Banks and insurance firms face huge PPI administration challenge as FSA sets new 8 week resolution time limit

Posted on March 8, 2012. Filed under: Admin, Banks, Business Issues, customer complaints management, Customer services, Technology | Tags: #banks, #cdcrespondmark, #cdcsoftware, #customercomplaints, #customercomplaintsmanagement, #customerservice, #insurance, #poorcustomerservice, #PPI |

Banks and insurance companies will have just eight weeks to respond to and resolve the PPI compensation claims that will result from the FSA’s instruction that they must write to 12 million PPI customers, clearly stating that they have potentially been miss-sold insurance.  If they don’t meet the time limit they face significant fines.

Already the administrative process for most banks and insurance companies is impossible, because they don’t have the tools and processes in place to manage such high volumes of complaints.  The result is a major backlog.  Getting the process right from the start is vital.

There are three principle steps to follow: 1) Set-up a workflow to ensure the steps to resolution for each case are in place; 2) Ensure the team has the tools and information to follow these steps 3) Know the exact status of each case at all times, identify issues that could affect resolution – and proactively contact the customer if a delay is likely.

If followed, the result will be a lower cost, fast and effective PPI compensation process and a blueprint for customer complaints management excellence moving forward.

Mark Chambers, head of consultants at customer complaints management specialist, CDC Respond

mchambers@cdcrespond.com

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