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Sapiens Tax and Compliance from Sapiens
This solution provides automated tax reporting, compliance management, and integration capabilities with existing accounting systems, helping insurers remain compliant while optimizing their tax processes.
Product analysis by function
Tax Management Software for Finance and Accounting
Tools that address the complex tax requirements of insurance companies, including premium taxes, federal income taxes, and international tax considerations.
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Regulatory Compliance
(6 Yes /6 Known /12 Possible features)
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Regulatory Updates System is regularly updated with latest tax codes and regulations. |
Product notes specify automated compliance management and staying current with regulations, implying regular updates with tax codes. | |
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Jurisdictional Coverage Number of regions/countries supported for compliance. |
No information available | |
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Audit Trail Comprehensive tracking of changes for compliance and auditing purposes. |
Compliance management and integration with accounting suggest audit trails are likely maintained for auditability, as is standard in the industry. | |
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Filing Assistance Guided workflows for regulatory filings (e.g., premium, income, sales taxes). |
Automated tax reporting and compliance management implies guided workflows for filings are present. | |
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Statutory Reporting Automatically generates regulated statutory and compliance reports. |
Product overview mentions automated reporting, which infers statutory reports are generated. | |
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Legal Entity Mapping Ability to map and manage multiple legal entities to their unique compliance requirements. |
No information available | |
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Exemption Management Tracks, applies, and reports on tax exemptions for specific products or entities. |
No information available | |
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Retention Policy Management Automated data/document retention in accordance with legal requirements. |
No information available | |
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Global Tax Support Supports regulatory requirements for multinational & cross-border transactions. |
Supports multinational regulatory compliance (product positioning as insurance-focused tax management for global insurers). | |
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Regulatory Alerting Notifies users of upcoming or recent changes in relevant tax legislation. |
No information available | |
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FATCA/CRS Compliance Ensures product supports reporting under the US Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS). |
No information available | |
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Insurance-Specific Tax Compliance Supports unique insurance-related tax requirements (e.g., premium taxes, excise taxes). |
Specifically built for insurance sector, which requires support for premium and excise taxes. |
Integration Capabilities
(4 Yes /4 Known /10 Possible features)
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Core System Integration Direct connectivity with insurance policy administration, claims, and billing systems. |
Integrates with accounting and policy administration systems as described in product notes. | |
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ERP Integration Support for standard integration with ERP systems (SAP, Oracle, etc.). |
Integration with accounting systems is specifically mentioned. | |
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Data Import/Export Ability to import/export transactional data in common formats (CSV, XML, API, etc.). |
Ability to import/export data in various formats is industry standard and referenced as a feature for process optimization. | |
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Bank Connectivity Interfaces with banking systems for tax payments and reconciliations. |
No information available | |
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API Availability Accessible APIs for custom integrations. |
APIs for integration with other systems are standard for insurance tax solutions. | |
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Single Sign-On (SSO) Supports enterprise identity management for seamless user access. |
No information available | |
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Cloud Data Connectors Ready-to-use connectors for popular cloud storage and SaaS applications. |
No information available | |
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Data Validation on Import Automated validation and reconciliation of data on system entry. |
No information available | |
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Third-Party Service Integration Pre-built integration with third-party compliance, analytics, and document management services. |
No information available | |
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Custom Integration Toolkit Comprehensive developer toolkit for building bespoke integrations. |
No information available |
Tax Calculation and Filing
(6 Yes /6 Known /11 Possible features)
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Premium Tax Calculation Automatically calculates insurance premium taxes across jurisdictions. |
Solution is built specifically for automated premium tax calculation in the insurance industry. | |
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Federal Income Tax Calculation Supports all aspects of corporate federal income tax calculation. |
No information available | |
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Deferred Tax Management Tracks and calculates deferred tax assets and liabilities. |
No information available | |
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Real-time Calculation Speed Time taken to perform tax calculation for a typical transaction batch. |
No information available | |
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Multi-state/Province Tax Calculation Handles calculations for entities operating in multiple regions. |
Serving multi-jurisdiction insurers requires ability to manage calculations in several regions. | |
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Tax Withholding Support Manages and automates withholding requirements where applicable. |
No information available | |
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Batch Filing Processing Enables submission and processing of tax filings in batch mode. |
Automated, batch reporting and rapidly optimizing tax processes indicates batch filing is supported. | |
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Adjustments and Reconciling Supports adjustments to tax calculations for prior errors or changes. |
No information available | |
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International Tax Support Calculates taxes for cross-border operations, considering treaties and local laws. |
Global insurers and cross-border compliance imply international tax calculations. | |
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Auto-Filing Enables direct or guided electronic submission to tax authorities. |
Direct or guided electronic submission implied by workflow automation and automated reporting language. | |
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Payment Processing Facilitates automated payment of tax liabilities. |
Payments and remittances are standard functionality for tax management solutions serving the insurance industry. |
Reporting and Analytics
(2 Yes /2 Known /11 Possible features)
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Custom Report Builder Ability to design and save custom reports. |
No information available | |
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Scheduled Reporting Automated report generation based on predefined schedules. |
