Digital transformation, AI, and InsurTech are redefining the insurance landscape across Canada. Yet keeping pace with innovation while meeting regulatory demands can be challenging. Ayming partners with insurance companies to identify and maximize R&D tax credit opportunities that accelerate modernization, improve efficiency, and strengthen competitiveness.
Financial services
Address the key challenges
The insurance industry is evolving rapidly as digital technologies, InsurTech solutions, and shifting regulations redefine how companies assess risk, manage data, and serve customers. To stay competitive, insurance companies are investing in modernization. From automating claims and underwriting processes to developing AI-driven analytics and usage-based insurance models.
Yet innovation in this sector brings complex technical and operational challenges. Integrating modern platforms with legacy systems, ensuring data security and compliance, and managing the accuracy of AI models require significant experimentation. Insurance companies also face hurdles in developing predictive models, improving fraud detection, enabling real-time policy adjustments, and adopting telematics and IoT technologies. All of which demand continuous testing, iteration, and system optimization.
These efforts often qualify for R&D tax credits, including SR&ED, E-Business, and IP Box incentives. However, many organizations overlook the eligibility of their internal development and problem-solving work. Ayming helps insurance companies identify these opportunities, ensuring innovation efforts deliver measurable financial returns.
How we can help maximize your results
Although SR&ED tax credit is often associated with traditional technology or manufacturing projects, the insurance sector presents significant opportunities. Innovations in claims automation, AI-driven risk assessment, predictive modeling, and policy administration systems often qualify for SR&ED tax credits.
Ayming works with insurance carriers, InsurTech companies, and service providers to ensure even complex, technology-driven projects are fully recognized and defensibly documented under the SR&ED program.
- Technical Expertise and Project Framing: Our experienced SR&ED consultants will assess your product and process development efforts to identify overlooked or hidden SR&ED-eligible projects. We review routine technical activities, like debugging, testing, data optimization, cloud architecture design, and integrating third-party APIs, and group related challenges to determine if they qualify as SR&ED-eligible projects. Our consultants understand the unique challenges in this sector and translate your R&D efforts into clear, CRA-compliant narratives. Whether you’re developing next-gen fraud detection or automating compliance processes, we ensure your innovation efforts are properly positioned for maximum return.
- Clarifying Eligibility for Client Work: Many insurance companies struggle to distinguish between routine contract work and eligible experimental development. We work closely with your technical leads to identify when contract-driven projects cross into SR&ED territory. Especially cases involving novel architecture, performance improvements, or advanced algorithms. Our sector-specific insight ensures you’re claiming all eligible work, even when it’s embedded in day-to-day service delivery.
- Accurate Cost Tracking: Our team helps implement cost tracking systems that align with SR&ED requirements, even in complex environments where resources are shared across departments, associated companies or contractors. We assist with time tracking, salary allocation, subcontractor documentation, and identifying eligible overhead costs. This ensures your claims are accurate, complete, and optimized, without overburdening your internal teams.
- Audit defense and compliance strategy: The SR&ED program is highly technical and continually evolving. Ayming stays current with guidance and policy updates, helping you navigate these complexities with confidence. Your SR&ED consultant will provide early warnings on audit trends and policy shifts that affect the finance and insurance sector. In the event of a CRA audit, we manage the end-to-end audit response to minimize disruption to your business. We also help establish long-term compliance strategies and processes, so future claims are smooth, consistent, and low-risk.
We help insurance companies unlock the benefits of Quebec’s Incentive Deduction for the Commercialization of Innovations (IDCI). This powerful tax incentive reduces the provincial rate on eligible income from qualified intellectual property assets (QIPAs) from 11.5% down to as little as 2%. To qualify, corporations must carry out R&D in Quebec and generate income from the commercialization of QIPAs, whether locally or abroad.
By combining the IDCI with strategic investments and sound financial planning, banks and financial service providers can improve capital efficiency, accelerate growth opportunities, and maximize the long-term value of their intellectual property portfolios.
Our team ensures every aspect of the program is optimized and compliant, enabling financial organizations to fully leverage tax advantages, strengthen profitability, and maintain a competitive edge.
The E-Business Tax Credit (CDAE) offers insurance companies a powerful way to reduce costs while accelerating digital innovation. If your Quebec-based operations include at least six full-time employees focused primarily on AI, secure digital platforms, or tailored financial technology solutions, you may qualify.
At Ayming, we guide banks, credit unions, and fintech providers through the entire process. Securing certification, maximizing claims, and ensuring compliance, so you can fully capitalize on this credit. By partnering with us, you can lower operating costs, reinvest tax savings into new digital initiatives, and strengthen your competitive edge in an increasingly tech-driven marketplace.
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