Given the difficult economic conditions in the UK, Personal insolvency is becoming a more and more significant industry – particularly Individual Voluntary Arrangements (IVAs).
And although this could potentially mean increased business for your insolvency practice, it also means increased overheads and expenses.
With inflation currently at its highest for decades, and the cost of running an insolvency practice on the rise, outsourcing certain processes of IVAs to a reliable Business Process Outsourcing (BPO) can be a great way to reduce expenses.
At our Business Process Outsourcing centre, we provide personal insolvency practitioners with comprehensive services that are tailored to meet their specific needs.
The retail sector is one of the most competitive environments in business. With ever-changing consumer trends and the rise of online shopping, retail companies need to be agile and adaptable to survive. This is where business process outsourcing (BPO) comes into play.
BPO services can provide several benefits for retail businesses, and help you stay as competitive as possible in an ever-evolving sector.
By outsourcing certain parts of the IVA process to our BPO, you can save substantially on staffing and overhead costs. This will mean more cash flow for your practice and better profit margins per IVA.
Depending on the type of IVA departments you are outsourcing, your business could save as much as 50-60% on staffing and overhead costs.
The personal insolvency industry is well known for its peaks in demand during the course of the year.
By hiring a business process outsourcing centre for your insolvency practice, you can scale your teams both up and down depending on your current needs. By using this method, you can swiftly respond to customer demand when needed and streamline operations when not.
Outsourcing IVA functions that your business is weaker on, is a great way to achieve higher performance. Not only this, it actually frees up time to focus on your strong points to further provide better results.
For instance, if your insolvency business excels at the IVA process but not lead generation and initial advice, then utilising an outsourced call centre might provide a greater cost per acquisition than attempting to deploy a dedicated sales team.
On the other hand, experienced introducers are incredibly skilled at sales and marketing, but do not possess or maybe want to run the necessary back-office support capabilities. Again, a BPO such as Consumer Links can assist.
Outsourcing teams to a BPO provider allows for greater focus on that department. This in turn allows greater granularity and data tracking to measure your desired key performance indicator (KPI) metrics.
This helps to provide better insights into the performance of your practice and means that you can make more informed decisions on how best to improve efficiency, increase revenue and cut costs.
Whether you need assistance handling sales or administrative duties, we have capable teams experienced in both Personal Insolvency and customer service to help alleviate some of the burdens.
Lead generation is a popular function that we find Insolvency Practices prefer to outsource to an outsourced call centre.
Training and managing a sales team can not only take a lengthy time to streamline, but it can also be an expensive operation to run. At Consumer Links, we have an experienced lead generation team who are familiar with the IVA process and can handle both inbound and outbound lead generation.
Our outsourced call centre also adheres to both FCA and IPA regulations, safeguarding your business with compliance.
Drafting and Meeting of Creditors are essential functions of the Insolvency process, with every IVA having to go through this stage depending on the specific circumstances.
At Consumer Links, we have a highly trained team who are can be adapted in Drafting and Meeting of Creditors. This will not only save you time but also provide much-needed relief to your existing staff who are already running at full capacity.
Another popular operation for outsourcing in insolvency is supervisory. Post-Approval functions in the supervisory department are typically necessary tasks that do not require a lot of skill or specialisation. They do, however, take up a lot of time.
By outsourcing back-office tasks such as supervisory items, you can save money and free up cash flow to invest on other areas of your business.
Our team manage credit control and arrears management for numerous insolvency practices. We have proven data that indicates our arrears teams achieve greater success than in-house teams in UK insolvency practices.
By outsourcing credit control and arrears management to Consumer Links, you can reconcile more arrears payments, increasing your cash flow further.
Consumer Links is a leading provider of insolvency outsourcing services, with over 15 years of experience in the industry.
There are many reasons to choose our outsourcing services for your insolvency business, but some of the main advantages include:
See how other personal insolvency practices have utilised our outsourcing services in our case studies.
Using a Business Process Outsourcing (BPO) firm like Consumer Links can be a great way to improve the efficiency of your Personal Insolvency Practice.
Outsourcing Pre-Approval such as IVA lead generation and advice, drafting and meeting of creditors, or Post-Approval processes such as supervisory and credit control can help streamline processes while saving time and money.
We have been providing outsourcing services for over 15 years and have a wealth of experience in the insolvency industry. Our team is familiar with the IVA process and is highly trained to adhere to both FCA regulations and IPA standards.
Interested in learning more?
Get in touch with us today to discuss outsourcing your insolvency work, and find out further how we can help your Insolvency Practice.
The Old School House Manchester Road Carrington Manchester M31 4UG
220 Flanders Drive Mount Edgecombe Kwa-Zulu-Natal South Africa 4302