Phinsys Suite

The secret to a more successful insurance business - automated finance and accounting that instantly improves efficiency and reduces costs by up to 75% without the hassle.

Manual processes are killing your insurance businesses’ productivity. It’s time to change that.

Kirsty Steward
Chief Financial Officer, Atrium

“The last 12 months has seen the finance function being asked to do more, more frequently and in ever-shorter periods of time. Phinsys solutions have been critical in enabling us to meet these challenges without increasing our head count.”

Take the first step to transform your finance and accounting

Fill out the form and we will be in touch.

Kirsty Steward
Chief Financial Officer, Atrium

Some of our clients

Immediately reduce costs and improve
profitability - contact us today

1

Get in touch

Fill out the form on this page and one of our team will contact you to discuss how we can solve your insurance and finance accounting problems while saving you time and money.

2

Request a demo

Discover how we’re enabling insurance businesses to gain greater control over their management, regulatory and statutory reporting.

3

Arrange a proof of concept

Experience how our products can transform your data and start delivering benefits to your finance and accounting team.

Accounting automation has
never had this many benefits.

SPEED UP FINANCIAL REPORTING

Get your numbers delivered accurately in seconds!

REMOVE MANUAL PROCESSES

Rely on automation, not spreadsheets and time consuming tasks.

MANAGE BUSINESS PERFORMANCE

And reduce planning cycles

IMPROVE REGULATORY COMPLIANCE

Have financial reports up to the legal standard at all times.

PROVIDE RESERVING PROCESSES

Easily allocate funds for different purposes.

ALIGN FINANCIAL PLANS

Make better corporate
decisions based on your financial strategy.

Manual finance & accounting processes, and spreadsheets
are wasting time and costing your business thousands or even millions…

Leveraging automation allows you to eliminate inefficiencies and streamline your accounting.

Let’s face it. Spreadsheets, manual processes and constantly worrying about compliance are things that are holding your company back. The future of the insurance business is all about leveraging technology to improve workflows and increase profits.

Phinsys Suite allows insurance companies to get more accurate financial data, reduce costs, increase efficiency, stay compliant and improve profit margins through the power of automated accounting software. For over 10 years, our clients have been seeing 20%+ increases in profitability and better productivity. Phinsys’ software is custom targeted to your needs and brings immediate improvements to your company in an industry that is highly regulated, constantly evolving and cost-efficiency focused.

Phinsys software transforms companies and reduces costs by 75%.

Insurer transforms financial close and reportingprocesses, reducing costs by 75%.

After noticing room for improvement, [Company name] used Phinsys Suite as their single source for accounting and reporting. They were looking for a platform that supports enterprise-wide group, entity, regulatory and statutory reporting. Since implementing Phinsys, they enjoy more reliable and accurate reporting which has led to a more efficient use of resources and reduced operating expenses.

The time dedicated to consolidated reporting across the entire portfolio including PRA and Lloyd’s Solvency II Pillar 3, UK & US GAAP was reduced from 20 days to five days. There was an overall 85% reduction in effort to run regulatory reporting after the close of statutory books and no time-lag between the production of management and regulatory reports.

Phinsys was the difference maker that transformedtheir business and cut costs by 75%!

“We’ve been able to create a single source of truth and standardise the processes for our financial and actuarial insurance accounting. Fast, accurate automation has reduced manual processing, eliminating the need to increase headcount and has reduced operating costs across the entire group.”

Global Insurer combined three international operations into a single consolidated financial close.

This company’s growth had resulted both in the purchase and creation of local insurance subsidiaries. These subsidiaries had their own local regulatory reporting requirements and accounting standards. However, the company still needed to consolidate all results to a corporate US GAAP equivalent. Their technology landscape evolved to have a separate data warehouse and financial systems purchased specifically to support these local subsidiaries.

A consolidated USGAAP financial result could now be produced simultaneously along with local reporting requirements which utilized different earnings patterns and calendar closing dates. This provided a clear an auditable ability to tie complex group results together.

Three local reporting platforms were sunset resultingin a $750K annual savings to the company.

“By implementing the Phinsys Product Suite – we have been able to sunset three local reporting platforms. This has reduced our IT costs for these operations and allowed them to reinvest in other technology solutions to grow their business.”

Insurer consolidates all their data sources into a single data warehouse.

A diverse and complex insurance organisation used an existing data warehouse that did not include all its required data sources. The age and complexity of their data warehouse made it very difficult to add new sources of data attributes.

The new consolidated Phinsys data warehouse was populated with a one-time feed from the existing warehouse environment. Phinsys then automated the consolidation and loading of data that had previously been processed manually, including bordereau, feeds from other source systems and Excel spreadsheets. A centralised, single-source data warehouse has enabled this insurer to reduce closing cycles by five days with a higher level of confidence and significantly improved data quality.

Staff previously assigned to consolidating data sources were retrained to leverage this data via new business intelligence solutions.

“Our prior close process was highly manual and worsened as the business expanded – we now have a scalable solution that has allowed us to reduce close cycles and feel comfortable with the process that produces our financial results.”

