Rising Edge, a London-based directors’ and officers’ (D&O) Managing General Agent (MGA), and insurance broker, TMF Group have partnered together to create a “market-changing” project to improve tax collection efficiency post bind.
They created a process, using APIs to connect the tax data generated by TMF and the broker directly into Rising Edge’s internal systems. As a result, according to the announcement, the MGA has completely removed the time spent on re-keying data and made the process error free.
This was created to solve the problem of a “time-consuming and burdensome” tax collection post bind process that is currently used in the London market, stated Rising Edge.
The tax information on a slip has to be manually calculated, re-entered and re-keyed 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.
Miles Murphy, Finance Director & Chief Operating Officer at Rising Edge, commented: “Via this collaborative project, we have developed a game-changing solution to an age-old market problem.
“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.”
By using TMF Group’s and Rising Edge’s process, brokers can now easily share their tax calculations on global programmes to a panel of participating insurers with a few clicks of a button.
“The sharing of tax data between brokers, coverholders, insurers, and its subsequent transcription into various disparate systems has long been an onerous task,” said Paul Hampton, IPT Quote Programme Director at TMF Group.
“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 to 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.”
