Ascot US, a subsidiary of Ascot Group, has partnered with Phinsys, a finance automation software provider for the reinsurance sector, to enhance the former’s finance operations.
The initiative marks a pivotal move for Ascot US in its quest to update its business technology and improve financial and accounting processes, Phinsys said.
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Ascot US, an insurance and reinsurance company, specialises in providing specialty property and casualty and financial lines products to mid-sized commercial clients through various retail and wholesale channels.
The partnership has enabled Ascot US to implement vital tools and capabilities to advance its finance as well as accounting functions.
This includes an insurance data model tailored for the financial close process of US entities and integrated seamlessly with core insurance data sources and systems.
Phinsys Americas and Bermuda head Eric Butler said: “We are excited to partner with Ascot US and deliver a tailored solution that aligns with Ascot’s needs, while transforming the way they operate. We have truly enjoyed working with Tim and the Ascot US team, and we look forward to a long-lasting partnership that ensures the future resilience of their finance function.”
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By GlobalDataThe integration is also expected to offer improved finance management, more accurate reconciliations, extensive multi-currency support and precise earnings calculations.
It empowers Ascot US to streamline operations, comply with regulatory demands and maintain a leading edge in technological innovation.
Ascot US information management vice president Timothy Gambocurta said: “Our collaboration with Phinsys marks a critical milestone in our ongoing mission to modernise 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.”