Managing General Agent aspires to become a full stack insurance company.

Many Managing General Agents (MGAs) in today’s evolving InsureTech landscape aspire to become a full stack insurance company. Some also enable start-ups by allowing them use of their technology platform and distribution network to develop new and innovative insurance products.

Phinsys implemented an insurance data warehouse that supports current and future regulatory and statutory needs within a three-month project schedule.

This MGA can now run full earnings-based carrier P&L statements to model their insurance results as well as standard MGA accounts, all from the same source data.
The time dedicated to consolidated reporting across the entire portfolio including PRA and Lloyd’s Solvency II Pillar 3, UK & US GAAP was reduced from 20 days to five days. There was an overall 85% reduction in effort to run regulatory reporting after the close of statutory books and no time-lag between the production of management and regulatory reports.

Data easily and reliably produced from the Phinsys platform was recently utilised during investment discussions to explore a host of growth and investment opportunities.

The Phinsys Suite automates all of the following processes.

TANDEM

Financial data warehouse and close management.

RAPPORT

Rules based calculations and allocations.

POSTBOX

Accounting rules and ledger integration.

COMPLY

Bordereau processing, regulatory reporting and reconciliations.

INFORM

Management reporting and visualizations.

Frequently Asked Questions

Is it necessary to license all 5 products?

Most clients implement the entire Phinsys product suite as this provides the most complete, low-code, cloud-based solution for all their finance and accounting needs. However, when needed we do sometimes work with third party source systems (e.g. data warehouse, general ledger) at the initial implementation stage before migrating to the full suite when the time is right.

How can we be sure that Phinsys products are right for our business?

We carry out a proof of concept for every customer to demonstrate core functionality of each product and provide sufficient proof points to illustrate how a common data set can be created to improve the availability and traceability of financial information.

Is it necessary to license all 5 products?

No. Each product can be used in isolation and they easily interface with third party source systems (e.g. data warehouse, general ledger). However, if all 5 products are taken, the result would be that potentially inefficient legacy systems would be replaced by a new, low-code, cloud-based platform meeting all your finance and accounting needs.

Will implementing the Phinsys suite involve lengthy projects and implementation periods

All of our products are tried and tested with multiple clients in various territories around the world and each one is easily configurable to meet specific requirements. The Phinsys suite is proven to be a rapid and cost-effective solution that can quickly transform the way finance functions operate.

Regulatory and statutory requirements are changing all the time. How will the Phinsys platform ensure we comply at all times?

We regularly provide customers with full regulatory reporting packs for all major markets and our systems are easily configured to respond to requirements such as UK/US GAAP, IFRS17, Solvency II and ASC 605/606.

Ready for accounting that’s accurate,
automated and reliable?

Get the software that helps you make better financial allocations, get
more accurate reporting and enjoy supercharged efficiency. All
customized for your insurance business.

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(a) Manage payments, fees and charges	(b) Contact	(b) Necessary for our legitimate interests (to recover debts due to us)
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To administer and protect our business and this website (including troubleshooting, data analysis, testing, system maintenance, support, reporting and hosting of data)	(a) Identity	(a) Necessary for our legitimate interests (for running our business, provision of administration and IT services, network security, to prevent fraud and in the context of a business reorganisation or group restructuring exercise)
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To deliver relevant website content and advertisements to you and measure or understand the effectiveness of the advertising we serve to you	(a) Identity	Necessary for our legitimate interests (to study how customers use our products/services, to develop them, to grow our business and to inform our marketing strategy)
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To use data analytics to improve our website, products/services, marketing, customer relationships and experiences	(a) Technical	Necessary for our legitimate interests (to define types of customers for our products and services, to keep our website updated and relevant, to develop our business and to inform our marketing strategy)
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To make suggestions and recommendations to you about goods or services that may be of interest to you	(a) Identity	Necessary for our legitimate interests (to develop our products/services and grow our business)
	(b) Contact
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Purpose/Activity	Type of data	Lawful basis for processing including basis of legitimate interest
To process and fulfil requests made by you through this website, for example, when completing the contact us form or requesting further information about our software	(a) Identity	(a) Necessary for our legitimate interests (for the administration of our business)
	(b) Contact	(b) Performance of a contract with you
	(c) Address
	(d) Marketing and Communications
To process and deliver your order including:	(a) Identity	(a) Performance of a contract with you
(a) Manage payments, fees and charges	(b) Contact	(b) Necessary for our legitimate interests (to recover debts due to us)
(b) Collect and recover money owed to us	(c) Financial
	(d) Transaction
	(e) Marketing and Communications
To manage our relationship with you which will include:	(a) Identity	(a) Performance of a contract with you
(a) Notifying you about changes to our terms or Privacy & Cookies policy	(b) Contact	(b) Necessary to comply with a legal obligation
(b) Asking you to leave a review or take a survey	(c) Marketing and Communications	(c) Necessary for our legitimate interests (to keep our records updated and to study how customers use our products/services)
To administer and protect our business and this website (including troubleshooting, data analysis, testing, system maintenance, support, reporting and hosting of data)	(a) Identity	(a) Necessary for our legitimate interests (for running our business, provision of administration and IT services, network security, to prevent fraud and in the context of a business reorganisation or group restructuring exercise)
	(b) Contact	(b) Necessary to comply with a legal obligation
	(c) Technical
To deliver relevant website content and advertisements to you and measure or understand the effectiveness of the advertising we serve to you	(a) Identity	Necessary for our legitimate interests (to study how customers use our products/services, to develop them, to grow our business and to inform our marketing strategy)
	(b) Contact
	(c) Usage
	(d) Marketing and Communications
	(e) Technical
To use data analytics to improve our website, products/services, marketing, customer relationships and experiences	(a) Technical	Necessary for our legitimate interests (to define types of customers for our products and services, to keep our website updated and relevant, to develop our business and to inform our marketing strategy)
	(b) Usage
To make suggestions and recommendations to you about goods or services that may be of interest to you	(a) Identity	Necessary for our legitimate interests (to develop our products/services and grow our business)
	(b) Contact
	(c) Technical
	(d) Usage

