Talcott Resolution Streamlines Statutory Reporting with Sovos

Case Study

Talcott Resolution

Talcott Resolution is part of Talcott Financial Group, an international life insurance group that is the insurance industry’s trusted partner for comprehensive risk solutions.

Business Challenges

  • Having recently added more staff, the company had a greater focus on education and training to ensure employees were quickly brought up to speed on their work tools. However, a siloed learning process only allowed system administrators the ability to access product manuals or trainings.
  • Statutory reporting was time consuming and inefficient. Validations took over an hour to run for each statement, with multiple instances required for side-by-side comparisons.
  • Printing took up to 90 minutes for an annual statement. During this time, users were locked out of the system, limiting the ability to complete other statements.

Solution

Talcott Resolution re-evaluated its statutory reporting options and moved forward with Sovos, allowing for improved internal controls, stronger training opportunities and shorter printing times. Additionally, the company gained the following:

  • Sovos’ 90-day password expiration ensures greater security and better aligns with internal security requirements.
  • Live validations that appear immediately and are easy to navigate

Benefits

  • The ability to open multiple trail balance pages, such as assets and liabilities, at the same time. This provides a streamlined way to compare pages side by side.
  • Talcott Resolution previously needed one to one-and-a-half hours to print the largest annual filing statements and couldn’t access their system during this time. Now the company can more quickly print a statement in Sovos Statutory Reporting and continue to work on a different statement at the same time.
  • Weekly, customized Q&A sessions with Sovos include topics that Talcott Resolution employees want to learn about. This adds greater benefit than simply relying on the learning tool through the user guide.
“With our previous solution you could only run one job at a time, and when you’d run that job, you were locked out of everything else. With Sovos Statutory Reporting solution, I can import 50 zip files in one fell swoop within five minutes.”

Lindsie Simpson
Senior Accountant, Statutory Reporting, Talcott Resolution

Why Sovos?

Talcott Resolution needed statutory reporting software that allowed for migrating historical information with ease and reduced printing time for its largest annual filing statements. All employees – not just administrators – now have access to manuals and training sessions, helping to eliminate siloed learning. The company can more easily manage the 100 users accessing the system as they complete annual and quarterly filings for life insurance and annuity companies. The increased efficiencies have set Talcott Resolution up to better scale and seamlessly expand their workload as the company grows.

“Sovos helped increase employee productivity by providing all users access to manuals and trainings, not just administrators, like with our previous solution.”

Lindsie Simpson
Senior Accountant, Statutory Reporting, Talcott Resolution