Conduit Re automates finance with Phinsys
Phinsys is a provider of finance automation software for the (re)insurance sector. Its products enable insurers to conform data from multiple disparate systems into a single, scalable finance data warehouse and automatically reconcile and post accounting entries to any general ledger. This improves the accuracy and transparency of accounting processes, such as expense allocations, IBNR calculations, and the planning and forecasting of results.
Conduit Re has licensed Phinsys’ Tandem, Rapport, Postbox, Comply, and Inform products. These products will transform Conduit Re’s finance function, providing a single platform for all financial reporting and analysis. This will enable the company to make better decisions about its business and comply with IFRS17, the new insurance accounting standard that came into effect on 1 January 2023.
Elaine Whelan, CFO of Conduit Re, said: “We are committed to using the latest technology to future-proof our business. Phinsys’ software will provide us with a single, integrated platform for our finance function, improving our efficiency and accuracy. It will also help us comply with IFRS17, a complex and challenging new standard.”
Richard Tyler, CEO of Phinsys, commented: “We are delighted to be working with Conduit Re. They are a leading example of a new generation of insurers embracing technology to improve their business. We look forward to helping them to achieve their goals.”
The implementation of Phinsys’ software is a significant milestone for Conduit Re. It demonstrates the company’s commitment to using technology to future-proof its business and ensure its long-term success.
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