Motor Finance Claims: an Opportunity for Claims Firms. With the Right Technology, Claim Volumes Can Scale Rapidly.
Motor finance claims
In big news this week finance companies are reeling from a court of appeal judgement, and the motor vehicle finance claims sector is poised to become one of the most significant legal opportunities in recent years, drawing comparisons to the Payment Protection Insurance (PPI) mis-selling scandals. The momentum in the Motor Vehicle Finance Claims market is rapidly accelerating, and savvy claims firms are already positioning themselves to capitalize on this emerging trend.
At its core, Motor Vehicle Finance Claims involves claims where consumers were unknowingly subjected to hidden commissions on vehicle finance agreements. These hidden charges often inflated the overall cost of financing, leaving consumers unaware that they were paying more than necessary. With estimates suggesting that over 15 million UK consumers could have purchased vehicles with hidden commissions in the past decade, the potential scale of this issue is enormous.
The next PPI
For claims firms, this represents a once-in-a-generation opportunity. The legal landscape is set to follow a similar trajectory to the PPI mis-selling claims, which resulted in billions of pounds in compensation for consumers and substantial financial gains for the firms that managed those claims. Those that begin building their books of Motor Vehicle Finance Claims claimants now stand to gain the most, as early movers often capture the lion’s share of these massive financial rewards.
At FinLegal, we’ve developed solutions that make it easier than ever for claims firms to tap into the Motor Vehicle Finance Claims market. By utilizing our claimant self-service platform, firms can quickly onboard clients, verify eligibility, and manage the claims process with minimal manual effort. This level of automation significantly reduces the costs and time associated with processing large volumes of claims, enabling firms to scale up their operations efficiently.
The FinLegal difference
What sets FinLegal apart from traditional case management systems is our claim-type-specific approach. For Motor Vehicle Finance Claims this means that our workflows and automated processes are tailored to the unique requirements of these cases. From automated credit checks using credit reference agency data right through to settlement, every aspect is optimised for the Motor Vehicle Finance Claims process.
The real advantage for firms lies in the ability to scale quickly and efficiently. As the Motor Vehicle Finance Claims market grows, claims firms that can build large books of claimants now will be in the best position to reap the financial rewards later. With FinLegal’s automation tools, firms can handle large volumes of claims without a proportional increase in labor or administrative costs. This makes it easier to process claims and focus on maximizing claimant conversion.
The time is now
In the PPI era, firms that moved quickly to build their books of claimants saw massive financial returns as the market matured. The same dynamic is now playing out in the Motor Vehicle Finance Claims sector. Firms that adopt the right technology, like FinLegal’s claims automation platform, will be able to get ahead of the competition, onboard more claimants, and ensure they are positioned for long-term success as the Motor Vehicle Finance Claims market expands.
In conclusion, motor vehicle finance claims represent a huge opportunity for claims firms, and those that act now to build their books will see significant financial benefits. FinLegal is making it easier for firms to tap into this market with tools that streamline the entire claims process. By acting now, firms can ensure they are well-positioned to take advantage of this growing market, much like those who profited from PPI claims in the past.
Author: Sare Brownhill
Sare has worked in civil litigation for 24 years, in her career she has been both a litigator and latterly Head of Litigation. She is a qualified Legal Executive. She now dedicates her time to helping firms thrive within the constraints of CFAs, DBAs and fixed fees by using best in class automation to maximise claimant engagement and automate repetitive, costly work.
