Harnessing the power of AI and Big Data, InsureTax’s innovative technology brings Tax insurance to small businesses in the US, protecting them against unexpected tax audits.
According to the company, 70% of US taxpayers fear an audit by the IRS, but existing tax insurance isn’t available for Small Offices / Home Offices (SOHOs). InsureTax’s proprietary tax actuary and online underwriting platform reduces the insurer marginal underwriting cost to zero by using technology, providing cost-effective tax insurance to a huge and untapped market.
The key figures in InsureTax Are Guy Kohn, CEO, Co-Founder, Niv Rotem, COO, Co-Founder and Danny Vatnik, CTO, Co-Founder.
Guy Kohn
Niv Rotem
What is your business model?
We will charge MGA Policy Premium and enjoy actuarial margins in addition to underwriting fees that would be used to cover the overheads and R&D.
How do you see the current situation in that area on the insurance industry today?
There is a risk assessment cost barrier; tax insurance is labor based and is very expensive. That’s why it’s not accessible to the mass market.
What investments have been made in the company so far?
We have raised Pre-Seed from Techstars and US angel, and currently we are raising our Seed round.
What is your current business situation?
Pre-Regulated. Pre-Sales. Post Successful POC. LOI’s from the 3rd largest broker in the US and from a US A-Rated insurer.
We have managed to achieve 3 significant milestones: A. we verified our go to market strategy and value proposition by selling through our partnership network. B. we received an offer from an A rated US insurer to front our activity. C. The 3rd largest broker in the US showed interest to start a program with us post our Seed round.
Which companies interests you?
We are interested in getting in touch with any CPA firm or tax advisors who serves SOHOs (Small Offices / Home Offices with revenues between $100K to $5M yearly.
In addition, we would also like to get in touch with reinsurers that will be willing to back us. Lastly, insurers that are excited to sale this innovative product using our platform.
How will your product/innovation will change the world of insurance?
We believe that in few years from now, our technology will make tax insurance a commodity – no one will run their business without being tax insured. Moreover, the taxing authority will look at uninsured businesses as if something isn’t right there. When we reach that stage, tax insurance will be embedded in every fin-tech platform such as banking, accountancy etc.
