent, they still require powerful claims management software to handle the variety of claims.
Why do Claims Companies Need Efficient Software?
Claims companies need sophisticated software which is tailor-made for their organisation and the type of claims they are handling. Automation of different tasks allows the claims companies to process large numbers of claims efficiently with minimal staff. This improves customer service and speed of processing from start to finish.
For PPI claims, a lot of information is needed to make a claim. Documents with evidence of PPI are required, as are previous addresses or names, and many customers could have more than one PPI claim. The best claims companies also work to find out if PPI was added to any accounts or products in the first place. It can be a long process and take a number of months to be completed.
In order to manage a claim, companies demand software which can retain all this information and, most importantly, keep it safe and secure. PPI claims companies require software that keeps the customer well-informed throughout their claim. The best PPI claims companies can stand out from the crowd by finding software which is customisable and functions seamlessly on a daily basis. With software working efficiently, employees can focus on customer care and helping customers with their claim queries.
Have You Made a Claim Yet?
It’s essential to check if you were mis-sold PPI — or any other financial products.
The PPI scandal is unlike any other financial scandal because it has affected millions of people for over 10 years. The exact extent to which the banks mis-sold PPI is still emerging, with loopholes and subplots to the debacle being discovered.
An 87-year-old woman had her signature forged by the PPI salesperson. Although RBS claimed this was an isolated incident, others should check in case PPI was added to their account. Countless people never agreed to have a PPI policy — yet had one anyway.
Make a claim by yourself or use one of the best PPI claims companies that charge a low fee and no upfront costs. New regulations for claims companies are being introduced in April. It is compulsory for all claims companies to comply with these new regulations. Become familiar with your rights before working with any company.
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