Following our selection as a member of the Insurtech Impact 25 for 2020, Oxbow Partners have issued their report detailing why they think Phinsys are “trailblazers… well placed to have an impact on the insurance industry…”
We have selected Phinsys as an example of niche software that is allowing insurers to move away from spreadsheets to tailored solutions with the ability to improve business efficiency and effectiveness. It is notable that Phinsys has won almost every contract for which they have bid over the past 10 years via word-of mouth.
We expect to see an accelerating shift from spreadsheets to cloud solutions in the next few years as more and more niche technology vendors emerge. The $87m valuation of Rulebook, a cloud-based solution that replaces pricing spreadsheets, when it exited from Moore Stephens Consulting to Verisk in 2018, perhaps confirms this hypothesis.
The finance department is an area where software can have a huge impact given the proliferation of reporting requirements, and their increasing complexity.
To read the full report on Phinsys, view or download the PDF here.