A policy level tax calculation, savings, and revenue cloud-based tax engine
This SAP S/4HANA solution extension provides policy-level premium tax calculations for all 50 states and includes journal entries, ASL filing data, and tax saving metrics with the capabilities to identify tax savings and untaken deductions, and avoid under-payment penalties. This solution was incubated and/or funded by SAP.iO, SAP’s strategic business unit that invests in and accelerates startup innovation.
Overview
Automate your policy level tax calculations
Real-time tax calculation liabilities with analytics and dashboard to capture tax metrics and reporting Designed AI Learning and detailed business rules to identify state, county and municipal tax deductions reducing taxable revenue to the lowest possible amount allowed by law.
Maximize tax savings and revenue
Utilizing the geo-mapping attributes, underwriters can gain insight on which domiciled companies have the lowest tax exposure, ensuring a policy premium quote with reduced tax exposure.
Identify revenue opportunities
Use of revenue data to identify opportunities to increase sales revenue. As it relates to the effectiveness of your regional marketing campaigns against actual revenue generated for lines of business with geographies.
Generate journal entries automatically
The solution uses your unique Chart of Accounts to generate automated General Ledger and Sub-Ledger journals, eliminating the need to manually create journals while implementing improved data security and controls that are instilled in our solution.
Identify trends in policy and lines of business
Cognitive technology enables the ability to apply machine learning capabilities to identify trends at the insurance class or subclass level for legal entities or user-defined geographic or jurisdictional levels.
Details
Solution type
Extensions and Add-ons
Industry
Healthcare, High Tech, Insurance
Compatibility
Works with
This product is compatible with or enhances the functionality of these SAP solutions but doesn't require them.
- SAP HANA Cloud
- SAP Business Technology Platform
Features
View the entire tax process from end-to-end
Designed to calculate individual policy level tax for every premium payment required in a legal jurisdiction, generate needed expense and liability journals entries for your ERP system with additional data to support regulatory and valuable operating reporting metrics.
Unify front and back office functions
This shareable cloud platform provides users with tools for multiple business silos of the insurance value chain to gain insights into core financial, line of business, and related sales performance metrics not previously available within a single solution.
Integrate your ERP solutions
Seamless systems integration of policy tax expense, related line of business categorization and jurisdictional level data and reporting with instilled metrics and dashboard data, which can be harmonized with your existing SAP or SAC platforms.
Identify possible deductions and tax credits
Enable automated business rules and controls to detect possible tax deductions not taken in order to ensure that the lowest tax liability is being paid.
Plans and pricing
All plans include:
- Shareable cloud portal and solution, with SAP S/4HANA integration and SAP Analytics Cloud based dashboard capabilities
- Real-time tax calculations and dashboards
- Global Functional and Technical Support 7 days a week
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- Pricing based upon the number of policy transactions processed through the tax engine.
- Includes generation of data files to post tax liabilities using client's unique Chart of Accounts.
- Data retention for audit defense and regulatory compliance.
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- Quarterly policy tax calculations, sub-ledger journal entry, SAC dashboards identifying savings and user support.
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Technical Information
Technical details
| Solution type | Extensions and Add-ons |
| Category | Artificial Intelligence |
| Industry | Healthcare, High Tech, Insurance |
| Works with |
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Deployment and operations
The following information is provided by the publisher and applies to the latest app version available on the SAP Store. SAP does not control these policies and procedures; the publisher is solely responsible for the accuracy of the provided information.
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| Globalization |
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Security and compliance
The following information is provided by the publisher and applies to the latest app version available on the SAP Store. SAP does not control these policies and procedures; the publisher is solely responsible for the accuracy of the provided information.
| Security |
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| Compliance |
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| Privacy policy |
SAP's privacy policy is not applicable to the use of this app. Please refer to the privacy policy provided by this app's partner. |
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Resources
PTAAS for SAP Analytics Cloud
Premium Tax as a Service Cloud Solution
PTAAS Overview
Publisher
Davinci's Cloud, LLC.
A team of insurance, tax, finance, and technology experts who understand the challenges tax teams of insurance companies face day to day, while trying to be a valuable business partner. Our C-Level leaders average over 20 years in Insurance, Tax, and Technology consulting and development,
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