Complete IPT Compliance for Insurers

Benefit from technology and streamline IPT determination

Sovos has over 20 years of demonstrated success in IPT compliance with the world’s most complex insurers

Boost tax capability

with an intuitive IPT calculation tool to ease the burden of inhouse tax research and removing the need for additional internal resources

Automate data and workflows

between client underwriting systems and streamline processes with API integration capabilities

Bolster audit defense

with complete and transparent audit trails
Group business meeting in office conference room
IPT DETERMINATION COMPLIANCE SOFTWARE

Safeguarding insurers from the risks of noncompliance

For cross-border insurers, navigating the complex insurance tax landscape across multiple jurisdictions can feel overwhelming.

Tax authorities continue to take measures to boost revenues, increase efficiency and reduce fraud.  There’s a notable shift towards digital insurance premium tax (IPT) reporting, placing an additional burden on insurers.

Sovos IPT Determination

Combined with IPT Managed Services, we offer the first virtual end-to-end IPT compliance solution.

Sovos IPT Determination enables non-tax experts to confidently calculate and apply global IPT rates at quotation.

The solution is updated in real-time, so the tax rates and tax applicability are always accurate. And this also applies to filing requirements easing the strain of changing filing requirements and settlement deadlines.

Sovos IPT Determination is centered around a detailed, real-time global database of IPT tax data for over 80 countries, including millions of jurisdictional and product combinations – ideal for insurers writing complex global programmes.

Sovos IPT Determination builds premium allocation ahead of all policies such as renewal of international programmes. It allocates premiums per territory covered, intuitively supporting the entire underwriting process by accurately identifying, calculating, and applying the appropriate taxes at quote stage.

Sovos IPT Captive

Built specifically for the Captive market, Sovos IPT Captive allows you to track your programmes from renewal through to settlement. Combined with our managed services, it is the first end-to-end IPT compliance solution built for Captives.

Sunny towering skyscrapers

Features that make Sovos a market leader in IPT compliance

  • Real-time tax calculation solution with automated updates to rates and rules for IPT plus parafiscal charges
  • Tax liability – clarity on who should pay and administer taxes such as Insurer-borne taxes or Insured-borne taxes
  • Covers Co-Insurance programmes
  • Adaptable solutions fit your processes through bespoke insurance product mapping
  • Duplicate quotes for renewal with ability to copy existing quotes with current tax point date for renewals saving time
  • Download tax schedules via pdf or excel
  • Ability to submit software queries or tax related queries to support
  • Complex calculations simplified such as Spain CCS, Portugal Stamp Duty
  • Ability to search, view and manage colleague quotes through permission matrix with admin functions
  • Handles both admitted and non-admitted calculations for Global Programmes
  • Global tax database of 80+ countries
  • Tax calculation API for integration into your systems and process
  • Integrated IPT Reporting with ability to push quotes for filing*

We appointed Sovos for their IPT Managed Services. During this time, we have found their level of knowledge, expertise and attention to detail to be superb. They understand our product so can quickly and accurately identify the most appropriate tax treatment. This has undoubtedly saved us a considerable amount of time and money. Through their IPT software, they have significantly helped to increase our efficiency and accuracy giving us total peace of mind that our returns are filed on time, every time and are compliant. We would absolutely recommend them

Carla Forafò

Deutsche Post DHL Group – GBS, Insurance & Risk Management