Finance & Innovation

Leading Multi-Line Insurer Increases SR&ED Claim by 300%

"SR&ED claim increased by 300% over previous years."

Situation

The Challenge

This insurance provider client used to claim IT in the past, but those claims were diminishing as their IT development was diminishing, finally resulting in no claims for a given year.

Ayming’s Approach

Moving away from only claiming IT, Ayming introduced a different approach to SR&ED: claiming the actuarial development (in applied mathematics).

 

Following the introduction of this approach, Ayming then helped the client become accepted into the FPAP (Formal Pre-Approval Process) program– only a dozen companies in Canada were selected for this program. This program is a real-time review/audit of the SR&ED claim where claims are submitted every quarter and auditors review the entire file each time, making sure the projects are on track.

 

Results

Ayming's innovative approach demonstrated our strong expertise in SR&ED. Following their acceptance into the PCR program, the client's claim was selected for audit. With Ayming's help, the claim was not only accepted, but the client received 120% of the original claim.

 

The client has received at least 100% of its claim every year since working with Ayming, resulting in a 300% increase in the amount received of the years. Ayming has also helped the client improve its reporting, allowing for better SR&ED planning SR&ED and data tracking.