Utah-based Surplus Lines Company Launches New Tax Filing Technology: InsCipher Connect™
Pleasant Grove, UT—Utah-based surplus lines tax filing company, InsCipher, has developed new technology, InsCipher Connect™, designed to make surplus lines filings easier and more efficient for states, insurance agents, agencies and surplus lines tax filing agencies.
InsCipher is a surplus lines and compliance software-as-a-service (SaaS) company that helps agents, carriers, and states manage all aspects of the surplus lines tax filing process. The online portal comes equipped with a surplus lines tax calculator for all 50 states, downloadable state-specific filing documents, and state stamp wording.
InsCipher’s compliance team ensures that the tax calculator and related documents are kept up-to-date. Once policies are bound and entered into the system, Connect will auto-assign policies to an administrator to file with the state. Connect auto-calculates the applicable state filing due date for each user, thus saving time and making it easier to prioritize filings to avoid expensive late fees.
At any time, a user is able to view and download a filtered list of all policies for a particular state or insured, to create state-specific reports more quickly. Policy details can be viewed and edited at any time including the ability to update the status of a filing, add filing notes, flag policies with issues, and mark surplus lines taxes or stamping fees as paid. It also has the capability to batch export filing data directly to some of the largest states.
“We recognized the extreme difficulty and costs associated with managing the compliance process,” says Daniel Steadman, InsCipher Vice President. “We knew that the technology in the compliance segment was lagging. In response, we initiated a team of software developers and researchers to find a solution.”
InsCipher Connect™ allows agencies to consolidate its surplus lines filings management systems online, so that policy details automatically transfer into the newly developed system. The built-in ‘state export’ tool allows for automated filing in several states, dramatically reducing filing time and errors.
“InsCipher Connect™ will improve the filing process for agencies of all sizes, including those will large filing teams and multiple licensees. The InsCipher team remains dedicated to creating technological solutions that make compliance more efficient and cost-effective for the industry,” Steadman says. “We continue to consult with some of the largest organizations in the industry to help with surplus lines challenges.”
InsCipher is a surplus lines technology company creating innovative products to automate surplus lines tax filing and reporting, significantly reducing costs while improving compliance and efficiency. Want to learn more? Request a free demo today.