Experian, the global information services company, announced it has launched a set of new services designed to help financial services organisations manage Payment Protection Insurance claims efficiently and fairly, and to proactively reach out to likely claimants.
Experian’s new Claimant Registration Service offers secure registration and real-time electronic customer identity verification to allow financial services companies to quickly verify claimants. It also gives companies the ability to reduce costs, ensure genuine claims are processed more quickly as well as identify potentially fraudulent claims.
In addition, financial services organisations can submit back-books of customers to Experian to identify individuals and validate them against any exemptions and exceptions, while also updating customer information and contact details. Once identified, Experian helps providers prioritise cases and ensure each customer is handled fairly and according to their individual circumstances.
Experian’s redress service also validates a customer’s bank account details at the point of payment of any PPI premium refund, mitigating the fraud risks associated with cheque payments.
Jonathan Westley, Managing Director for Experian Credit Services at Experian commented: “Financial services organisations need to ensure claims are resolved quickly and fairly. Experian’s mix of consumer data, market leading authentication and customer management tools means it’s best placed to help providers manage current PPI claims and reach out to potential claimants, make the claims management process more efficient and minimise the waster associated with spurious cases.
“Industry figures suggest that up to 20 per cent of PPI claims coming through ‘no win no fee’ PPI claims management companies are speculative or even fraudulent*. Experian’s Claimant Registration Service helps organisations root these out, allowing more time to be dedicated to resolving legitimate cases.”