Speciality insurance and reinsurance company Inigo has partnered with UK-based company Phinsys to digitise and optimise its finance and accounting functions.
Phinsys, specialising in delivering innovative software solutions, supports the global insurance and reinsurance industry in streamlining finance and accounting processes.
The partnership further reinforces Phinsys’ growing influence in the UK, US and Bermuda markets, where it has been instrumental in driving digital finance transformation.
Phinsys will help in enhancing Inigo’s financial reporting accuracy and speed, as well as enable better-informed business decisions.
The software provided by Phinsys will facilitate Inigo in managing a variety of statutory and regulatory reporting requirements including UK and US Generally Accepted Accounting Principles, Solvency II and International Financial Reporting Standards 17.
Phinsys’ platform also helps in improving data precision, which is crucial for regulatory compliance and strategic planning.
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With the implementation of Phinsys’ platform, Inigo is poised to make proactive and strategic business decisions.
The software’s ability to consolidate data from multiple systems into a unified finance data warehouse, automate reconciliation and accounting entries, and enhance the clarity of accounting processes will be key to Inigo’s sustained growth and efficiency.
In addition, Phinsys software is expected to refine expense allocations, incurred but not reported calculations, and the planning and forecasting of results.
Automated regulatory and management reports will offer Inigo deeper insights into investment strategies, ensuring that time and resources are allocated effectively.
Phinsys chief commercial officer Stuart Conibear said: “Inigo’s focus on data science and digital transformation resonates perfectly with our vision of harnessing technology for smarter financial control.
“Phinsys remains committed to delivering advanced solutions to companies throughout their evolution, and we look forward to working with Stuart and his team in supporting Inigo’s continued growth.”
Inigo chief financial officer Stuart Bridges said: “The Phinsys platform plays a crucial role in helping us achieve this goal, providing us with state-of-the-art tools and technology needed to enhance our data and streamline our financial processes and reporting.”