We deliver innovative software solutions to optimise finance and accounting processes in the global insurance industry.
Insurers face numerous challenges like high expenses, changing regulations, M&A, and unconformed datasets. This particularly impacts the finance back-office, relying on cumbersome spreadsheets and manual processes that hamper efficiency. Meeting regulatory and statutory requirements like US GAAP, NAIC SAP, Lloyd's, Solvency II Pillar 3, and IFRS17 demands integrated data, systems, and processes across finance, actuarial, and risk functions to comply. Additionally, insurers must report on sustainable finance and comply with the EU Sustainable Finance Disclosure Regulation.
To address these challenges, Phinsys has developed cutting-edge cloud-based solutions tailored for insurers, that addresses all these issues.
These are successful, proven solutions actively in use by over 20 insurers around the world.
The benefits of the Phinsys finance automation platform:
Improved cost efficiency through digitised, automated finance and accounting.
Elimination of manual processes, complex spreadsheets.
Improved regulatory compliance, reduced operational risk.
Timely, accurate, and consistent enterprise-wide finance and accounting data.
Better aligned financial plans with future business needs.
Efficient utilisation of finance and actuarial resources on more valuable tasks.
Significantly reduced reporting periods for MDC returns, Solvency 2 Pillar 3, IFRS, and UK/US GAAP figures.
Huge effort reduction for regulatory reporting after close of statutory books, no time-lag between management and regulatory reports.
Automated and accelerated financial close processing, reducing closing cycles dramatically.
Automated processing of premium calculations, expense allocation, and business forecasting reduced to 1-2 days per month with fewer resources.
Seamless integration with 3rd party tools (Power BI, Tableau, Business Objects) for fully integrated client dashboards, reports, and KPIs.
No penalties/fines for late/incorrect regulatory reporting.
Accelerated reconciliations saving 3-5 days reporting effort per quarter.
Decommissioning local reporting platforms resulting in significant savings.
Significant operating cost reduction achieved by accelerating financial close and reporting processes.
MGAs can generate full earnings-based carrier P&L statements and standard MGA accounts from same source data.