Insuranceciooutlook
Home» Insurtech »Phinsys

Insurance CIO Outlook

Phinsys
Turning the Finance Department into Growth Driver

Richard Tyler, CEO, PhinsysRichard Tyler, CEO
In the insurance industry, finance has been traditionally deemed a functional area that deals with accounting, budgeting, and regulatory compliance, with little or no influence on the overall business performance. Having been left out in the scheme of things when it comes to business innovation through technology, finance departments continue to rely on traditional processes and archaic systems, creating an ever-widening gap between finance and IT teams along the journey. But today, technology disruption in finance is crucial to achieve business growth for an insurer. The reason: stringent compliance mandates and growing pressure for enhanced operational efficiency means an insurer must have accurate financial data at hand to take informed decisions. But how do the finance teams using spreadsheets and old backend systems align with the IT teams for sustainable technology-driven innovation?

Being at the intersection of insurance, finance, and IT, finance automation solutions company Phinsys bridges IT and finance. “The finance teams have little awareness of what technology works best for them in the current age,” says Richard Tyler, CEO of Phinsys. “Nonetheless, we completely understand their finance, actuarial, and underwriting needs from an IT perspective.” Phinsys offers a unique suite of technology solutions that helps an insurer’s finance department report accurate data in a timely manner and improve their value add to the overall business growth. Besides offering customization, the company’s solutions allow the various teams—finance, actuarial, and others—to avoid conflicts in finance reconciliation by providing a single source of truth. So, all the stakeholders have access to accurate and up-to-date data, albeit tuned to their unique operational needs from a visibility perspective.

“We differentiate with our simple and flexible approach to deliver IT innovation to the world of finance in the insurance industry,” says Eric Butler, Head of US & Bermuda at Phinsys. “Unlike large digital transformation services companies that consume years and millions in investment with subpar results, we focus on pain points and deliver modular solutions to address those immediate needs.”


We differentiate with our simple and flexible approach to deliver IT innovation to the world of finance in the insurance industry


ROI begins the moment Phinsys’ solutions are implemented as finance teams start to see immediate benefits from improved and accelerated processes. “Enthusiasm remains consistent among the finance teams in using our solutions as they can measure the success rate of their operations as they go,” Butler adds.
Phinsys’ solution suite comprises warehouse and close management system, a rules-based calculation and allocation engine, and accounting rules and ledger integration module. These modules support accurate reporting of data and compliance as well as sharing of the information with relevant parties for improved business decisions.
Eric Butler, Head of US & Bermuda


A case in point, an international insurer operating across multiple locations and jurisdictions (including the US), approached Phinsys to transform their finance function by automating the financial close process. With Phinsys, they were able to reduce the use of spreadsheets by 90 percent and data mapping errors by 93 percent. Similarly, Phinsys implemented one of its solutions for a large global insurer with a further upgrade that supports IFRS17 compliance (working directly with PwC) to provide users with information on their financial position, performance, and risk exposure.

Currently investing in R&D, Phinsys is focused on territorial expansion across the US. The company is also planning to introduce a new reporting tool that builds ad-hoc reports. This innovative new product integrates all the information within the Phinsys suite and presents insightful information in clear and easy-to-interpret visual analytics.
Top 5 Insurtech Solution Companies in UK – 2019

Company
Phinsys

Management
Richard Tyler, CEO and Eric Butler, Head of US & Bermuda

Description
Being at the intersection of insurance, finance, and IT, finance automation solutions company Phinsys bridges IT and finance. As the finance teams have little awareness of what technology works best for them in the current age, Phinsys completely understands their finance, actuarial, and underwriting needs from an IT perspective. Phinsys offers a unique suite of technology solutions that helps an insurer’s finance department report accurate data in a timely manner and improve their value add to the overall business growth. The company differentiates with its simple and flexible approach to deliver IT innovation to the world of finance in the insurance industry

Phinsys News

Ariel Re selects Phinsys to streamline operational and financial activities

Insurance and reinsurance firm Ariel Re has deployed Phinsys’ finance and accounting offerings to consolidate its operational and financial tasks.
According to the technology vendor, the implementation will automate the statutory, regulatory, and management reporting processes for the reinsurer. This deployment aims to address common challenges such as outdated systems, disparate data sources, and manual processing.
By undergoing a digital transformation of financial data and reporting, Ariel Re anticipates cost reductions. The initiative will enable the reinsurer to consolidate data from various systems into a unified finance data warehouse. Additionally, it will automate the settlement of accounts and entry of accounting details into the general ledger.
The solutions provided will enhance the accuracy and transparency of accounting methodologies, including areas such as premium earning, expense distribution, ceded premium allocations, and results forecasting and planning.
Moreover, the platform will generate automated reports for both regulatory compliance and management decision-making purposes, enabling the insurance firm to make well-informed investment choices.
Gavin Bishop, the Chief Operating Officer of Ariel Re, emphasized the importance of seamlessly integrating and processing key data in a timely and cost-effective manner. This capability is seen as crucial for supporting the reinsurer's scalability goals as they expand their capacity and enhance client offerings.
“Legacy systems and manual processes can be cumbersome when looking to ensure a rapid, accurate financial close process and perpetuate the need for additional time spent and controls that can be avoided with integrated data flows.
“Phinsys is providing us with solutions that will further our vision of being The Premier Manager of Reinsurance Risk.”