Phinsys and PWC unite to deliver tech tools to manage rise in regulatory demands; IFRS17
A partnership between finance automation software provider Phinsys and consultants PwC has developed technology to enable finance transformation and streamlined IFRS 17 projects.
The businesses will work together on intelligent software “specifically designed for the insurance sector that reduce manual processing, improve financial control and accelerate statutory and regulatory reporting”, they said.
Phinsys said its software enables insurers to standardise data from multiple disparate legacy systems into a single, scalable finance data warehouse. From this, the data can be “automatically” reconciled and, post accounting, entered into the general ledger.
The software firm said its tools are designed to improve the accuracy and transparency of accounting processes - such as expense allocations, IBNR calculations and results forecasts - which combined with automated regulatory and management reports “enable insurance businesses to better understand where to invest their time and money”.
A joint Phinsys /PWC project team is already working with a large London based global insurer on their IFRS17 programme.
Richard Tyler, 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.”
Alwin Swales, insurech partner at PWC, said: “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.”
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