The latest insurer to replace legacy finance systems with Phinsys products to enable faster, more efficient financial reporting at group-level and across multiple jurisdictions
London – 29 09 2020. Phinsys, the leading finance automation software provider for the insurance sector, announced today that the Chaucer Group (“Chaucer”) is implementing the full suite of Phinsys products to transform its finance function.
Chaucer selected Phinsys following a comprehensive proof of concept with the business to validate the benefits that the new platform will deliver, including the recently launched Inform solution; a new finance data dashboard from Phinsys providing insurance boards and management teams with detailed analysis of management and statutory finance information.
David Saker, head of accounting & reporting at Chaucer Group said: “As well as providing a much-needed transformation of our inefficient legacy systems and accounting processes, Phinsys’ solutions and finance systems expertise will solve specific problems that exist in our current business, as well as helping to prevent those that may arise tomorrow. Not only will reporting into our parent company be faster and more accurate, but more locally we’ll also benefit from a single, trusted version of our financial data across all departments and new, more detailed insights into our overall performance”
Phinsys software enables insurers to conform data from multiple disparate systems into a scalable finance data warehouse and automatically reconcile and post accounting entries to their General Ledger. The accuracy and transparency of accounting processes, such as expense allocations, IBNR calculations and the planning and forecasting of results are also enhanced, together with automated regulatory and management reports that enable insurance businesses to better understand where to invest their time and money.
“Now, more than ever, the ability to quickly and cost-effectively process key financial data is a top priority of insurers as they look to streamline the back office and reduce the cost of doing business” said Stuart Conibear, chief commercial officer of Phinsys. “We are delighted to be working with Chaucer and to provide their finance team with proven solutions that seamlessly bring together a single view of their financial data whilst automating manual and time-consuming processes”.