Phinsys, a finance automation software provider specialising in the (re)insurance sector, has announced the successful completion of Conduit group’s (Conduit Re) initial implementation of its comprehensive suite of finance and accounting products.
Conduit Re, a start-up reinsurer, has chosen to utilise Phinsys’ cutting-edge solutions, including Tandem, Rapport, Postbox, Comply, and Inform, with the objective of revolutionising their finance operations.
One of the core features of this implementation is the seamless integration of all financial data into the Tandem warehouse, ensuring precision and transparency in finance and actuarial management reporting.
Notably, the platform has been configured to accommodate the requirements of IFRS 17, which became effective on January 1, 2023.
Elaine Whelan, Chief Financial Officer of Conduit Re, expressed her satisfaction with the milestone, saying, “As a start-up company, our engagement with Phinsys was not about improving or consolidating existing systems and processes, but about building an efficient finance calculation engine in one platform, allowing us better access to more transparent data than might otherwise have been the case in traditional systems. While we look forward to our continued partnership with Phinsys, we are pleased to have successfully concluded this first, significant stage of that development.”
Phinsys’ software empowers insurers to unify data from multiple disparate systems into a single, scalable finance data warehouse.
Moreover, it automates the reconciliation and posting of accounting entries to any general ledger. This results in enhanced accuracy and transparency in crucial accounting processes such as expense allocations, Incurred But Not Reported (IBNR) calculations, and the planning and forecasting of results.
Furthermore, automated regulatory and management reports enable insurance businesses to make informed decisions on resource allocation.
Richard Tyler, CEO of Phinsys, underscored the significance of this achievement, stating, “This is a great time for start-ups with no legacy issues to invest in new, state-of-the-art technology. We have once again demonstrated that the Phinsys platform can be configured to meet future regulatory requirements by developing a solution to meet Conduit’s need to report on an IFRS 17 basis. We look forward to continuing our partnership with Elaine and the Conduit team in building a cost-efficient finance function that can be scaled to meet the changing needs as their business grows.”
