Phinsys, a provider of intelligent automation solutions for finance, accounting, and regulatory compliance in the insurance sector, has opened its new regional office in Dubai.
This strategic expansion aims to support the increasing number of insurance businesses in the Middle East seeking to enhance their financial data management and automate accounting processes.
The new office, located in Dubai International Financial Centre (DIFC), follows approval for incorporation of Phinsys Solutions Limited.
Phinsys said it took part in the Dubai World Insurance Congress (DWIC), co-hosted by DIFC in May, where, competing in the Dragons Den Pitch event in partnership with the Lloyd’s Lab, they produced a "winning presentation which demonstrated the power of data-driven intelligent automation".
Phinsys has already got a presence in the industry across the UK, US, and Bermuda.
Stuart Conibear, chief commercial officer of Phinsys said: “We are thrilled to expand our footprint into the Middle East.
“Our new office in Dubai will allow us to better serve clients in the region, providing them with the tools to streamline their operations and achieve greater financial accuracy and regulatory compliance.”
Salmaan Jaffery, chief business development officer at DIFC Authority, said: “We welcome Phinsys to the DIFC, recognising their potential to further enrich DIFC’s dynamic ecosystem. Their focus on InsurTech will support a sector that continues to experience significant growth in DIFC.
"As a global hub for financial innovation, insurance and (re)insurance, DIFC provides exceptional opportunities for growth and expansion. Our commitment to defining the future of finance ensures that Phinsys will capture opportunities from a supportive and forward-thinking environment, allowing them to not only meet, but exceed the expectations of their clients.”
Andy Woodward, Lloyd's Middle East manager, said: “Phinsys has been an outstanding participant in the Lloyd’s Lab, and it’s fantastic to see them continuing to grow and succeed. Their innovative approach is exactly what the insurance industry needs to evolve and thrive in today’s market.”
