Convey, StoneRiver Jointly Offer Tax Reporting, Compliance Solutions for Insurers

Convey and StoneRiver announced a strategic partnership to leverage StoneRiver insurance accounting knowledge and Convey tax reporting capability to the benefit of property/casualty and life/health insurance providers. The partnership will create a seamless experience for insurers' back-office financial management and tax reporting.

Given the recent regulatory reporting changes such as corporate reporting, and increased scrutiny on tax reporting, both companies felt it was time to offer best-in-class solutions to the insurance market.

"Our partnership with StoneRiver offers the insurance industry a back office product that provides not only financial management support but also reduces both the costs and risks associated with handling 1099 reporting," says Brian Provost, president and CEO of Convey Compliance Systems. "Convey is proud to be working with StoneRiver clients to provide 1099 reporting and withholding services, especially at a time when risks for non-compliance are higher than ever."

Convey's 1099 reporting solutions offer insurance providers an on-demand verification of tax identity information, and streamline the cumbersome 1099 statement delivery and filing processes, minimizing the risk of penalties and fines.

"StoneRiver wanted to partner with a tax reporting solution provider that met the StoneRiver standards for premiere end-to-end solutions," says Dori Luke, senior vice president of financial and compliance products for StoneRiver. "Today's tax regulatory environment is more complex and dynamic than it has been over the last 25 years."