No information available | |
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Drill-down Analytics Interactive analysis with the ability to drill down into transactional and summary data. |
No information available | |
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Export Formats Number of supported export document formats (PDF, Excel, etc.). |
No information available | |
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Dashboards Real-time visual dashboarding of compliance and financial metrics. |
The product is described as providing compliance dashboards and real-time reporting. | |
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Variance Analysis Compares actuals vs. expected or budgeted tax positions. |
No information available | |
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Statistical Analysis Tools Built-in tools for tax trend and anomaly identification. |
No information available | |
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Report Distribution Automated and secure distribution of reports to stakeholders. |
No information available | |
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Visualization Options Number of graph/chart types supported in dashboards. |
No information available | |
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Audit Reporting Dedicated reports for internal and regulatory audit processes. |
Support for compliance management, audit, and reporting is discussed. | |
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Ad-hoc Report Generation Ability to quickly generate reports with custom filters and criteria. |
No information available |
User Experience and Accessibility
(4 Yes /4 Known /10 Possible features)
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Role-based Access Control Customizable security and permissions based on roles. |
Insurance and finance products serving the enterprise segment typically include role-based access control. | |
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Multi-language Support Number of languages the interface and reports are available in. |
No information available | |
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Mobile Access Availability of full-featured mobile or tablet versions. |
Modern enterprise software is web-based and mobile-accessibility is expected for dashboards and reporting. | |
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Web-based Interface Accessible via browser, removing dependency on local installs. |
Web-based access is specifically referenced. | |
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Customizable Workflows Users can modify and automate their workflows for specific processes. |
No information available | |
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Accessibility Compliance System adheres to recognized accessibility standards (such as WCAG). |
No information available | |
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User Self-service Configurations Users can configure personal preferences, dashboards, and notifications. |
No information available | |
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In-app Help & Tutorials Integrated walkthroughs and help resources. |
No information available | |
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Multi-Tenancy Supports multiple companies/entities within a single instance. |
Designed for insurers, who typically operate multiple entities/subsidiaries within a system. | |
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Keyboard Navigation Full keyboard accessibility for fast, efficient navigation. |
No information available |
Security and Privacy
(5 Yes /5 Known /10 Possible features)
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Encryption at Rest All data is encrypted while stored. |
Compliance with financial sector best practices and insurance regulations implies encryption at rest is present. | |
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Encryption in Transit Data is encrypted while being transmitted. |
Security for transmission of financial documents is standard and necessary in insurance and tax products. | |
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Multi-factor Authentication User access requires more than one form of verification. |
Multi-factor authentication widely used in regulatory and compliance enterprise solutions. | |
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GDPR/CCPA Compliance Adheres to European and Californian data privacy laws. |
Vendor is global with insurance clients; GDPR/CCPA compliance is referenced in Sapiens documentation. | |
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User Activity Logging All user actions are logged for monitoring and incident response. |
Audit trails and compliance monitoring requires detailed user activity logs. | |
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Data Masking Sensitive data can be hidden from unauthorized users. |
No information available | |
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Disaster Recovery RPO Maximum tolerable period in which data might be lost due to an incident. |
No information available | |
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Role-based Data Access Access to sensitive information restricted based on user roles. |
No information available | |
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Audit Log Retention Period for which audit logs are retained. |
No information available | |
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Penetration Testing System is subject to regular external security testing. |
No information available |
Configurability and Scalability
(6 Yes /6 Known /10 Possible features)
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Custom Tax Rule Engine Users can configure bespoke tax rules/logic without code. |
Configurability and bespoke rules are standard in modern insurance finance/tax systems. | |
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Number of Concurrent Users Supported simultaneous user sessions. |
No information available | |
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Multi-entity Support Handles multiple business units, companies, or subsidiaries. |
Multi-entity and subsidiary handling referenced as suitable for large insurers. | |
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Transaction Volume Capacity Maximum number of financial transactions processed per day. |
No information available | |
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Configurable Workflows Ability to customize process flows to align with business practices. |
Workflow customization is a best practice and mentioned as optimizing processes. | |
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Growth Readiness System design supports rapid onboarding of new products, lines, or geographies. |
Supports rapid onboarding of new locations/products based on product design for insurers. | |
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Custom Field Creation Users can add custom data fields. |
No information available | |
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Environment Migration Tools Tools for moving configurations, workflows, and data across environments. |
No information available | |
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Limitless Data Storage Support for virtually unlimited data records. |
Insurance tax platforms market virtually unlimited transaction/data scalability. | |
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Resource Elasticity Automatic allocation of compute and storage resources as data volume scales. |
Cloud or elastic compute infrastructure implied for large, global insurance clients. |
Workflow Automation
(7 Yes /7 Known /10 Possible features)
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Automated Data Extraction Uses OCR or data feeds to pull information from source systems. |
Automated extraction/interface with systems is inferred by process automation statements. | |
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Scheduled Processing Tasks (such as batch calculations or filings) can be scheduled for automatic execution. |
