Editorial by Rick Huckstep
Unlocking the value from the Tax and Compliance burden
Insurance firms have spent a fortune on keeping themselves honest (and their directors out of jail!). Paying their dues, treating customers fairly and conduct becoming are all part of the fabric of the tax and compliance functions within the incumbents.
For this month’s InsurTech Insights, our two lead articles look at this subject from different perspectives, but with the same outcome; extracting value from the effort and burden of keeping honest.
In KPMG’s article, which is built around the theme of Tax Reimagined and KPMG’s 2018 Tax Officer Outlook findings, they make the point that times have changed. Advanced technologies and new insurance business models have changed the game for insurers, requiring a new skill set and a new approach to the complexities of multi-national tax management.
In my article, I look at Solvency II from an InsurTech perspective. And specifically how the application of technology such as AI, big data and machine learning can not only meet the regulatory requirements of this EU directive but also turn the effort and output into a source of value for the insurer.
Chairman, The Digital Insurer
Solvency II solutions enable insurers to turn the burden of compliance into a source of business value. To explore this Rick chats with CoVI Analytics founder Waleed Sarwar.
KPMG’s Chief Tax Officer Outlook finds tax departments are struggling to keep up with the pace of technological advancement and innovation.