A new joint business venture has been announced between finance automation software provider for the insurance industry, Phinsys, and PwC.
The joint business relationship is designed to deliver innovative technology enabled finance transformation and IFRS 17 projects. PwC and Phinsys will collaborate on the implementation of intelligent software solutions that are designed specifically for the insurance space.
The solutions will look to reduce manual processing, improve financial control, and accelerate statutory and regulatory reporting.
According to an announcement on the relationship, Phinsys has developed software that enables insurance companies to conform data from numerous disparate legacy systems “into a single, scalable finance data warehouse and automatically reconcile and post accounting entries to their general ledger.”
By leveraging this software, the accuracy and transparency of accounting processes and the planning and forecasting of results are improved, as well as automated regulatory and management reports that enable insurance companies to better understand where they should invest both their time and their money.
Richard Tyler, Chief Executive Officer (CEO) of Phinsys, said: “High operating costs and increasing regulatory demands such as IFRS17, are putting pressure on already stretched insurance finance teams. Our expertise and proven software tools combined with PwC’s in-depth experience finance transformation in the global insurance sector provides a best-in-class integrated solution that reduces project risk, removes costly manual processes and enables insurance businesses to grow without the need for systematic change.”
A joint project team with PwC has already been established and is currently working with a large global insurer based in London on their IFRS 17 programme. The announcement explains that this will include the Phinsys Postbox solution, which is a flexible accounting rules engine.
Finance Transformation Partner at PwC, Alwin Swales, added: “Insurers are increasingly relying on operational efficiency to drive growth and face the challenges of additional calculation complexity, data granularity and systems impact created by IFRS17.
“Phinsys accounting and finance technologies enable insurers to respond to these challenges by providing an end-to-end solution that automates processes and controls whilst reducing operational costs and freeing up resources to focus on growth.”
