Phinsys, the leading finance automation software provider for the insurance sector, is to partner with PwC in a joint business relationship to deliver innovative technology enabled finance transformation and IFRS 17 projects.
The joint business relationship will see PwC and Phinsys work together on implementing intelligent software solutions specifically designed for the insurance sector that reduce manual processing, improve financial control and accelerate statutory and regulatory reporting.
Richard Tyler, Chief Executive Officer at Phinsys said:
“High operating costs and increasing regulatory demands such as IFRS17, are putting pressure on already stretched insurance finance teams. Our expertise and proven software tools combined with PwC’s in-depth experience finance transformation in the global insurance sector provides a best-in-class integrated solution that reduces project risk, removes costly manual processes and enables insurance businesses to grow without the need for systematic change”.
Phinsys software enables insurers to conform data from multiple disparate legacy 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 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.
A joint project team with PwC has already begun working with a large London based Global Insurer on their IFRS17 programme. The work will include the Phinsys Postbox product, a flexible accounting rules engine that manages the creation and processing of accounting journal entries across the enterprise, providing full data lineage to source systems.
Alwin Swales, Finance Transformation Partner at PwC commented:
“Insurers are increasingly relying on operational efficiency to drive growth and face the challenges of additional calculation complexity, data granularity and systems impact created by IFRS17. Phinsys accounting and finance technologies enable insurers to respond to these challenges by providing an end-to-end solution that automates processes and controls whilst reducing operational costs and freeing up resources to focus on growth”.