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"What is insurance as a concept? a tool which protects against an unknown risk of a disastrous financial loss. For example Health (exercise eat healthy but suffer heart attack or cancer), Car Insurance - drive carefully but someone misses a traffic light, Home insurance - keep everything in order but a fuse burst - there is also Tax insurance - against an audit event - you do everything legally but still you get Audited And why is Audit so painful? Taxes. Companies have an interest to pay as little taxes as possible. So what do they do? they pay a lot of money to tax advisors to find a legal tax structure to pay less taxes legally. I.e. save 6% on taxes a year. or Exemption from collecting VAT And what does this tax opinion do? Although it protects legally it does not protect you from the financial risk that, one day, the TA will come and reject your tax structure! this could result in paying the 6% reduced taxes or the uncollected 17% VAT - 5 years back! This could turn a profitable company to chapter 11. and imagine the snowball that comes after- can't take loans, interests go up etc.. This gap in tax payment is exactly the tax exposure. And if you take all income tax exposures in the US you will get over $4 trillion of tax exposures a year! An anxiety shared by CEOs CFOs, Investors, Buyers, Sellers, and High net individuals. And why do they take this risk? a) they don't have a choice - everyone else does it and they have to stay competitive. B) because Tax insurance is not accessible. Why? It's very expensive. Cost $30,000 just to be considered for a tax insurance, and that's why traditional insurers / carriers don't even look at your direction unless the liability is very high, in the hundreds of millions and the risk is almost negligible. and what is the competitive landscape? A) Tax insurance is only accessible to top tier companies and offered by traditional insurance carriers. B) InsurTech is exploding in parallel fields such as home, health, car, cyber, etc. C) and with Tech and Taxes - tech companies concentrate on tax filing and reporting.. This leads us to the blue ocean opportunity where InsureTax operates, and that is Using Tech to make Tax Insurance accessible to the mid market. We develop an underwriting model and a tax risk management system and with data harvested from tax advisors to optimize the model, generate unique risks insights of liabilities that repeat themselves in certain population, and generate tax policies to that segment. What I like about this business is that's a WIN WIN WIN - WIN situation of all parties involved, Including the Tax authorities. Why? All companies want to pay as little taxes as possible but in the most compliant way as possible. Being tax insured forces optimized compatibility to the tax laws over time. And if you're tax insured, it's hard to reject your tax structure, and if it does happen, well, you're tax insured."
Tel Aviv-Yafo, Israel

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