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.