Phinsys, a finance automation software provider for the (re)insurance sector, has announced that the Conduit group has completed its initial implementation of the Phinsys suite of finance and accounting products.
Conduit has licensed Phinsys’ Tandem, Rapport, Postbox, Comply and Inform products which are designed to transform the way a reinsurer’s finance function operates. Phinsys is conforming all financial data to the Tandem warehouse to support accurate and transparent finance and actuarial management reporting.
The platform implementation includes provision for IFRS 17 requirements that took effect from 1st January 2023.
Commenting on this, Conduit CFO, Elaine Whelan, said: “As a start-up company, our engagement with Phinsys was not about improving or consolidating existing systems and processes, but about building an efficient finance calculation engine in one platform, allowing us better access to more transparent data than might otherwise have been the case in traditional systems. While we look forward to our continued partnership with Phinsys, we are pleased to have successfully concluded this first, significant stage of that development”.
Phinsys software enables insurers to conform data from multiple disparate systems into a single, scalable finance data warehouse and automatically reconcile and post accounting entries to any general ledger. The accuracy and transparency of accounting processes such as expense allocations, IBNR calculations and the planning and forecasting of results are also improved, together with automated regulatory and management reports that enable insurance businesses to understand better where to invest their time and money.
Phinsys CEO, Richard Tyler, concluded: “This is a great time for start-ups with no legacy issues to invest in new, state-of-the-art technology. We have once again demonstrated that the Phinsys platform can be configured to meet future regulatory requirements by developing a solution to meet Conduit’s need to report on an IFRS17 basis. We look forward to continuing our partnership with Elaine and the Conduit team in building a cost-efficient finance function that can be scaled to meet the changing needs as their business grows”.