Six months remain until the PPI deadline. To date, the banks have repaid over £33 billion to customers. The banks strategically mis-sold PPI policies to customers with mortgages, loans, credit cards and more.
In the past decade, thousands of people have claimed PPI, with many individuals having more than one policy, resulting in a greater payout. Customers yet to make a PPI claim need to do so before the deadline of 29th August — imposed by the Financial Conduct Authority. Individuals can submit a claim themselves or search for a no-win, no-fee PPI claims company.
A claims company can take the stress out of a claim if individuals don’t have the time or can’t find old financial paperwork.
The Role of Software for PPI Claims Companies
PPI software is used by claims companies to make their workflow more efficient. This software allows the best PPI claims companies to seamlessly handle as many claims as possible during this busy period and has enabled thousands of people to submit claims.
But in order to handle the myriad of claims in the run-up to the deadline, all PPI claims companies should be using effective claims management software. This type of software has all of the critical capabilities required for companies to keep track of customers’ claims.
Features of Claims Software
With such a huge number of individuals affected by mis-sold PPI policies, companies require the ability to handle multiple caseloads and communicate with lots of customers at the same time.
Effective PPI software needs the following capabilities and functions to help PPI claims companies handle every case accurately:
- Onboarding of clients — The software makes this process swift by reminding clients to return their signed letter of authority to start the claim.
- Accessibility of claims — The best PPI claims companies are managing hundreds of claims per week. The software should allow employees to quickly and easily access records and look at the history of each client case.
- Intelligent workflow — The software ensures the claims are moved in the correct direction at all times automatically.
- Automated communication with the banks — Claims companies need to contact many different banks for multiple customers. Some customers may have multiple PPI claims from a variety lenders — meaning the company will need to contact more than one bank. Sending automatic chaser letters to the bank saves valuable time.
- Encryption for data security — Data security is of the utmost importance for all businesses. Customers need to know that their data is secure and won’t be exposed — the consequences for businesses that don’t guarantee this can be devastating and costly. Software should always be encrypted to keep data safe.
- Invoices sent to customers — Once a PPI claim is complete, the customer will pay the claims company a percentage of their claim amount. This task needs to be done for every successful claim, so having it automatically set up for each relevant claim is another way businesses can save time.
Until the deadline, companies are urging customers to check for any mis-sold policies. If they no longer have the paperwork, a claims company can conduct a thorough investigation of any previous accounts and policies. When working with the best PPI claims companies, customers can rest assured that their personal data is secure and their claim will be resolved as quickly as possible.