(Image source: InsCipher.)
Insurity (Hartford), a provider of cloud-based software for insurance carriers, brokers, and MGAs, has announced a new partnership with InsCipher (Pleasant Grove, Utah), an InsurTech specializing in surplus lines tax filing and reporting. Through the partnership, insurance carriers, brokers, and MGAs using Insurity’s software will gain access to a fully integrated solution that simplifies surplus lines tax management, reduces compliance burdens, and enhances operational efficiency, according to an Insurity statement.
Jason Russon, VP, Sales and Marketing, InsCipher.
The partnership addresses the perennial challenge of surplus lines tax compliance, which has always been a complex and time-consuming challenge for insurers, requiring accurate tracking, filing, and reporting to comply with evolving state regulations, the Insurity statement notes. By integrating Insurity’s cloud-based policy administration solutions with InsCipher’s industry-leading tax automation software, insurers can effortlessly transfer E&S policy data between platforms for automated tax processing, the vendor says. This decreases transaction costs, reduces errors, and speeds up filing times, enabling insurers to concentrate on growth rather than regulatory obstacles.
“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,” comments Jason Russon, VP, Sales and Marketing, InsCipher. “Partnering with Insurity amplifies the effectiveness of the InsCipher platform and further enables fast, accurate, and timely surplus lines tax reporting.”
E&S Market Leadership
Sylvester Mathis, Chief Revenue Officer and Chief Insurance Officer, Insurity.
This partnership will also extend Insurity’s E&S tax solutions to its growing customer base, with the aim of further strengthening its position as a P&C and E&S insurance market leader. Insurity says its integration with InsCipher provides insurers with an end-to-end compliance solution that streamlines operations, allowing them to manage surplus lines tax filings with greater accuracy, speed, and confidence.
“We are excited to partner with InsCipher to enhance the management of surplus lines tax for our customers,” comments Sylvester Mathis, Chief Insurance and Chief Revenue Officer, Insurity. “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.”