Insurity and InsCipher Join Forces to Simplify Surplus Lines Tax Compliance
Insurity, a prominent provider of cloud-based software solutions for insurance carriers, brokers, and managing general agents (MGAs), has formed a significant partnership with InsCipher. This collaboration aims to enhance tax compliance processes, improve operational efficiency, and assist insurers in navigating the intricate regulatory environment. By merging their innovative technologies, both companies are poised to simplify surplus lines tax management and bolster reporting accuracy, as highlighted by InsurTech Insights.
Streamlining Surplus Lines Tax Management
The integration between Insurity and InsCipher will facilitate a seamless connection between Insurity’s policy administration systems and InsCipher’s automated tax processing software. This integration is designed to:
- Automate surplus lines tax filing: Reducing manual workloads for insurers.
- Ensure compliance: Helping insurers adhere to state regulations more effectively.
- Enhance reporting accuracy: Improving the reliability of tax documentation.
The Necessity of Automation in Insurance
Surplus lines tax compliance has historically posed challenges for insurers, necessitating rigorous tracking, filing, and reporting to adapt to frequently changing state requirements. Automating these processes can:
- Save time for insurance professionals.
- Minimize the risk of errors.
- Lower transaction costs associated with compliance.
Jason Russon, VP of Sales and Marketing at InsCipher, emphasized the importance of this integration in maximizing the potential of their solution. He stated, “InsCipher plays a crucial role in the non-admitted insurance sector through its tax filing platform. However, without a seamless way to transfer data into our system, our effectiveness is limited. Partnering with Insurity amplifies our platform’s capabilities, allowing for swift and accurate surplus lines tax reporting.”
Benefits for Insurers
Sylvester Mathis, Chief Insurance and Chief Revenue Officer at Insurity, expressed excitement about the partnership, noting, “We are thrilled to collaborate with InsCipher to improve surplus lines tax management for our clients. This partnership is in line with our dedication to delivering innovative solutions that help insurers streamline their operations. Through this integration, clients can enhance compliance efforts, boost efficiency, and alleviate the administrative burdens linked to surplus lines tax.”
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