Phinsys, the leading finance automation software provider for the insurance sector, announced today that AEGIS Managing Agency Limited (“AEGIS London”) has selected the Phinsys suite of finance and accounting products to streamline its financial processes and automate statutory, regulatory and management reporting.
Following a rigorous selection process and successful proof of concept, AEGIS London becomes the latest Lloyd’s managing agent to implement the Phinsys platform as part of a wider digital transformation strategy that aims to deliver an automated syndicate operating model supported by best-of-breed technology. Enriched, granular finance data, the removal of inefficient manual processes and the ability to comply with increasing regulatory and statutory reporting demands are all key areas which will be addressed by implementing Phinsys’ solutions.
Katie Wade, Chief Financial Officer of AEGIS London, said:
“Digitisation is critical to the way we want to do business and modernising our accounting and finance operations sits at the heart of our transformation strategy. To realise our vision we needed the right partner to provide robust, future-proof solutions that will replace manual processing and deliver the necessary data quality and governance controls. The Phinsys suite will deliver financial information and analytics on a platform that supports our growth ambitions alongside our new general ledger, Workday.”
Stuart Conibear, Chief Commercial Officer of Phinsys, added:
“We’re delighted that AEGIS is the latest managing agency to select our software solutions to automate their financial close processes as part of a digital transformation programme.”
Phinsys’ solutions enable (re)insurance companies, brokers and MGAs to conform data from multiple, disparate systems into a single, scalable finance data warehouse and automatically reconcile and post accounting entries to general ledgers. The accuracy and transparency of accounting processes such as premium earning, expense allocations, ceded premium allocations and the planning and forecasting of results are also improved and regulatory and management reports are automated.