Software is an integral part of every business. From storing client information to automating communication, software significantly helps firms to handle their everyday tasks. More than that, the most effective software should make running a business easier.
Software has multiple benefits. One of the most important features that every company should look for with its software is being adaptable and customisable for the specific business. For example, software that helps an accountancy firm will differ from that used in a doctor’s surgery.
Claims management system software is one such piece of software that is helping a thriving industry. This software allows a handful of claims management companies to succeed in, what is currently, a very busy and competitive market.
The ability to customise the software for one specific type of claim has enabled businesses to handle cases more quickly and efficiently. It’s essential to have software that can be quickly and easily amended to deal with changes. For claims software, this means changes to the requirements of processing existing claim types and the demands of new types of claims.
PPI Software Enabling Companies to Thrive
The mis-selling of Payment Protection Insurance (PPI) has caused the UK banks to refund millions of pounds to customers. To date, the banks have collectively paid over £32 billion to customers. To bring an end to the scandal and encourage those who have not yet claimed to do so soon, the Financial Conduct Authority (FCA) has set 29th August 2019 as the cutoff date for all consumers to make their PPI claims.
The deadline has caused a surge in claims at the banks. Lloyds Banking Group is receiving 13,000 claims per week — 2,000 more than was predicted. Claims management companies (CMCs) are currently handling hundreds of cases each week.
Thankfully, effective claims management software is making the process significantly easier for CMCs. PPI claims companies can store client information in PPI software designed specifically for these types of claims. It can include the number of claims per client, the banks and lenders contacted and how far the case has progressed. Importantly for businesses, it can remind customers about payment and includes a payment plan module.
The benefits of PPI software extend beyond the business as well. For clients, it enables them to be automatically updated on the progress and they know that their personal data is kept in a secure database.
What Will Happen after the PPI Deadline?
There has been speculation about what the “next PPI” will be. Is there another financial product that has been so widely mis-sold? Some believe that mis-sold pensions or claims against breaking GDPR regulations will emerge more after the deadline.
With claims management software already installed into systems, it’s likely that CMCs will turn to another mis-sold product — one such product making headlines is payday loans. The increase in payday loan claims is one of the reasons for Wonga’s collapse into administration.
Many consumers are seeking a payday loan refund after claiming they should not have been sold the loan in the first place. In some circumstances, customers had to take out another payday loan to pay for the initial one. It’s likely that any individual in this situation should not have been accepted for the loan, making the process questionable.
The process of making a payday loan can be more complex than that of PPI. But companies who are dealing with PPI claims know the claims process — and, importantly, knowledge of the software that aids the process.
As the PPI deadline is now just nine months away, it’s likely that some claims companies will start planning and shifting their focus to payday loans, or another type of claim.
The Importance of Business Processing Software
Any company expanding their market or launching a new business will need user-friendly and capable software to help them succeed. Finding the best business processing software plays an essential role for companies.
Whether you’re a claims management company or not, always take the time to find software that has the capabilities to fulfil your needs. Don’t settle for a one-size-fits-all and don’t underestimate the power of how effective software can help your business to succeed.