New finance data dashboard enables insurance boards and management teams to better understand performance, inform strategic decision-making and plan organisational change.
London – 15 09 2020. Phinsys, the leading finance automation software provider for the insurance sector has launched Inform in response to growing insurer demand for enhanced finance and accounting data analytics.
With finance and accounting data typically stored in multiple systems an insurers ability to access reliable, consistent and timely data is further hampered by manual processing and delays caused by repeated validation and reconciliation. 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 commented on the launch of Inform: “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.”
By using Inform, Insurers can now aggregate all of their finance data and optimise it for accurate reporting and analysis across the organisation. 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”.
Continual investment in research and development means that Phinsys clients benefit from finance and accounting software that is supported by the latest state-of-the-art processing framework.
Kirsty Steward, chief financial officer of Atrium said: “Together with the upgrade of Tandem, Rapport, Postbox and Comply, Inform will complement the existing Phinsys products that we use for Financial Reporting across the business, meaning that we not only benefit from enhanced system performance but also now have the complete solution for reliable, automated production of our management information and regulatory reporting.”
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 their general ledger. The accuracy and transparency of accounting processes such as premium earning, 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 better understand where to invest their time and money.