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2023 Insolvency Trends Report

In today’s dynamic insolvency industry, staying one step ahead is crucial. The industry is undergoing a significant transformation, largely driven by advancements in technologies designed for Licensed Insolvency Trustees (LITs).

Faced with a growing workload, many trustees are turning to technology to enhance efficiency and productivity.

This year’s comprehensive report offers valuable insights into the innovations embraced by trustee firms. Gain an exclusive glimpse into the technologies adopted by insolvency professionals, assess your firm's competitiveness, and identify areas for improvement.

A thoughtful LIT firm intake process helps win clients and save time

Improving client experience continues to be a crucial point of focus for many LIT firms.

A well-thought-out, straightforward client intake process at your LIT firm has the power to win over clients and create a positive and unforgettable first impression.

Adopting a web application form is a great way to create an impressive client intake process. These forms typically include specific questions about the client’s financial situation and allow for attaching supporting documents.

Trustees have found that using an online application form, rather than cumbersome paper or PDF forms, makes the intake process a lot smoother (and makes your business look more professional).

Another advantage of the online form is the ability to share it via a link with potential clients even before they schedule an initial consultation. This approach saves valuable time by gathering enough information to grasp their financial situation beforehand.

When collecting information through a digital form submitted by the client, you can ensure the accuracy of the provided information. There's no risk of losing data due to handwritten notes or relaying it through various individuals at your firm.

The best part is that this critical information can be pushed straight to your estate management platform with the click of a button (saving firms about 45 minutes per insolvency filing—a huge time-saver!).

Adopting Electronic Signatures

Online intake forms create an unforgettable first impression and set your firm apart from competitors. It’s the crucial first step in improving your client service, but your client intake work doesn’t end once a client decides to work with you. You’ll still need to get signed documents, such as an engagement letter, from the client.

Trustees found that integrating e-signatures streamlines the document signing process, reducing paperwork and saving time. Clients can easily sign documents online, making administrative tasks smoother and keeping everything secure and compliant.

For example, using Fileassure’s HelloSign integration, you can obtain a signature from your client electronically with no additional meetings required.

The convenience of a paperless office

Dealing with an increasing workload, insolvency professionals often find it challenging to stay organized and on track.

If you often find yourself delving through piles of paper for hours before finally tracking down a file, or worse, finding nothing at all – you're squandering valuable time.

One of the main issues for LIT firms still reliant on paper records and files is the amount of time spent locating information.

Paper documents are prone to being misfiled, mislabeled, misplaced, or, worst-case scenario, lost. Not to mention the significant costs associated with physical document storage that could easily be eliminated.

Perhaps this is why an increasing number of trustees are turning to insolvency document management software to overcome these issues.

A growing number of insolvency professionals are already working smarter through the power of insolvency document management.

To fully grasp the benefits of digital record-keeping, consider this example: an insolvency administrator spends an average of 7 minutes locating a debtor file. This involves manually sifting through stacks of paper and then returning the file to its place in the banker box. However, if the record were digital, the same process would take a mere 20 seconds, saving time and freeing up more hours for work that truly matters.

Another great advantage of cloud-based document management is that insolvency professionals can now access their work from anywhere and work more collaboratively and effectively – no matter where they are.

Insolvency document management also enhances the security of client documents by tracking activity, file versions, retrieving deleted files and so much more. Insolvency professionals often need to work on the same document concurrently – with the document management software they can be certain they’re contributing to the latest version.

Check our Fileassure Insolvency Document management software for LIT firms, created in compliance with OSB standards.

A Value of Workflow Automation

Unfortunately, repetitive administrative tasks, are a fact of life for any LIT firm and can take up a significant amount of time per day. These tasks may involve data entry or making repetitive requests to clients, such as monthly Income and Expense Statements. And this is where insolvency workflow automation can help.

With today’s advancements in insolvency workflow automation, it is possible to substantially reduce a firm’s time spent on administrative tasks, freeing up more time for client-focused activities.

Many LIT firms are already taking advantage of automating processes. Examples include innovative Proof of Claims processing or collecting monthly Income and Expense statements through online forms.

Automation provides your LIT firm with the advantage of serving clients and attracting potential ones more efficiently.

It also frees up valuable time for LITs to focus on high-value activities, such as client consultations and case analysis.

Consider the time savings an automated income and expense form can provide to your firm when you no longer need to manually request or remind clients to submit their monthly statements. The software automatically prompts clients, collects statements, notifies your staff about submitted statements, and even calculates surplus income. You can learn more about the Online Income and Expense form here.

How lead management became essential to growing a LIT firm

LIT firms have well-established processes for managing their cases, but one area where many LIT firms fall short – no matter the size – is lead management.

Unlike dealing with cases, documents, and clients – where everything happens after a client has chosen to file with your firm – lead management is what comes before actually getting a client.

Proper lead management is just as crucial as other processes within your firm and is key to expanding your client list, and therefore, your business.

Here are five lead management best practices for LIT firms:

  • Use client management software to track where new clients are learning about your firm so you can focus your marketing efforts.

  • Make it easy for potential clients to share their contact information on your website and schedule an appointment.

  • Automate appointment reminders for clients to reduce no-shows. For instance, trustees using Fileassure can automatically send text reminders to clients weeks, days, and hours before scheduled appointments, minimizing the risk of no-shows.

  • Implement checklists for intake and onboarding to ensure that staff follow compliant processes.

  • Track all your contacts and efforts in a CRM so nothing slips through the cracks. For example, in Fileassure you can track lead status and create tasks to make sure a potential client progresses through the process. For example, in Fileassure Client Management you can track contacts by their stage in your intake process (”initial meeting booked”, ”needs follow-up”, or “application form pending”) so no potential client falls through the cracks.

If you use a LIT firm-specific CRM such as Fileassure, you can even pull credit reports, or do things like trigger automatic appointment reminders, send out e-signable documents, send an online application form to complete and push this information to Ascend with the click of a button, saving ~45 minutes per file.

Download this article as a PDF.


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What is Fileassure?

We're a cloud-based insolvency practice management software for LIT firms in Canada. We help insolvency teams work on documents securely, from anywhere, streamline client management and intake, and eliminate redundant tasks.

Join over 800 insolvency professionals in Canada, and manage your firm with confidence.

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