Insolvency practices across the UK are struggling with overtrading. Increased demand for insolvency services, combined with a shortage of experienced insolvency practitioners (IPs), has led many firms to take on more cases than they can manage effectively. This results in inexperienced staff handling complex cases, relying on checklists rather than informed judgment. It’s a risky approach, and the governing bodies are aware that more practices than ever, especially the newer, growing, ones, are struggling to stay in control.
It doesn’t have to be that way. You see, VAi, the UK’s first AI-powered bot using generative AI to support insolvency professionals, offers a solution to these problems, helping IPs improve efficiency, make better decisions, and regain control.
The Problem: Overtrading and Poor Case Management
Overtrading is a growing issue. Many IPs are overwhelmed, hiring inexperienced staff to handle the workload. The result is poorly managed cases, where decisions are made by simply following checklists. In a field as complex as insolvency, this approach is not only ineffective but dangerous.
The Solution: VAi – Your Virtual Insolvency Practitioner
VAi is designed to help insolvency professionals tackle these challenges by acting as a virtual IP, available 24/7. It helps with everything from solving complex insolvency problems to generating better documents and improving communication.
Here’s how VAi can help:
- For Licence Holders: VAi allows licence holders to grow their business, if that’s what they want, or just to regain control of their time. You see, VAi automates some of the routine tasks the IP would be doing, giving them more time to focus on what matters more – whether that’s working on areas of the business that will otherwise go neglected or reducing their working hours.
- For Insolvency Firms: VAi is a valuable tool for staff at all levels within the insolvency department, providing them with expert advice when they need it, reducing the strain on senior IPs. It enables junior staff and case managers to make better decisions and produce higher-quality work.
- Solving Complex Problems: VAi provides instant answers to difficult questions, enabling better decision-making and helping practitioners deliver superior outcomes for their clients. As VAi uses generative ai, it enables the user to go into the same level of depth they would otherwise go into with a real person on a problem. The only limiter is the user’s experience in using generative ai – and that is a skill that can be learned very quickly.
Efficiency and Better Decision-Making
VAi helps IPs regain control of their workload by offering instant access to expert knowledge, reducing reliance on overworked staff, and enabling better, more strategic decision-making.
- More Effective Staff: VAi empowers staff to handle tasks more effectively, from writing better emails to improving all areas of external communication. This means your team can deliver at a higher standard, with less supervision.
- Avoiding Over-reliance on Checklists: VAi provides real-time, case-specific advice, ensuring that staff aren’t just ticking boxes, but are making thoughtful, informed decisions.
- Better Quality Outputs: VAi can produce immediate answers to difficult emails / incoming correspondence. It can repurpose information. It can effortlessly write otherwise time-consuming report sections and responses.
Conclusion: Regain Control with VAi
Overtrading and poor case management are serious issues, but VAi offers a solution. Whether you’re a sole practitioner looking to free up time or a larger practice needing to improve efficiency, VAi can help you work smarter, not harder.
For more information on how VAi can transform your insolvency practice, call Paul on 07813102014.
