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Ariel Re, a provider of insurance and reinsurance solutions with offices in Bermuda, London, and Hong Kong, has selected and been utilizing the Phinsys suite of finance and accounting products to streamline its operational and financial processes, and to automate statutory, regulatory and management reporting, according to a statement from Phinsys, provider of a platform of intelligent finance automation tools to deliver systematic controls designed to optimize insurance companies’ financial accounting, regulatory reporting and analytical requirements processes.
Phinsys places the engagement with Ariel Re in the context of the industry problems of legacy systems, disparate data sources and manual processing. “Digital transformation of financial data and reporting is therefore considered critical as such businesses target expense reduction as a strategic priority,” the Phinsys statement notes.
“As we increase our capacity and expand our client offerings, the ability to smoothly integrate and process key data quickly and cost-effectively is critical to supporting our scalability,” comments Gavin Bishop, COO, Ariel Re. “Legacy systems and manual processes can be cumbersome when looking to ensure a rapid, accurate financial close process and perpetuate the need for additional time spent and controls that can be avoided with integrated data flows. Phinsys is providing us with solutions that will further our vision of being The Premier Manager of Reinsurance Risk.”
Greater Efficiency and Control of Data
“The Ariel Re teams faced many of the common problems experienced by the other insurance businesses we deal with,” comments Eric Butler, Director, Americas & Bermuda, Phinsys. “We’re delighted to be working with Gavin and his team and help them achieve greater efficiency and control of their data and reporting”.
Phinsys describes its solutions as enabling insurance companies, agencies, brokers and MGAs to conform data from multiple disparate systems into a single, scalable finance data warehouse and automatically reconcile and post accounting entries to their general ledger. The accuracy and transparency of accounting processes such as premium earning, expense allocations, ceded premium allocations and the planning and forecasting of results are also improved, together with automated regulatory and management reports that enable insurance businesses to better understand where to invest their time and money, the vendor says.