Jul 19, 2011 13:14 BST Insurance Premium Tax solution provider Impendulo today announced that it is now regulated by the Financial Services Authority (FSA).
IMPENDULO LAUNCHES THE IPT ENGINE®Jun 13, 2012 14:00 BST
“The IPT Engine® brings total integration of the complexities of tax on insurance one step closer,” says Impendulo MD Chris James, “and was developed in response to requests from our clients and software development partners. It means that for the first time ever, insurers can incorporate complex, detailed IPT data realtime into their existing systems. It will allow them to reduce duplicated effort, streamline their business processes and ensure they’re fully compliant.”
A flexible, integrated solution for all IPT calculations
Impendulo’s IPT Engine® builds on the success of the company’s IPT Portal®. Designed to give large and small insurers operating across international markets a central hub from which to manage all their Insurance Premium Tax calculations, the IPT Portal® has proved very popular with Impendulo’s established client base.
The next logical step was to make the underlying data available to insurers, to allow them to feed it directly into their in-house systems.
“The IPT Engine® allows insurers seamlessly to connect their systems with Impendulo’s comprehensive IPT back-end,” says Chris James. “It gives them complete flexibility to retrieve and display data in their existing systems or planned new solutions.”
Efficient, cost-effective and easy to implement
With Impendulo’s IPT Engine®, there’s no software to install and no new systems to learn. Manual calculation and data entry is reduced, eliminating duplication and errors.
Detailed IPT information includes business classes, tax organisations, tax types and applicable rates across all markets. The API also gives access to an easy‑to‑use tax calculator module that can be displayed in current in-house systems.
The IPT Engine® is constantly updated by Impendulo’s network of tax experts, so insurers always have the very latest data, in line with current rates, legislation and rules. It supports both the Lloyds and Companies markets.
“The Impendulo IPT Engine® transforms the process for insurers,” says Chris James, “allowing integration with existing systems rather than employees being forced to use systems outside of the current business processes which adds complexity and increased workloads. It automates a previously complex, labour‑intensive operation and represents a step‑change for those dealing with IPT on a regular basis.”