New project improves tax collection efficiency post-bind for brokers

D&O managing general agent Rising Edge has joined with TMF Group and an unnamed leading global insurance broker in a project designed to improve tax collection efficiency post-bind.

Rising Edge said the collaboration has created “a market-changing prototype to address an administrative process that has plagued the London market for decades”. It said that currently, the process for tax collection post-bind in the London market is time-consuming and burdensome.

“The tax information on a slip has to be manually calculated, re-entered and rekeyed multiple times, taking into account all the premium allocations from various market participants named on a slip. In addition, the tax information from the different country’s involved in the policy has to be calculated. This is all done to create a single bordereau,” said Rising Edge.

The collaboration has created a process using an application programming interface (API) to connect the tax data generated by TMF and the broker directly into Rising Edge’s internal systems, eliminating the time spent on rekeying data and making the process error-free. Rising Edge said brokers can now easily share their tax calculations on global programmes to a panel of participating insurers with a few clicks of a button.

“Via this collaborative project, we have developed a game-changing solution to an age-old market problem,” said Miles Murphy, finance director and chief operating officer at Rising Edge. “As a business, we have been committed to improving and modernising our administrative processes to allow our underwriters to focus on what they do best and bring the fun back into underwriting.”

Paul Hampton, IPT quote programme director at TMF Group, added: “This collaborative project with Rising Edge has delivered a solution which radically reduces both time spent and potential for error when handling tax data associated with global policies. Brokers can now easily share their tax calculations on global programmes with a few clicks of a button and recipients can then automatically consume the data into their instances of IPT Quote, to automate validation of tax calculations and to subsequently export the data into accounting systems via API.”