Reinsurance News

Chaucer to implement Phinsys’ suite of data solutions

2nd October 2020 - Author: Charlie Wood

Finance automation software Phinsys has announced that Chaucer will be implementing its suite of products aimed at transforming finance function.

phinsys logoPhinsys states that Chaucer opted for its services after a comprehensive proof of concept to validate the benefits that the platform will deliver, including the recently launched finance data dashboard.

The dashboard enables finance and actuarial teams to see the granular data they need for individual classes on a variety of GAAP bases using flexible FX conversion rules.

“As well as providing a much-needed transformation of our inefficient legacy systems and accounting processes, Phinsys’ solutions and finance systems expertise will solve specific problems that exist in our current business, as well as helping to prevent those that may arise tomorrow,” said David Saker, head of accounting & reporting at Chaucer Group.

“Not only will reporting into our parent company be faster and more accurate, but more locally we’ll also benefit from a single, trusted version of our financial data across all departments and new, more detailed insights into our overall performance”

Stuart Conibear, chief commercial officer of Phinsys, added, “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 proven solutions that seamlessly bring together a single view of their financial data whilst automating manual and time-consuming processes.”

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