Cohort: Cohort 3, 2019
Focus in insurance value chain/workflow: Compliance & regulatory support
Founded: 2010
Status: Operating, still in insurance
Company type: Data transformation, Administration system
Head office: United Kingdom
Main global offices: United Kingdom
Locations served: USA, Europe, United Kingdom
Employee count: 11-100
Phinsys has built a platform of software tools to optimise and automate the finance function of insurance businesses, improving their financial accounting, regulatory reporting and analytical processes. The company works with a wide range of insurance organisations across the UK, Europe, US, Bermuda, and Lloyd’s insurance markets.
Primary way aimed to improve insurance processes and tools whilst in the Accelerator: Ancillary, accountancy and regulatory compliance services
As part of its time in the Accelerator, Phinsys created three new full suite proof-of-concepts. It also worked to ensure that its product worked in line with the Lloyd’s Market Data Collections (MDC) programme, which aims to improve the ways in which Lloyd’s handles data. As well as this, Phinsys was introduced to many managing agents it had not previously worked with. It also conducted research to show that the company’s solution saves on average 500 hours a year in completing Lloyd’s Quarterly Returns.
“Our time in the Lab provided invaluable exposure to the market for our finance automation platform and revealed the extent of the challenge faced by all Lloyd’s syndicates in dealing with high operating costs and legacy systems that hamper future growth and profitability.”Stuart Conibear, Chief Commercial Officer
Learn about all our alumni who have take part in the Lloyd’s Lab Accelerator programme.
Phinsys' website 
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