28 September 2020

Chaucer selects Phinsys accounting and finance platform

Written By Phinsys Limited

Chaucer selects Phinsys accounting and finance platform

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”. 

Up Next ...
28 March 2024

EToro adds 12 tokens to crypto lineup

EToro, the trading and investing platform, announced today that it ...

28 March 2024

Robinhood launches credit card

Robinhood continues to expand beyond its stock trading origins.In brief:- ...

28 March 2024

Sandbox Banking partner Plaid

Sandbox Banking and Plaid partner to strengthen identity verification and ...

27 March 2024

Targeting $180M in Revenue, Vault Aims to Lead the $50B Digital Crypto Banking Market

Written By: Vault

Vault's approach of providing personalized, effective, and affordable white label solutions for digital and crypto banking has captured the interest of a diverse range of...

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...

Global InsurTech Summit 2024

Global InsurTech Summit 2024

17 April 2024

12:00 AM - 12:00 AM

etc. venues 155 Bishopsgate, Liverpool St, Broadgate, London, Spitalfields, EC2M 3YD

£1,190.00