Greenlight Re Innovations (GRI), part of Greenlight Capital Re, has announced an investment in AuditCover Australia Pty Limited, a tax audit insurtech.
AuditCover is structured as a tech-centric, end-to-end digital audit insurance platform that connects directly to accountants’ core systems.
Its aim is to streamline the quote and bind process and provide instant coverage to taxpayers for audit-driven professional fees they incur.
AuditCover also automates the marketing function for partners in accounting firms and helps them strengthen client relationships.
“In many nations, growth in the gig economy and digital assets has caused increases in the complexity of tax returns and the frequency of tax audits,” said Simon Burton, Chief Executive Officer at Greenlight Re.
“We believe that by leveraging advancements in technology, AuditCover is well-positioned to service this expanding market and provide a superior experience for all parties involved.”
Gil Snir, Founder and Chief Executive Officer at AuditCover, also commented: “We’re living in an era where the tax office has edged far ahead of the free market in terms of data-matching capabilities. AuditCover is on a mission to even the playing field by accessing the real-time data feeds that will determine greater risk accuracy and prevent the severity of an audit in the first instance.”
“This is a global challenge faced by most developed nations and we’re excited to have strategic capital partners Greenlight Re on our journey,” Snir added. “Their global footprint and innovative approach to reinsurance are well aligned with our vision for the company and the broader insurance landscape.”
