Increasing tax efficiency, vision, and impact on the bottom line
What if the glass slipper hadn’t quite fit Cinderella? Even worse, what if she had not made it to Prince Charming’s ball in the first place? Professionals in the tax function of insurance companies may be forgiven for considering themselves the undesired stepsister, not invited to the great transformation ball thrown by Prince Charming in the “finance” palace. While other finance functions have been transformed with increasing urgency, tax transformation has generally not been treated as a priority.
How tax transformation creates value for insurance companies
An effective tax transformation benefits not just the tax function, but finance and the business as a whole, through better planning, enhanced visibility and risk management, and improved return on capital.
This paper discusses:
- Getting a transformation started: How insurance firms can leverage the five phases of a transformation
- Complicating factors: Challenges around a tax transformation and why strong leadership and communication are of critical importance
- Data integrity and systems: Why understanding the data sources and mapping out the tax data requirements is foundational
- Technology: How the use of work-flow tools that could eliminate or reduce the reliance on spreadsheets may be a significant opportunity
Download the paper to learn how a tax transformation can create value for insurance companies through strategic tax planning, risk management, and compliance.