We’re delighted to announce that Insurance ERM, the on-line resource for enterprise risk management, together with a judging panel from the insurance community, has awarded Phinsys “Insurtech Solution of the Year” for 2021.
Here’s what Insurance ERM said about our entry and the reasons why the judges felt we deserved the award:
When it comes to digital transformation, most investment by insurers has focused on the front-end sales and marketing systems. Often this has been enabled by start-ups determined to change the world of insurance.
But as any insurer will know, it is not just about the top line. The back office matters too.
That is why Phinsys is the winner of the Digital Transformation - Insurtech Solution of the Year for the way it has helped a wide range of insurance businesses transform their finance operations.
Against a backdrop of more financial reporting and tighter deadlines, large and complex spreadsheets handling finance and actuarial processes are still common in the insurance business.
The implementation of accounting standard IFRS 17 will also impose new requirements highlighting the need for integrated data, systems and processes across finance, actuarial and risk functions.
Phinsys was established in 2010 to develop modular cloud-based solutions that address these issues.
Its suite of products provides five tools spanning areas such as rules-based calculations and allocations, management reporting and ledger integration.
Insurance ERM's judging panel praised Phinsys for the way it adds value and enables finance teams to devote more time to analysis and less time to data manipulation.
The judges also liked the way Phinsys empowers finance functions and improves the efficiency of the whole market.
Stuart Conibear, chief commercial officer at Phinsys, says in the post-Covid world digital transformation, if it was not a priority before, it is now top of everyone's agenda.
"We have seen quite an adoption of cloud by the insurance market and we are enhancing our products to take advantage of new cloud capabilities. [This area] is a rapidly changing environment and we want to make the most of that," he says.
Richard Tyler, chief executive officer of Phinsys, added:
“The last 12 months has, unsurprisingly, been incredibly challenging for our business. But as insurers have accelerated digital transform plans in a bid to develop leaner operating models post-Covid, the Phinsys teams in London, Bermuda and New York have continued to deliver the cost-effective finance and accounting solutions that enable them to do just that”.
Details of all the 2021 winners of the Insurance ERM awards can be found here.