Finance automation software provider Phinsys has announced the launch of Inform, a new finance data dashboard designed to allow insurers to aggregate their finance data and optimise it for accurate reporting and analysis.
Phinsys says 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.
The tool also provides insurer boards accurate and fully reconciled management and statutory finance data to validate prior to submitting to regulators.
“The insurance management teams we speak to are growing increasingly frustrated with the lack of accurate and detailed financial information that helps them understand how their business is doing and confidently plan future strategy,” said Richard Tyler, chief executive officer of Phinsys.
“We developed Inform to solve this problem and we’re delighted that two of our existing clients are implementing it in their business.
Phinsys clients CNA Hardy and Atrium are both implementing Inform whilst also upgrading the Phinsys products they already use to manage their finance function.
Ian Kerrison, AVP financial controller of CNA Hardy said, “One of the key requirements of the Finance team is the delivery of timely and accurate financial information and data to support the business and aid the strategic decision making process. Implementing Inform will help us to continue to enhance our capabilities in this area.”