Insurance and reinsurance firm Ariel Re has deployed Phinsys’ finance and accounting offerings to consolidate its operational and financial tasks.
The deployment will automate the reinsurer’s statutory, regulatory and management reporting, the tech vendor says.
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It will also address common problems such as legacy systems, different data sources and manual processing.
Digital transformation of financial data and reporting will help Ariel Re cut costs.
It will also allow the reinsurer to accommodate data from different systems into a single finance data warehouse, as well as automatically settle and enter accounting details into their general ledger.
The solutions will also enhance the accuracy and transparency of accounting methods, including premium earning, distribution of expenses, ceded premium allocations, and planning and forecasting of results.
Furthermore, the platform will generate automated regulatory and management reports, helping the insurance firm to take informed decisions on their investments.
Ariel Re COO Gavin Bishop said: “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.
“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.”
The latest development comes after Ariel Re garnered $270m in capital from five investors focused on institutional and family office business.
