Software vendor Phinsys claims the title for its offerings that are designed to automate processes and expedite regulatory and statutory reporting.

Despite major technological advancements, many insurers still rely on spreadsheets and other data sources, which are described by Phinsys as unreliable in managing their finance functions.

The cloud-based solutions from Phinsys address these automation challenges and offer 80% "out-of-the-box," web-based functionality that is customisable to meet specific client needs.

The offerings are particularly pertinent in an era of increased regulations including Solvency II, UK/US GAAP, and IFRS 17 that require integrated data, systems, and processes across finance, actuarial and risk functions.

Offerings from Phinsys include 'TANDEM', a finance data warehouse and close management tool designed to improve data integrity and financial close processing.

Other offerings include 'RAPPORT' and 'POSTBOX'. The former is a rules-based calculation and allocation engine designed to automate premium earning and offers scenario capabilities for comparative and what-if analysis.

The latter is an accounting rules engine ensuring data lineage and the management, posting and reconciliation of accounting journals across different time zones and multiple ledgers.

Phinsys works with over 25 insurance firms across the UK, US and Bermuda. The client list has recently grown to include, among others, Conduit Re, Inigo, Ariel Re and Markel.

"Our platform isn't just about resolving data issues with legacy systems and digital finance transformation," says Richard Tyler, chief executive officer at Phinsys.

"Technology-led start-up insurers like Inigo illustrate how the Phinsys platform provides a cutting-edge solution that seamlessly integrates with new systems used by the modern insurer."

Stuart Conibear, chief commercial officer at Phinsys, says the introduction of IFRS 17 in January 2023 showcased its offerings.

"For our clients, meeting the requirements of IFRS 17 was made possible by the flexibility of our platform to be configured to accommodate new rules or regulations," he said.

"Conduit Re was a prime example of this and the key factor for them choosing Phinsys".