Have you ever pondered the question of what a claims management company is and how they operate? There is often a misunderstanding with claims management companies and a negative perception attached to the industry. If you have never used a financial clams company, it would be no surprise for you to be unsure or have your opinions swayed by false or misleading reports. The truth is, claims management companies serve an important role in ensuring claimants receive the compensation they are owed with a quick and easy claims process.
In today’s article from AM1 Claims Management, we will explore the answer to the main functions of a claims management company and explain how these companies can help you.
What Is a Claims Management Company?
First of all, what exactly is a claims management company? The definition of companies such as this can be described as an intermediary between claimants and companies.
While claimants are able to pursue a financial claim themselves, it can be a long, tricky and stressful process from start to finish. This is where claim management companies can come in to help. They use their experience to handle the claim process, supporting clients with advice, processing essential paperwork, and communicating with the defending company on behalf of the claimant.
What Are the Main Functions of a CMC?
So now that you know a bit more about what a claims management company is, how do they go about their work and what are their main benefits in helping claimants? There are several main functions of a claims management company. Ultimately, their main objective is to use their experience and industry know-how to lead claimants towards a successful financial claim. They are able to help you with every part of the process, from completing paperwork and administrative details. It is about making the process of a claim as quick and simple as possible. Claimants may feel overwhelmed and overburdened, lack understanding, or be busy with other aspects of their life.
Experience is one of the most vital factors in how a claims management company operates. They should use their experience to lead them in everything that they do, from offering advice to filling in paperwork. In most cases, claimants won’t be experienced or knowledgable in this area of law. Claim companies should be well aware of all the paperwork and legal aspects involved, understand the legal jargon, and recognise potential obstacles. They should recognise whether mis-selling has indeed taken place and whether contracts have been broken, particularly if there is any ambiguity or loopholes.
The work of a claims management company can be split into three categories: advising, representing, investigating. Whether handling a mis-sold pension, PPI, investment or other claims, they should have wide experience and be in a good position to offer advice. They will explain the process and give advice on your best options, as well as provide guidance on how much compensation you may receive. In terms of representation, they will deal directly with the company, making sure to put your interests at the forefront of every conversation. They will take care of filing paperwork and collecting important information so that you don’t have to, ensuring that the essentials are done right and within agreed timely deadlines. They should investigate claims thoroughly, using previous experience to guide them but tailoring the case to your individual circumstances. Investigating may include gathering evidence, collating witness statements and seeking important documents, all with the aim of building a strong and reliable case.
Why Choose a Claims Company?
At AM1 Claims Management, we want to be honest with you. You can deal with financial claims yourselves, but the biggest reason people choose companies such as ours is for peace and convenience. The claims industry can be very confusing, making it easy to get muddled or lost. We also know what it can be stressful and time-consuming, particularly when you have other things going on in your life. We work for you to ease your burden and to make sure that claims are processed correctly and any are met.
As of April 2019, claims management companies are now fully regulated by the Financial Conduct Authority, the UK’s regulator for the financial services industry. With a rise in financial claims company, it’s important that claimants have peace of mind. All claims companies must be authorised and registered with the FCA. This regulation practice tells you whether a company is fully regulated or not and whether you can leave your case safely in their hands. Regulated companies are required to follow industry standards and adhere to rule on how they operate and the fees they charge. If you have a complaint or are dissatisfied with the service you’ve been provided, there is a complaints procedure in place. Claims management companies are there to make the process easier for you, not to make using their company a hassle in itself.
We are a specialist claims management company with years of experience handling a wide range of financial claims. Please contact us today if you would like to receive more advice and information on proceeding with a claim.