Artificial Intelligence (AI) is not a new topic, but with the recent launch of ChatGPT – an AI chatbot – every day internet users now have access to the technology. This had us thinking: what would ChatGPT have to say about outsourcing unclaimed property obligations?
We asked the chatbot, “What are the benefits of outsourcing your company’s unclaimed property reporting process?” Below are some of the responses we received from ChatGPT, paired with responses of actual intelligence from Sovos’ team of unclaimed property experts. See how they compare.
ChatGPT: Outsourcing companies may have access to software and technology that can automate compliance processes and make it more efficient.
Steve Ward, senior enterprise account executive, with over five years’ experience connecting organizations to the right unclaimed property solutions: Software and managed services solutions ensure that your team has the most up-to-date compliance information at your fingertips through a streamlined, automated reporting process. This saves time and resources in keeping up with changing legislation and manual effort, while eliminating potential risks to your business.
ChatGPT: Outsourcing unclaimed property obligations can free up time for a company to focus on its core business operations.
Joe Pollock, director of compliance services, with nearly 20 years’ experience supporting organizations in their UP-filing processes: Selecting an unclaimed property software will only free up time if you have previous experience filing unclaimed property. To effectively focus on core operations, outsourcing to a service provider will ensure deliverables are met, reports are filed and you are kept up to date with regulatory changes.
ChatGPT: Outsourcing companies typically have specialized expertise in unclaimed property compliance, which can help ensure that a company is in compliance with all state and federal laws.
Freda Pepper, general counsel, recently named the first VP of the Unclaimed Property Professional Organization and has spent their career tracking, evaluating and advocating unclaimed property legislation and regulation: Keeping up with legislative and regulatory changes to the unclaimed property laws requires daily monitoring in 54 reporting jurisdictions. Moreover, unclaimed property experts, including attorneys, are needed to understand and synthesize new laws to determine the impact of compliance. Sovos’ regulatory compliance team is dedicated to ensuring both its systems and Sovos clients are current on all unclaimed property requirements. As a bonus, our experts work with industry organizations to influence legislation seeking to ensure that requirements are both reasonable and holder friendly.
ChatGPT: Outsourcing can be more cost-effective than maintaining an in-house unclaimed property compliance program.
Laurie Andrews, principal consulting director, who was a division manager for the Pennsylvania Treasury’s Bureau of Unclaimed Property: In-house unclaimed property compliance programs can be expensive to develop and even more importantly, maintain. Unclaimed property is a dynamic, ever-changing space. Sovos has many experts tracking and monitoring changes to ensure our clients have the most up-to-date information. In addition, our familiarity of working with states, auditors and other holders provides a vast resource of knowledge and practical experience that can help our clients get into or remain in compliance.
While the intelligence from ChatGPT was correct, the experience, expertise and context a true unclaimed property professional can provide while helping your organization navigate the ever-evolving landscape of unclaimed property, is immeasurable.
Take Action
Want to learn more about the benefits of outsourcing your unclaimed property process? Contact a Sovos expert today.
