European Insurance Technology Awards 2022 winner - automation, data, software: Phinsys

Digital investment in finance and accounting functions has lagged claims and customer data and communications solutions, with many insurers still using spreadsheets and other unreliable data sources.

Lack of quality, granularity in financial data, and unfit technology infrastructure remain widespread amid the industry’s increasing cost and regulatory challenges.

That’s changing, thanks to software provider Phinsys’s mission to help firms automate processes, speed up the financial close, and expedite regulatory and statutory reporting.

Each product provides 90% out-of-the-box, web-based functionality, which customers can configure to their unique needs.

Phinsys’s products comprise:

• A source-agnostic finance data warehouse and close management tool.
• A rules-based calculation and allocation engine.
• An accounting rules and ledger integration system.
• A regulatory reporting, bordereau processing and reconciliation system.
• A reporting data layer and visualisation dashboard.

Judges praised the business for working with insurers to solve pain points and provide a single source of truth for repeatable and configurable financial processes.

Supporting growth

The offering means clients such as Aegis, Ariel Re, CNA Hardy, Chaucer, Apollo, and Hamilton save significantly on administrative tasks and free up resources while ensuring accurate, compliant and fully reconciled financial information.

A customer said: “Insurers are increasingly relying on operational efficiency to drive growth and face the challenges of additional calculation complexity, data granularity and systems impact created by IFRS 17.

“Phinsys’s accounting and finance technologies enable insurers to respond to these challenges by providing an end-to-end solution that automates processes and controls while reducing operational costs and freeing up resources to focus on growth.”

A senior accounting and reporting professional added: “Phinsys’s solutions and finance systems expertise will solve specific problems for our business. Not only will single functional currency from multiple jurisdictions into our parent company be faster and more accurate, but we’ll also benefit from a single, trusted version of data across different departments and new, detailed insights into our overall performance.”

Another client commented: “Our legacy systems created unreliable data and perpetuated our reliance on spreadsheets, and Phinsys has provided us with solutions to these issues.”

Impact

Phinsys has demonstrated improved cost efficiency through digitised, automated finance and accounting processes.

For instance, it has enabled clients to reduce reporting periods for market data collection returns from 20 days to just five.

Customers have also reported an 85% reduction in efforts to run regulatory reporting after the close of statutory books - and no time lag between the production of management and regulatory reports.

One client achieved $750,000 (£622,000) of annual savings by decommissioning local reporting solutions, while another cut finance related operating costs by 75%.

 

 

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