A new tax and compliance data service has been launched today thanks to collaboration between two specialists.
Axco Insurance Information Services, a supplier of global insurance market information, has teamed up with Impendulo, a specialist in Insurance Premium Tax, to launch TACT (Tax And Compliance Tool) which targets brokers, risk managers and multi-national insurers.
According to Tim Yeates, managing director at Axco, the service can help insurance professionals avoid a number of problems.
“Fines for tax and compliance breaches not only have a financial impact, but bring reputational damage to multinationals unaware their insurance programmes have breached local laws,” he said. “This is exactly what our new service has been designed to help avoid.”
The collaboration aims to shift the focus from ‘off the shelf’ compliance and tax tools, to solutions designed to respond to the unique business challenges and operational infrastructure of the customer. The new service will address the significant issue of insurance regulation and will encourage cohesion between the often disjointed worlds of compliance and tax.
“Partnering with Axco to deliver the new service was a logical step, combining our respective areas of expertise and delivering what we consider to be a real step change to the industry,” said Chris James, managing director of Impendulo. “Designed with the customer in mind, TACT will improve the accuracy and efficiency of complex, multinational programes.”
Related stories:
Premiums hit record levels and there could be more ‘fuel on the fire’
Brokers warn of IPT impact as insurance premiums rise
