Phinsys, the leading finance automation software provider for the insurance sector announced today that Chaucer Syndicates Limited (“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 providing insurance boards and management teams with detailed analysis of management and statutory finance data.
David Saker, head of accounting & reporting at Chaucer Syndicates Ltd., said:
“As well as providing a much-needed transformation of inefficient legacy systems and accounting processes, Phinsys’ solutions and finance systems expertise will solve specific problems for our business. Not only will single functional currency reporting from multiple jurisdictions into our parent company be faster and more accurate, but we’ll also benefit from a single, trusted version of data across different departments and new, 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.
Stuart Conibear, chief commercial officer at Phinsys, said:
“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. We are delighted to be working with Chaucer and to provide their finance team with solutions that seamlessly bring together a single view of their financial data whilst automating manual and time-consuming processes.”