How EXL transformed statutory reporting for a Fortune 100 global insurer by deploying Sovos
A Fortune 100 global insurer faced significant challenges with time-consuming NAIC reporting, strained IT resources, and frequent training needs. The process was slow, requiring hours of validation and multiple system access requests. This impacted reporting efficiency and effectiveness.
How EXL helped
EXL deployed Sovos’ Statutory Reporting Solution, offering real-time validations, automated data roll-forwards, and a centralized platform for state filings and regulatory updates. This solution streamlined the entire reporting process, enabling faster, more accurate submissions with less manual intervention.
Business impact
With Sovos in place, the insurer saved over 300 hours in its first annual close, significantly improved report accuracy, and gained better control over reporting cycles. The solution ensured timely, compliant submissions, leading to more efficient operations and reduced risk.
Download the full case study to see how EXL transformed a leading insurer’s statutory reporting, boosting efficiency and ensuring compliance.