Insolvency procedures are by no means a simple process, there’s a lot of work that has to be done behind the scenes. From lead qualification, to document processing, to drafting IVA proposals, the procedure is often long and involves a number of mundane tasks that need a large team to manage with the workload.
This is why a growing number of Insolvency Practitioners (IPs) are outsourcing their back-office insolvency work to countries like South Africa. It not only helps IPs focus more on clients, but it also helps them save a substantial amount of money on labour costs.
Benefits of outsourcing back office insolvency work to South Africa
Over the past few years, South Africa has established itself as a global outsourcing destination, and was recently voted as the Number 1 Business Process Outsourcing (BPO) location in the world.
Thousands of global companies are choosing South Africa as their preferred BPO location because of the great benefits the country has to offer:
Reduced labour costs – Through outsourcing, your insolvency firm can save a large amount of money as the labour costs in South Africa are significantly lower than the UK.
Save on infrastructure costs – By outsourcing your back office insolvency work to South Africa, your firm can drastically reduce infrastructure costs. Overheads such as rent, utilities, office equipment, and other incidentals can add up, especially when you have a large number of employees.
Low risk and affordable scalability – Outsourcing enables Insolvency Practitioners to quickly scale up without the capital expenditure and admin of onboarding and training new staff.
Seamless communication – South Africa’s time zone (GMT+2) overlaps effectively with the UK, which makes communication seamless. Unlike other countries like India or the Philippines where there is a massive difference in time zones, South Africa’s time zone enables seamless real-time communication.
Access to a skilled workforce – Durban, South Africa has 55,000 industry-relevant degree holders entering the job market annually. These graduates are available for hire at entry-level every year, giving IPs access to a highly educated workforce for even low level functions and roles.
Cultural affinity – South Africa has a very close cultural affinity to the UK enabling more relevant and empathetic engagements and conversations.
Compliance – The compliant and ethical management of data and personal information is a core focus of Affinity Solutions, at we are compliant with all General Data Protection Regulation (GDPR), Data Protection Act (DPA), California Consumer Protection Act (CCPA), and Protection of Personal Information Act (POPIA) regulations and requirements. We are also ISO9001 and ISO27001 certified.
Partner with Affinity Solutions
At Affinity Solutions, we are uniquely positioned in Durban, South Africa and provide a range of back-office services to Insolvency Practitioners. We’re proud to be servicing some of the largest Insolvency Practitioners in the UK. We have managed over 43,000 IVA cases to date, noting a 10% decrease in arrears; a 42% decrease in Supervisory case costs; and a 66% decrease in complaints for our clients.
We have a team of highly qualified and experienced financial analysts, data analysts, case managers, client service officers and more, who have been extensively trained and immersed in UK personal insolvency and the IVA process. If you would like to know more about outsourcing your back office insolvency work to South Africa, we are happy to discuss your needs, please do not hesitate to contact us.