Purpose/Activity	Type of data	Lawful basis for processing including basis of legitimate interest
To process and fulfil requests made by you through this website, for example, when completing the contact us form or requesting further information about our software	(a) Identity	(a) Necessary for our legitimate interests (for the administration of our business)
	(b) Contact	(b) Performance of a contract with you
	(c) Address
	(d) Marketing and Communications
To process and deliver your order including:	(a) Identity	(a) Performance of a contract with you
(a) Manage payments, fees and charges	(b) Contact	(b) Necessary for our legitimate interests (to recover debts due to us)
(b) Collect and recover money owed to us	(c) Financial
	(d) Transaction
	(e) Marketing and Communications
To manage our relationship with you which will include:	(a) Identity	(a) Performance of a contract with you
(a) Notifying you about changes to our terms or Privacy & Cookies policy	(b) Contact	(b) Necessary to comply with a legal obligation
(b) Asking you to leave a review or take a survey	(c) Marketing and Communications	(c) Necessary for our legitimate interests (to keep our records updated and to study how customers use our products/services)
To administer and protect our business and this website (including troubleshooting, data analysis, testing, system maintenance, support, reporting and hosting of data)	(a) Identity	(a) Necessary for our legitimate interests (for running our business, provision of administration and IT services, network security, to prevent fraud and in the context of a business reorganisation or group restructuring exercise)
	(b) Contact	(b) Necessary to comply with a legal obligation
	(c) Technical
To deliver relevant website content and advertisements to you and measure or understand the effectiveness of the advertising we serve to you	(a) Identity	Necessary for our legitimate interests (to study how customers use our products/services, to develop them, to grow our business and to inform our marketing strategy)
	(b) Contact
	(c) Usage
	(d) Marketing and Communications
	(e) Technical
To use data analytics to improve our website, products/services, marketing, customer relationships and experiences	(a) Technical	Necessary for our legitimate interests (to define types of customers for our products and services, to keep our website updated and relevant, to develop our business and to inform our marketing strategy)
	(b) Usage
To make suggestions and recommendations to you about goods or services that may be of interest to you	(a) Identity	Necessary for our legitimate interests (to develop our products/services and grow our business)
	(b) Contact
	(c) Technical
	(d) Usage

The secret to a more successful insurance business - automated finance and accounting that instantly improves efficiency and reduces costs by up to 75% without the hassle.

Take the first step to transform your finance and accounting

Fill out the form and we will be in touch.

Immediately reduce costs and improve profitability - contact us today

1

Get in touch

2

Request a demo

3

Arrange a proof of concept

Accounting automation has never had this many benefits.

SPEED UP FINANCIAL REPORTING

REMOVE MANUAL PROCESSES

MANAGE BUSINESS PERFORMANCE

IMPROVE REGULATORY COMPLIANCE

PROVIDE RESERVING PROCESSES

ALIGN FINANCIAL PLANS

Manual finance & accounting processes, and spreadsheets are wasting time and costing your business thousands or even millions…

Leveraging automation allows you to eliminate inefficiencies and streamline your accounting.

Phinsys software transforms companies and reduces costs by 75%.

Insurer transforms financial close and reportingprocesses, reducing costs by 75%.

Phinsys was the difference maker that transformedtheir business and cut costs by 75%!

Global Insurer combined three international operations into a single consolidated financial close.

Three local reporting platforms were sunset resultingin a $750K annual savings to the company.

Insurer consolidates all their data sources into a single data warehouse.

Managing General Agent aspires to become a full stack insurance company.

Data easily and reliably produced from the Phinsys platform was recently utilised during investment discussions to explore a host of growth and investment opportunities.

The Phinsys Suite automates all of the following processes.

TANDEM

RAPPORT

POSTBOX

COMPLY

INFORM

Frequently Asked Questions

Ready for accounting that’s accurate, automated and reliable?

Immediately reduce costs and improve
profitability - contact us today

Accounting automation has
never had this many benefits.

Manual finance & accounting processes, and spreadsheets
are wasting time and costing your business thousands or even millions…

Ready for accounting that’s accurate,
automated and reliable?