Genworth Financial

Genworth Financial Services: Compliance Amounts to Financial Success

Business Problem

Integrity and technical expertise add up to a perfect solution

When Genworth’s long-time tax processing vendor could no longer provide the support to manage a high volume of complex claims, a change was needed.  The company wanted to find a partner that was fluent and tech-savvy in an environment of ever-changing regulations.  As a historic company that values integrity, Genworth sought a partner with a user-friendly, web-based solution and an unquestionable commitment to the highest compliance standards.

“I never tire of saying that I’m a great advocate for Sovos Compliance. It’s the people! Tax specialists in most organizations are totally isolated—few people understand all of the regulations and requirements. It’s a huge benefit to be able to count on Sovos Compliance’s highly responsive team for advice, support, and solutions. Every Sovos Compliance employee is a knowledgeable and reliable resource. The technology is beyond compare, and Sovos Compliance’s customer service couldn’t be better. They’re a true partner.”

– Patricia Saunders, Tax Specialist, Genworth Financial

Sovos Compliance’s Solution

Bringing accuracy and taking away burden

Taxport and Managed Services give Genworth the well-supported solution and exceptional service to process 500,000 1099 claims annually with guaranteed accuracy and minimal internal IT burden. “Compliance is our business,” says Patricia Saunders, Tax Specialist.  “We needed an automated solution our customer service representatives in offices across the country could easily learn and use without straining our own IT resources. The Managed Services approach has been ideal for us.”

The Advantage

The features Genworth Financial values most:

A perfect partnership
A user-friendly solution backed by exceptional expertise, responsive service, and a commitment to compliance helps Genworth maintain the highest standards with accuracy, consistency, and confidence.

A big financial win
Thanks to the Managed Services solution, Genworth has virtually eliminated internal IT support for 1099 form processing.

A new threshold of success
Sovos Compliance’s Taxport solution enables Genworth to meet IRS thresholds for TIN matching, greatly reducing penalties associated with TIN match volume and accuracy.

Delivery on deadline
Sovos Compliance provides Genworth Financial with an efficient, cost-effective system that ensures print and mailing of tax claims to meet every deadline.