14 June 2023

Ariel Re enhances operational and financial functions with Phinsys

Written By Phinsys in InsureTech

Ariel Re enhances operational and financial functions with Phinsys

Phinsys, the leading finance automation software provider for the insurance sector, announced today that Ariel Re has selected and been utilising the Phinsys suite of finance and accounting products to streamline its operational and financial processes, and to automate statutory, regulatory and management reporting. 

Ariel Re becomes the latest insurer to implement the Phinsys platform to streamline its finance and accounting reporting. Legacy systems, disparate data sources and manual processing are common problems for all insurance businesses. Digital transformation of financial data and reporting is therefore considered critical as such businesses target expense reduction as a strategic priority.  

Gavin Bishop, COO of Ariel Re, said:

“As we increase our capacity and expand our client offerings, the ability to smoothly integrate and process key data quickly and cost-effectively is critical to supporting our scalability. 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.”

Eric Butler, Director, Americas & Bermuda of Phinsys added:

“The Ariel Re teams faced many of the common problems experienced by the other insurance businesses we deal with. We’re delighted to be working with Gavin and his team and help them achieve greater efficiency and control of their data and reporting.” 

Phinsys solutions enable insurance companies, agencies, brokers and MGAs to conform data from multiple disparate systems into a single, scalable finance data warehouse and automatically reconcile and post accounting entries to their general ledger. The accuracy and transparency of accounting processes such as premium earning, expense allocations, ceded premium allocations and the planning and forecasting of results are also improved, together with automated regulatory and management reports that enable insurance businesses to better understand where to invest their time and money. 

Up Next ...
13 November 2024

Klarna Files for U.S. IPO, Signaling Major BNPL Industry Milestone

Klarna not only aims to increase capital but also to lead the BNPL sector through continued innovation

13 November 2024

Pemo Reaches $1.4 Billion in Transactions, Secures $7 Million Pre-Series A Round

the new funding aims to enhance Pemo's financial automation services for small and medium-sized businesses in the MENA region

13 November 2024

Lean Technologies Raises $67.5 Million in Series B Funding for MENA Expansion

this round will accelerate Lean's role as a leading provider in the Middle Eastern fintech infrastructure

12 November 2024

Paymentology Announces Strategic Partnership with Zand Bank to Accelerate Fintech Growth in the UAE

This collaboration focuses on expanding financial services for fintech's and startups, aiming to accelerate innovation and growth in the UAE.

More in InsureTech

Juniper Raises £1.5mn in Pre-Seed

21 February 2024

Juniper, a London, UK-based reproductive healthcare insurance provider, raised £1.5mn ...

InsurTech startup Cake secures $1.3mn

19 February 2024

Cake, a transactional marketplace designed for independent insurance agents.In brief:- ...

Aviva partners with TechPassport for enhanced innovation

24 January 2024

TechPassport is extremely proud to announce their partnership with Aviva ...

Insurtech unicorn Zego launches business van insurance

17 January 2024

The tailored solution for van drivers sits alongside a range ...

White Papers InsureTech

InsurTech 2.0

20 December 2021

During the last decade (2010 – 2020) we observed the rise of the first InsurTech players. Fuelled by...

White Papers InsureTech

InsurTech: the new insurance model

20 December 2021

Thus whitepaper, Insurtech: The New Insurance Model, examines how insurtech is disrupting the tradit...

Case Studies InsureTech

THE OXBOW PARTNERS INSURTECH IMPACT 25

11 September 2020

SOME THOUGHTS FROM OUR 2020 REPORT The insurance industry is in flux: Winning the ‘digital...

Case Studies InsureTech

THE OXBOW PARTNERS INSURTECH IMPACT 25

11 September 2020

SOME THOUGHTS FROM OUR 2020 REPORT The insurance industry is in flux: Winning the ‘digital...

There are no Events in this category