Greenlight Re Innovations has invested in tech-centric audit insurance startup AuditCover.
AuditCover describes itself as an insurance distribution platform that combines the fundamentals of tax audit insurance with “rapid data ingestion and modelling software to allow taxpayers to be instantly covered for their professional fees when faced with an audit.”
The InsurTech said obtaining an audit insurance policy is traditionally paper-based, labour-intensive, and slow, and it aims to eliminate this friction and streamline the process. The company is currently offering audit insurance policies in Australia with plans to expand internationally.
Simon Burton, CEO at Greenlight Re, said, “In many nations, growth in the gig economy and digital assets has caused increases in the complexity of tax returns and the frequency of tax audits. We believe that by leveraging advancements in technology, AuditCover is well-positioned to service this expanding market and provide a superior experience for all parties involved.”
Gil Snir, founder and CEO at AuditCover, added, “We’re living in an era where the tax office has edged far ahead of the free market in terms of data-matching capabilities. AuditCover is on a mission to even the playing field by accessing the real-time data feeds that will determine greater risk accuracy and prevent the severity of an audit in the first instance.”
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