Automate NAIC Compliance With Statutory Reporting Software

Sovos provides statutory reporting software that automates numerous tasks, saving your organization time and money. With the help of our insurance statutory reporting solution, your team can focus their attention on more important tasks and avoid costly human error. Our platform makes statutory reporting for insurance easier and more efficient for you.

Statutory reporting software

Insurance statutory reporting is costing you big time

The time it takes to remain compliant with statutory reporting requirements adds up quickly. This is because the tasks involved are manual, time-consuming and complex. These tasks include:

  • Report annual and quarterly statements to the National Association of Insurance Commissioners (NAIC) and states
  • Manually cross-checking data
  • Manually re-entering redundant sets of data for NAIC statement and state compliance forms
  • Adding notes to financial statements
  • Manually monitoring NAIC and state filing changes

What would it mean for your business if you could automate these tasks and focus your time elsewhere? Sovos Statutory Reporting Software (formerly Wings Insurance Software) can help.

Form 1042 changes

Sovos Insurance Statutory Compliance (formerly Wings Insurance Software) includes industry-leading statutory reporting educational services and solutions for:

  • Statutory reporting
  • Municipal tax and risk location
  • Premium tax
  • State forms compliance

Sovos Featured Value Added Tax Services

Real-time updates

Get up-to-the-minute updates for every jurisdiction you have VAT obligations in a single, simple and centralized location.

Automated processing

Eliminate the need to generate returns, intrastate returns or manual listings through automation.

Data accuracy, analytics & reporting

Increase productivity through automatic data additions, adjustments, corrections and validations based on custom accuracy settings.

Data extraction & upload

Upload existing data from legacy, host and ERP systems into a single interface in seconds.

The benefits of automating your insurance statutory reporting obligations

Drive efficiency

Automate and centralize all of your disparate, manual statutory reporting processes into one easy-to-use solution.

Enhance employee education

Learn annual statement preparation, accounting guidance, tax compliance and statutory accounting theory from insurance accounting and reporting experts.

Maintain compliance

Keep peace of mind knowing your solution is backed by expert regulatory analysts monitoring the regulatory environment around the clock.

Stay on track

Track all changes and due dates using a real-time calendar. This includes email alerts straight to your inbox when changes occur.

Minimize risk

Eliminate slow, manual, reactive processes that are at high risk for errors.

Eliminate manual, redundant processes

Reduce time spent manually updating duplicate information for NAIC and state filings with real-time, dynamic links within NAIC statements and state compliance forms.

Reduce IT and compliance involvement

Automatically adapt to business and regulatory changes as they occur, rather than requiring the assistance of compliance or IT.

Bolster audit defense

Safeguard your business with complete and transparent audit trails.

Features that make Sovos insurance statutory compliance the industry leader

Annual and quarterly filing statements

Automatically generate NAIC-required annual and quarterly statutory financial statements.

Data flexibility

Import financial data straight from the general ledger through an API integration or Excel. This empowers your business to change and grow without IT or compliance restrictions.

Data validations

Validate annual and quarterly financial statements in real-time as the statements are being prepared.

Data connectivity

Seamlessly and securely connect with an endless number of internal systems. This allows for annual and quarterly statement data to be updated in real time.

Dynamic linking

Maximize efficiency and eliminate errors with real-time, dynamic links to state compliance forms.

Data accessibility

Easily work across multiple statements with multiple users and companies simultaneously.
“Sovos also listens to our feedback, and has made improvements on the product based on it. Sovos provides both quality products as well as an exceptional staff that delivers on their promises. Sovos feels more like a partner to our business than just a vendor.”

Sara D. Smith

Chief Financial Officer, ALPS Corporation