Powering ahead with rising caseloads and higher profits is easily achieved with top-level claims management software.
Claims management is big business in the UK and involves everything from mortgage mis-selling claims to flight delays and the ongoing story of payment protection insurance (PPI). This last one alone has netted claims firms – many of whom are using claims management software – around £5 billion in fees in the last few years. It is not over yet.
One claims management company, We Fight Any Claim, enjoyed an enviable 64% increase in revenues in 2015, amounting to £27 million. This demonstrates the increased demand for claims firms to handle cases. The company believes there is still around £50 billion owed to customers by the large banks responsible for the PPI mis-selling scandal.
The most recent figures from the Financial Conduct Authority show that £205.3 million was paid out by the banks and other financial institutions — including credit card and motor finance firms — in PPI refunds and compensation in April of this year. That takes the total since January 2011 (when compensation started to be paid), to £27.1 billion. With a PPI claims cut-off date of August 2019 now in place, and an upcoming ad campaign to remind people to check if they can claim, another large rush of PPI claims is almost certain.
Winning More in the Claims Business
Every company in a for-profit business, including claims firms, wants to take on more work. However, they must do so in a way without substantially raising overheads that would threaten to erode profits. Getting the correct balance between the two is not always easy, and not every company succeeds.
Our clients in the claims management business know they can rely on our claims management software to get more work done without significantly increasing costs. The key is to automate the claims process in a way that is user-friendly and increases the efficiency and speed of handling, and eventually resolving, claims.
This allows claims firms to gradually carve out a greater share of the claims market and get ahead of their rivals. Before the use of claims management software, companies dealt with a large number of claims manually, which naturally led to a higher rate of human error. Now that companies are benefiting from claims management software, they are becoming known for their high levels of professionalism and solid customer care. A claimant wants only one thing: their case handled in the best possible way, so they stand the greatest chance of getting the most in compensation, as quickly as possible.
Claims Management Software: Paving the High-Claims Way
LogiClaim, our specialist claims management software, is now the choice of claims firms all over the country. Specifically designed to handle heavy caseloads with high levels of speed and accuracy, the burden of manually dealing with claims is removed and the whole process becomes effortless.
Leading claims firms, such as Canary Claims, say LogiClaim has helped them to refine the way they handle all kinds of claims, and to do it all in-house. This enables them to keep ahead of the competition as they increasingly gain more business and further develop their revenue streams.
The claims management companies achieving the most success in the UK today are using claims management software to handle growing volumes of claims, and become more profitable than ever.
Do you run a claims management company, and are you interested in learning more about how software tailored to you can help? Phone 0800 084 2724, email enquiries@www.logican.co.uk or simply fill out our handy online form and a member of our team will be in touch.
