The insurance tax calculator of choice
IPT Quote is TMF Group’s online insurance tax database and calculator. For brokers, underwriters and risk managers concerned about tax liabilities on multinational programs, it provides a one-stop shop for all your insurance tax calculation needs. Developed in close collaboration with the insurance industry, the system is backed by TMF Group’s network of 120+ offices and a Steering Group made up of key market players.
Brought to market in 2010 and endorsed by Liiba (London and International Insurance Brokers Association) in 2011, IPT Quote is now well established in the industry with over 5,000 users worldwide. It contains the vast majority of insurance tax rates for every insurance class for all tax jurisdictions in the world, and as a result there are over 40,000 tax rates in the database. It is the most comprehensive insurance tax rate database available.
Optimised to be able to handle today’s most complex multinational insurance programmes. If you’ve got a multi-line co-insurance programme covering 100 risk locations, IPT Quote generates a separate tax schedule for each insurer involved.
IPT Quote product set
- Rate Check – check the insurance tax rates for any line of business in any tax jurisdiction at the click of a button
- Tax Calculator – generate tax schedules for multinational programmes using a simple four step process
- Tax Aggregator (IPT Drive) - generate your monthly insurance tax liabilities in every territory you do business at the click of a button.
IPT Quote integration
- Rate Check – use our rate check API to call tax rate information and populate your internal rates databases. The API is highly optimised to return thousands of records within a few seconds. Alternatively, we can provide database dumps in whatever format you need to populate your databases.
- Tax Calculator – our integration team can work with your IT team to partially or fully integrate the tax calculation process.
IPT Quote configurability
IPT Quote is highly configurable so that it can align with the requirements of your business:
- Select from over 250 lines of business distributed over 19 insurance classes. New lines of business can be created if required, whilst existing lines can be renamed. Lines of business can be allocated on a user-by-user basis.
- Specify which countries individual users have access to. For example, you can disable sanctioned countries for all users.
- Disable tax rates that are not relevant to your business, so to remove any information that is not pertinent to your users.
- Default tax rates that are used predominantly by your business, so to minimise the options users need to consider when creating tax calculations.
- We can develop client specific functions on request, so you can have all the benefits of IPT Quote with additional features to support your business processes.
IPT Quote has a feature set designed to support the most exacting requirements of today’s insurance tax professionals. To find out more please visit our IPT Quote Key Features page.
To arrange a webex of the system and to explore IPT Quote yourself through a free trial of the system please get in touch.