Ascot U.S. Embraces Phinsys to Revolutionize Finance and Accounting in the Insurance Sector

Ascot U.S., a prominent property and casualty re/insurer and part of the Ascot Group Limited, has forged a strategic partnership with Phinsys, a leading finance automation software provider for the re/insurance industry. This collaboration aims to modernize Ascot U.S.'s business technology landscape and enhance its financial and accounting operations, positioning the company at the forefront of technological advancements in the insurance sector.

Unlocking Operational Efficiency and Regulatory Compliance

The partnership between Ascot U.S. and Phinsys has enabled the re/insurer to streamline its operations, address regulatory demands, and remain at the cutting edge of technological innovation. Phinsys' expertise in the insurance industry and its proven ability to deliver tailored solutions have been instrumental in this transformation.

Optimized Insurance Data Model and Seamless Integration

Phinsys has provided Ascot U.S. with a comprehensive insurance data model that is specifically optimized for the financial close process of U.S. entities. This model seamlessly integrates with Ascot U.S.'s core insurance data sources and systems, ensuring a seamless flow of information and enhanced financial management capabilities.

Enhancing Finance Management and Reconciliation Accuracy

The partnership has also enabled Ascot U.S. to benefit from Phinsys' advanced finance management tools, which deliver improved reconciliation accuracy, comprehensive multi-currency support, and precise earnings calculations. This combination of features empowers Ascot U.S. to make more informed decisions, streamline its financial processes, and maintain a robust financial position.

Transforming the Finance Function for Future Resilience

Timothy Gambocurta, Vice President of Information Management at Ascot U.S., expressed the significance of this partnership, stating, "Our collaboration with Phinsys marks a critical milestone in our ongoing mission to modernize our business technology landscape. As a global specialty insurance and reinsurance group, it is imperative that we have digital platforms that seamlessly align with our precise functional requirements. We chose Phinsys for their deep expertise in the insurance industry and their demonstrated ability to deliver on those needs."

Forging a Long-Lasting Partnership for Mutual Benefit

Eric Butler, Phinsys' Head of Americas and Bermuda, echoed the excitement surrounding the partnership, saying, "We're excited to partner with Ascot U.S. and deliver a tailored solution that aligns with Ascot's needs, while transforming the way they operate. We've truly enjoyed working with Tim and the Ascot U.S. team, and we look forward to a long-lasting partnership that ensures the future resilience of their finance function."This strategic alliance between Ascot U.S. and Phinsys underscores the insurance industry's ongoing transformation, where technology-driven solutions are reshaping the way finance and accounting operations are conducted. By embracing Phinsys' innovative platform, Ascot U.S. has positioned itself as a trailblazer, poised to redefine the industry's financial landscape and maintain its competitive edge in the ever-evolving re/insurance market.