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How Licensed Insolvency Trustees cut Proof of Claims processing time by 80% with Fileassure

Licensed Insolvency Trustees (LITs) juggle numerous tasks daily, from assisting debtors to communicating with creditors. One of the responsibilities of LITs and their teams is notifying creditors and efficiently processing their claims—a task that has traditionally been time-consuming.


To streamline this process, many trustees have turned to Fileassure's Proof of Claims feature, a solution designed to simplify claims processing and save time for LITs and their teams.



Streamlining Claims Processing for Licensed Insolvency Trustees


When people have debt problems, they often seek assistance from Licensed Insolvency Trustees (LITs). Together, they submit a consumer proposal to creditors, outlining how the debtor plans to repay part of what they owe. Creditors then have 45 days to review and respond. This process involves ongoing communication between LITs and creditors.


For medium and large firms, managing claims can involve up to five staff members dedicated solely to processing proofs of claim.


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.


“At LCTaylor, we've found that the POC module in FileAssure has been a big help. It makes reviewing claims quicker and easier by providing instant access to all the information we need. This saves us time during reviews and when responding to deficient claims. With this efficiency, our Estate Managers and Trustees can now focus more on what matters most: serving our clients,” shared Jillian Taylor-Mancusi, CEO, LCTaylor – Licensed Insolvency Trustee.

Key Benefits of the Proof of Claims Feature


1. Automating Administrative Tasks

In the past, processing claims meant a lot of manual data entry and verification, which took up valuable time and resources. With Fileassure, a significant portion of this process is now automated. Our tool uses OCR to extract relevant information, organizes claims by day 45, and much more.


Fileassure also simplifies communication allowing you to send notifications to creditors, view communication history, and flag claims that need extra attention.


This not only reduces human errors but also gives trustees more time to focus on the more complex aspects of their workload.


2. Enhanced 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 you ensure compliance with regulatory requirements and industry standards, minimizing the risk of errors in claim processing.


3. Improved Client Service and Satisfaction

Efficiencies in claim processing benefit more than just LITs and their teams—they also enhance the client experience. By freeing up time for trustees to interact directly with clients, they can provide the necessary attention and support to navigate financial challenges effectively.


Providing excellent service not only keeps clients satisfied but also increases the likelihood of them recommending your firm to others. This, in turn, can lead to more potential clients for your firm.


4. The traditional way of processing Claims is a relic of the past 


With Fileassure, LIT firms can cut proof of claims processing times by 80%. This extra time can be used for more important parts of insolvency work. Trustees can concentrate on detailed financial analyses, negotiating with creditors, or making restructuring plans—tasks that need their expertise instead of routine paperwork.


Automation empowers your firm to grow and effectively manage a larger caseload. Systems like Fileassure free up your time, so you can provide even better service to your clients and handle more cases with ease.


 

FileAssure's Proof of Claims feature is a game-changer for LITs, offering tools that make processing claims faster and easier. It helps trustees handle claims efficiently, setting a new standard for the industry. By saving time and reducing administrative tasks, trustees can focus more on providing excellent client service.

This approach not only boosts efficiency but also helps your firm stand out in the competitive insolvency market.


Ready to work smarter and improve productivity? Discover how Fileassure's Proof of Claims feature can transform your insolvency practice today.

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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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