Re-Insurance

Phinsys launches finance data dashboard

Phinsys, which provides finance automation software provider for the insurance sector, has launched a new product called Inform, which it said is in response to growing insurer demand for enhanced finance and accounting data analytics.

Phinsys has an office in Bermuda, and is headquartered in London. Its clients include Apollo, Ascot, MS Amlin and Nephila.

The company said that with finance and accounting data typically stored in multiple systems an insurers ability to access reliable, consistent and timely data is hampered by manual processing and delays caused by repeated validation and reconciliation, and added: “This means insurers don’t have the finance data they need to properly measure business performance and plan for the future.”

Richard Tyler, chief executive officer of Phinsys, said: “The insurance management teams we speak to are growing increasingly frustrated with the lack of accurate and detailed financial information that helps them understand how their business is doing and confidently plan future strategy. We developed Inform to solve this problem and we’re delighted that two of our existing clients are implementing it in their business.”

Phinsys said that by using Inform, insurers can aggregate all of their finance data and optimise it for accurate reporting and analysis across the organisation.

It said: “Inform enables finance and actuarial teams to see the granular data they need for individual classes on a variety of GAAP bases using flexible FX conversion rules. Inform also provides insurer boards accurate and fully reconciled management and statutory finance data to validate prior to submitting to regulators.”

Phinsys clients CNA Hardy and Atrium are both implementing Inform whilst also upgrading the Phinsys products they already use to manage their finance function.

Ian Kerrison, AVP financial controller of CNA Hardy, said: “One of the key requirements of the finance team is the delivery of timely and accurate financial information and data to support the business and aid the strategic decision making process. Implementing Inform will help us to continue to enhance our capabilities in this area.”