ChainThat’s Journey to Becoming a Verified Platform Vendor by the Kentucky Department of Insurance
ChainThat, a leading Insurtech firm based in London, is proud to announce its certification as a verified platform vendor by the Kentucky Department of Insurance. This certification highlights ChainThat’s innovative solutions in addressing the complex tax compliance requirements in the Kentucky insurance market.
Just over a month ago, ChainThat proudly announced its certification as a verified platform vendor by the Kentucky Department of Insurance. This achievement underscores our innovative solutions in tackling the complex tax compliance requirements of the Kentucky insurance market. But how did we reach this milestone?
Overcoming Kentucky’s Tax Compliance Challenges
Local tax laws in Kentucky pose significant challenges for insurance professionals, with the risk of penalties from manual tax calculation errors. ChainThat’s Beyond Policy Administration (BPA) system addresses these challenges by streamlining the insurance quote and policy issuance process, ensuring precise compliance with local tax regulations.
The Role of a Certified Kentucky Platform Vendor
The Kentucky Department of Insurance requires that insurance companies and brokers managing at least 2,000 policies annually must utilize an officially recognized “verified risk location system.” As a certified vendor, ChainThat supports insurers in adhering to these stringent regulations, facilitating the accurate filing of local government premium taxes (LGPT).
How BPA Enhances Tax Compliance
Our BPA system incorporates several innovative technology integrations that transform the tax compliance landscape:
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Address Autocomplete and Geo-Location: Ensures quick and accurate initial data entry by auto-completing addresses and retrieving precise geo-coordinates.
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Map Service Integration: Utilizes advanced GIS technology to refine address details against city and county boundary layers, ensuring accurate tax calculations based on exact locations.
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Tax Decision Table Evaluation: Processes updated address information through a sophisticated tax decision table to determine applicable taxes based on the precise risk location.
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Real-Time Tax API Integration: Matches determined taxes with current values from a Tax API, enhancing accuracy and reducing the risk of penalties.
ChainThat’s Certification Journey
Gaining approved vendor status in Kentucky involved demonstrating our platform’s exceptional accuracy in geolocating risks. Throughout the rigorous approval process by the Kentucky Department of Insurance, ChainThat consistently proved the ability to accurately identify tax jurisdictions with over 95% precision*, solidifying our role as a trusted partner in the insurance market.
*A minimum score of 90% was required to become a verified vendor.
What This Means for Our Clients
As a verified vendor, ChainThat provides clients with the most accurate local government premium tax calculations. The sophisticated tax rules specific to Kentucky are seamlessly integrated into our BPA system, simplifying the entire insurance policy process.
See the full list of vendors: DEPARTMENT OF INSURANCE (ky.gov)
About ChainThat
ChainThat, an insurtech in London, provides innovative SaaS-based insurance technology products that allow brokers, carriers, and MGAs to realise the full potential of their business.
For more information, visit: Beyond Policy Administration (BPA) — ChainThat
Read press release: ChainThat becomes a verified platform vendor by the Kentucky Department of Insurance in the US – World News Report – EIN Presswire (einnews.com)