Payday loan companies are currently dropping like flies. Large suppliers Wonga were caught up in major problems last year, and now massive UK brand QuickQuid has gone into administration. These casualties of the fast-paced world of payday loans were caused not by a lack of repayments from customers or an unstable business model, but instead claims of mis-sold payday loans.
Payday lenders are collapsing under the weight of pressure put upon them by claims management companies. Wonga, for example, was discovered to have mis-sold over 400,000 loans to customers during its years of operation. Those customers are now entitled to compensation. The Financial Ombudsman noted that these claims totalled £460m, an average of £1,181 per claim.
With so many claims to make, it’s not only payday loan companies struggling under pressure. For claims management companies, it’s a challenge to process so many potentially large financial compensation claims. The possibility of revenue here is massive. But there is also the potential to miss out too because there is so much work to be done.
Payday loan claims software is the answer to this problem. Designed by experts to support better claims management processes, it cuts down on unnecessary work. It also produces a much more focused environment that enables you to push through more claims and take advantage of the current payday loan frenzy taking place.
But how exactly does payday loan claims software support your claims management?
Payday Loan Claims Software Automates Your Processes
There are many tasks involved in the claims process that you don’t need to directly manage — tasks that absorb countless hours of your workforce’s time unnecessarily. Examples of these include gathering consumer information and sending follow up contacts. Both are simple tasks that require no personal input or action from an employee to carry out. These sorts of processes can be entirely automated, and that’s what payday loan claims software does.
From sending out questionnaires that automatically fill a new client’s records with information about their claim, to emails to financial providers, nudging them to send over required documentation, LogiClaim payday loan claims software automatically manages several essential but time-consuming tasks. It allows you to distribute your time more effectively, managing and completing more claims while using the same amount of resources as before.
Payday Loan Claims Software Allows You to View and Visualise Progress
Depending on the size of your claims company, you may have hundreds or even thousands of payday loans to deal with; and more come in every week. What you need is a system that gives you a complete overview of the claims your company is managing, so you can make informed business decisions based on the progress of every project you are running.
Payday loan claims software enables you to effectively visualise all your current claims, bringing them all together under one single management hub. From here, you can not only see the quantity but also what position they are in and how far along the claims process they are. It’s simple information, but it’s also essential. The more you know about your business’ current status, the better you can plan to increase profitability.
When it comes to accessing historical data and finding previous case details for referral, this visual hub of information can also be a powerful tool.
Payday Loan Claims Software Provides Multi-Claim Client Records
It’s not uncommon for a single client to make multiple claims, especially when it comes to payday loans. Unlike larger claims, such as on mortgage or pension misselling, where you will probably only deal with one claim per customer, there is a lot of potential here for individuals to receive multiple payday loans. When dealing with multiple claims, it is inefficient to manage them all as separate tasks, as it divides up work that can be carried out at the same time, wasting resources.
Payday loan claims software allows your claims company to group an individual’s claims and manage them from a centralised location. This not only makes it easier for staff involved in customer communication to relay details about the progress of multiple cases, but it also allows those working on collecting compensation to access all the information they need about a client quickly. The result is, when it comes to the claims themselves, your employees can advance multiple processes on behalf of your clients simultaneously — instead of doing things slowly, one-by-one.
Payday Loan Claims Software Lets You Create Claims Documents Fast
We don’t have to tell you that compensation claims require a myriad of official documentation to be shared and filed before payments are accepted and processed. We also don’t need to tell you the creation of these documents can be a considerable investment of time and resources. However, with payday loan claims software, it doesn’t have to be.
LogiClaim claims management software has been designed by experts in the claims management field to provide your business with all the solutions it needs. These solutions include access to our automated document creation tool that gives you with everything from appropriate clauses and phrasing to data pulled directly from individual client records.
How it works is simple. You decide what you need for your claims documents based on the requirements of the client or the organisation you are claiming against. You then automatically generate documents using template text combined with unique information within the client’s claim file. You don’t need to worry about making adjustments or writing out new documentation for each claim, as the payday loans software does it all for you. All you have to know is what details you need to include within the documentation, and the program will do the rest.
Payday Loan Claims Software Helps You Maintain Your Unique Workflow
The way you manage your payday loan claims is likely to be different from how another claims management service manages theirs. Your practices and processes are unique, built around your work culture, resources and expertise. This means when you introduce ways to improve these practices, you need an adaptable solution. If your new solutions are not versatile enough to fit with your current methods of operation, integration and adoption can be a real struggle, slowing your business down and causing unnecessary barriers.
Payday loan claims software from Logican allows you to improve task completion without causing disruption. The way you carry out work within your business folds into the system. For example, you may opt to send out an information gathering form before you speak to the customer over the phone, or you may talk to them directly first before you send a form. You can set up your payday loan claims software to work with this chain of events; monitoring and managing the process whichever way works best for your company. There isn’t a predefined way the software requires you to work; it’s completely flexible.
It short: Payday loan claims software doesn’t force you to change how you work; it works with you.
Start improving your profit margins with claims management software from Logican today. If you’d like to discuss how LogiClaim can benefit your company in more detail, please get in touch with one of our experts now.