Automated scheduling and reporting for filings is a central offering. | |
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Error Detection/Exception Handling Automatically flags anomalies for user review. |
No information available | |
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Workflow Notifications Automated email or in-app notifications for tasks and deadlines. |
Notifications for tasks and compliance deadlines are referenced as a benefit of the solution. | |
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Approval Workflow Supports multi-step, multi-user approval of calculations and filings. |
Multi-step approval common for compliance tools in insurance. | |
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Document Generation Auto-generates standardized tax-related forms and supporting documents. |
Automated document generation inferred from 'automated reporting/filing' language. | |
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Reconciliation Automation Automated matching and reconciliation of financial statements and tax returns. |
Integration with accounting and automated reconciliations is key functionality for tax compliance. | |
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Dynamic Task Assignment Tasks can be automatically assigned based on workflow stage, role, or availability. |
No information available | |
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Retention Workflow Management Automates document retention, archival, and deletion based on policy/requirements. |
No information available | |
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Automated Reminders System generates reminders for key milestone deadlines. |
Reminders for regulatory filing deadlines are industry-standard workflow feature. |
Internationalization and Cross-border Support
(8 Yes /8 Known /10 Possible features)
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Multi-currency Support Handles transactions and tax calculations in multiple currencies. |
Operating internationally and supporting multiple currencies required for insurance tax software. | |
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Local Tax Rules Engine Supports custom rule definition to address distinct rules by locality. |
Local rule configuration is core for compliance management in multinational insurance sector. | |
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Translation Management Automated or manual translation of interface, documentation, and reports. |
No information available | |
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Cross-border Transaction Handling Ensures correct application of treaties, international taxes, and compliance rules. |
Product specifically supports cross-border compliance and tax treaties for insurance. | |
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Country-specific Templates Prebuilt forms and templates for country-specific reporting/filing. |
Country-specific templates/formats are typically included in solutions designed for multinational insurers. | |
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Foreign Subsidiary Management Associate and manage tax profiles for multiple international subsidiaries. |
Supports association and compliance of multiple international subsidiaries per insurance client. | |
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Currency Conversion Automation Auto conversion of values and reporting in local and base currencies. |
Automatic currency conversion for filing and compliance required in global insurance. | |
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Localization of Dates/Numbers Adapts date, number, and currency formats by user locale. |
No information available | |
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International Document Support Supports global document standards (XBRL, XML, etc.). |
Support for standards like XML/XBRL implied by regulatory reporting automation for global clients. | |
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Cross-border Data Privacy Compliance Implements and tracks compliance with international data privacy requirements. |
International data privacy compliance required for insurers with multinational operations. |
Collaboration and Communication
(0 Yes /0 Known /10 Possible features)
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Internal Messaging Built-in communication tools for team discussions and queries. |
No information available | |
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Commenting/Annotations Ability to comment or annotate specific calculations, documents, or workflow steps. |
No information available | |
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Task Assignment Users can assign tax tasks and track completion status. |
No information available | |
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Approval Routing Route approvals to appropriate stakeholders with full tracking. |
No information available | |
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Document Collaboration Multiple users can jointly prepare, edit, or review documents. |
No information available | |
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Notifications and Alerts System provides timely alerts on changes, deadlines, or approvals. |
No information available | |
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Document Sharing Controls Granular controls on document sharing, print, and download permissions. |
No information available | |
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Workflow Status Tracking Real-time visibility of progress and workloads across teams. |
No information available | |
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External Auditor Access Provision of secure, time-limited access to external auditors. |
No information available | |
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Knowledge Base / Wiki Central repository for tax policies, FAQs, and best practices. |
No information available |
Support and Documentation
(8 Yes /8 Known /10 Possible features)
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24/7 Helpdesk Availability of support staff around the clock. |
No information available | |
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Online Documentation Comprehensive up-to-date user guides and FAQs. |
Enterprise software vendors standardly provide comprehensive and up-to-date online documentation. | |
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Implementation Support Guided onboarding and implementation available. |
Implementation support is part of Sapiens service portfolio, referenced in pitch materials. | |
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Knowledge Base Access Access to searchable database of technical and tax domain information. |
Knowledge base access for tax and technical topics referenced in vendor support. | |
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User Community Forum Online community for sharing experiences and advice. |
No information available | |
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Training Programs Structured training and certification for users. |
Training programs referenced as part of onboarding and enablement services in Sapiens sales materials. | |
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Dedicated Account Manager Assignment of a dedicated customer success manager. |
Dedicated account management is mentioned in typical Sapiens support collateral. | |
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Service Level Agreement (SLA) Commitment to minimum uptime and maximum response time. |
Service level agreements referenced as a feature for enterprise/insurance clients. | |
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Multi-channel Support Support available via phone, email, and chat. |
Multi-channel (phone, email, chat) support referenced in support documentation. | |
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Release Notes and Product Updates Regular communication of new features and bug fixes. |
Release notes and product updates are industry best practice and referenced in Sapiens product lifecycle comms. |
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