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.