iSmart Solutions

iSmart Solutions

July 03, 2012 06:30 ET

Claims Management Companies-Value for Money?

LONDON, UNITED KINGDOM--(Marketwire - July 3, 2012) - There has been a lot of talk recently that questions the value of using a claims management company to handle a PPI claim.

There have even been accusations that using a claims management company is tantamount to being ripped off twice! Whilst there are always undesirable elements in any industry, the reputable companies involved are starting to fight back, determined to show that they are offering value for money - not ripping people off.

The majority of companies acknowledge that there is a cost involved in handling PPI claims. But that is true of any service people use - be it their insurance broker, independent Financial Advisor or even their car mechanic! In fact, people are known to be suspicious of companies offering services for free - so the claims management company is caught between a rock and a hard place!

All of these are services which people can do themselves, if they wish. However, many people feel that they do not have the time or the inclination to take these tasks on and carry them through, choosing instead to employ a specialist to reduce the call on their own time.

And this is exactly what claims management companies do. They take the pressure off the claimant, by doing the legwork and negotiation involved with making a claim. If the financial institutions reject the claim, they take the claim - on your behalf - through to the Financial Ombudsman Service.

In addition, they act as a buffer between the customer and the financial institution. Working through a third party often makes a lot of people feel more comfortable when making an application.

What seems to be forgotten when people criticise claims management companies is that they offer a valuable service which people want, and they have costs associated with providing that service.

Ryan Horne, Managing Director of iSmart Consumer Solutions, one of the country's leading claims management companies, says: "As an organisation we have had to invest in people and infrastructure to make sure customers get the service they deserve and expect. Therefore, a fee for our work is the way we recoup this investment."

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