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Dispute Resolution System Using Ferret

June 04, 2014

Author: Andrew Storm

Ferret recently assisted customer (ILG Insurance) to set up Ferret as an Internal Dispute Resolution System. There is a legal requirement for Insurance and Financial Service Providers to have an Internal Dispute Resolution System.

According to the Financial Service Providers (Registration and Dispute Resolution) Act 2008, companies must have an internal dispute resolution system in place. Disputes with clients must first go through this system and only be referred on if the dispute becomes deadlocked.

Ferret Dispute Resolution System - Solution Ferret has two primary parts, both shown on the same, single screen

1. The details of the dispute/ complaint

Key features Include:

• All dispute fields can be searched and sorted by
• Advanced dispute reporting and searching i.e search all Open complaints Assigned To Keith
• Ferret Email notifications – automatic email notifications are sent to the “assigned to” staff member when they are overdue responding to the dispute. i.e. ensure you do not miss the 21 days deadline to formally reply
• Disputes cannot be deleted and indexing changes are recorded in an audit log.

2. All documents and correspondence relating to the complaint on the same screen

Key features include

• All documents and correspondence relating to the dispute are securely saved, indexed and fully searchable. This includes recorded phone calls, scanned images, emails and electronic documents.
• Notes can be added to the record to keep everyone up to date with what the current status is.
• Documents and Correspondence relating to the dispute can be locked down as ‘Read Only’ and not able to be Deleted and all indexing changes are tracked in an audit log.

Benefits

• Compliance – Financial Service Providers must have an Internal Disputes Resolution System in place. Ferret is a Structured, secure Internal System for managing disputes
• Improved dispute visibility - ALL documents, correspondence and information relating to a dispute available from one screen, giving you the full picture of ALL dispute activity.
• Improved Dispute Management - Never miss the 21 day dispute response deadline due to Ferret e-mail notifications
• Immediate document retrieval - Retrieve any document or correspondence relating to the dispute within 10 seconds. No more going to separate filing systems i.e. documents/ Info stored in Outlook, windows explorer, paper folders and other systems
• Easy to use – Paper scanned in bulk and linked to the dispute, emails saved to the dispute directly from Outlook, Ferret buttons in Office.

Next Steps

Existing Ferret Document Management Customers can easily set up a new Ferret database as a Dispute Resolution System (as shown above).

If you are not a customer of Ferret please contact us for a no-obligation demonstration.

Related information

How Ferret is used in the insurance industry How Ferret is used in the finance industry

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