Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and managing general agents (MGAs), has announced a strategic partnership with InsCipher to streamline tax compliance, enhance operational efficiency, and empower insurers to navigate the complexities of the regulatory landscape.
By integrating their solutions, Insurity and InsCipher will enable insurance entities to simplify surplus lines tax management and improve reporting accuracy, according to InsurTech Insights.
Through this partnership, Insurity’s policy administration solutions will seamlessly connect with InsCipher’s automated tax processing software, facilitating the effortless transfer of Excess & Surplus (E&S) policy data between the platforms.
This integration will help insurers automate surplus lines tax filing, reducing manual workloads and ensuring compliance with state regulations.
Surplus lines tax compliance has long been a challenge for insurers, requiring meticulous tracking, filing, and reporting to meet constantly evolving state requirements. Automating these processes will help insurers save time, minimise the risk of errors, and lower transaction costs associated with compliance.
Jason Russon, VP, Sales and Marketing at InsCipher, highlighted the importance of integration in maximising the effectiveness of their solution. “InsCipher fills a critical role in the non-admitted insurance industry through its tax filing platform. But without connectivity and a seamless way to get data into our system, our solution is only so effective. Partnering with Insurity amplifies the effectiveness of the InsCipher platform and further enables fast, accurate, and timely surplus lines tax reporting.”
Sylvester Mathis, chief insurance and chief revenue officer at Insurity, also expressed enthusiasm for the collaboration. “We are excited to partner with InsCipher to enhance the management of surplus lines tax for our customers. This collaboration aligns with our commitment to providing innovative solutions that enable insurers to streamline their processes. Through this integration, our clients can improve their compliance efforts, increase efficiency, and reduce the administrative challenges associated with surplus lines tax.”
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