Licensed Insolvency Trustees (LITs) manage numerous responsibilities daily, from helping debtors to coordinating with creditors. One of their essential tasks is notifying creditors and processing proof of claims. Traditionally, this has been a time-consuming and manual process.
Many LITs have found a better way to handle this through Fileassure’s Proof of Claims feature, which simplifies the process and saves significant time for trustees and their teams.
Simplifying Proof of Claims Processing for Trustees
When debtors face financial difficulties, they often turn to LITs for help. LITs work with them to file consumer proposals to creditors, offering a repayment plan. Creditors then have 45 days to review and respond. Throughout this process, LITs must communicate with creditors and manage claims efficiently.
For medium and large firms, claims processing often requires several staff members dedicated solely to managing proof of claims. However, with Fileassure, LIT teams can process four times as many claims in the same amount of time compared to traditional methods. This means LITs can spend less time on administrative work and focus more on helping clients.
With Fileassure, insolvency teams can process four times as many claims daily compared to traditional methods. This allows trustees to significantly reduce the time spent on administrative tasks and focus more on helping their clients.
Key Benefits of Fileassure’s Proof of Claims Feature
“At LCTaylor, Fileassure’s POC module has been a game-changer. It speeds up claim reviews and simplifies responding to deficient claims. Our Estate Managers and Trustees can now spend more time focusing on what truly matters—helping our clients,” shared Jillian Taylor-Mancusi, CEO, LCTaylor – Licensed Insolvency Trustee.
1. Automating Time-Consuming Tasks
Processing claims used to involve a lot of manual data entry and verification, which ate up time and resources. With Fileassure, much of this process is automated. It uses OCR (Optical Character Recognition) to pull relevant information from documents, organizes claims by the critical 45-day deadline, and handles many routine tasks for you.
The platform also streamlines communication with creditors, letting you send notices, track responses, and flag claims that require further review. This automation reduces human error and frees up time for LITs to focus on the more complex aspects of insolvency work.
2. Ensuring Accuracy and Compliance
As trustees, ensuring the accuracy and validity of creditor claims is crucial. This involves verifying that all necessary information is complete, calculations are accurate, and documentation meets industry standards.
Fileassure helps ensure that all claims meet regulatory requirements and are processed accurately, reducing the risk of errors and saving time.
3. Enhancing Client Service
Faster claim processing doesn’t just benefit trustees—it also improves the client experience. With less time spent on administrative work, LITs can offer clients more personalized attention and better support during difficult financial times.
Providing efficient service increases client satisfaction, leading to better recommendations and more potential clients for your firm.
4. Moving Away from Outdated Methods
Automation helps your firm manage a higher caseload without sacrificing quality.
By using Fileassure, LIT firms can cut their proof of claims processing time by up to 80%. This time saved can be used for more important tasks, such as financial analysis, negotiating with creditors, or planning restructuring—tasks that require the expertise of a trustee, not routine paperwork.
Fileassure’s Proof of Claims feature is transforming how LITs process claims. By saving time and reducing administrative tasks, trustees can provide better service to clients while improving the efficiency of their practice. This modern approach not only helps your firm stay competitive but also supports your long-term growth.
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