taxDNA™
taxDNA™ is a software tool offered to insurers and brokers on a Software-as-a-Service (SaaS) basis that enables accurate Insurance Premium Tax (IPT) and parafiscal tax information to be applied to insurance proposals prior to policy inception. Using taxDNA™ will reduce the tax losses incurred by insurers resulting from misquoting tax costs to clients. taxDNA™ leverages our access to a network of global tax experts and resources that ensure tax rates and rules are updated on an ongoing basis.Benefits For Insurers
The benefits of taxDNA™ for insurers are as follows:
Benefits for Insurance Brokers
Many insurers currently rely on brokers to confirm the relevant tax costs to insurance quotes. As brokers often do not have the knowledge or expertise to provide up-to-date or accurate tax information, this can lead to inaccurate tax costs being applied to insurance policies during the proposal stage. This in turn can result in tax losses for the insurer when taxes are ultimately settled with the tax authorities.taxDNA™ provides Insurance Brokers with an opportunity to provide an enhanced service level to insurers by supplying accurate tax costs for varying pricing scenarios at the touch of a button. In doing so, Insurance Brokers will reduce the tax administration burden for insurers, reduce their exposure to fines for non-compliance, mitigate the risk of tax losses resulting from non-compliance as well as enabling insurers to demonstrate tax compliance to clients and tax authorities alike.
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