Phinsys, the leading finance automation software provider for the insurance sector announced today that Hamilton Insurance Group, Limited. (“Hamilton”) has completed the implementation of the Phinsys suite of products to enhance financial accounting and reporting for the organisation’s Lloyd’s syndicates and EEA business.
Following a thorough due diligence process, Hamilton selected Phinsys to undertake an exhaustive data migration from multiple source systems which was completed in record time. Hamilton is now benefiting from the use of Tandem, a source-agnostic finance data warehouse and close management tool, alongside Rapport, Postbox and Inform.
Comply, which automates bordereau processing, data reconciliations and regulatory reporting returns, is now being implemented alongside preparations to extend the use of the platform to its Bermuda operations.
Rob Vetch, CFO at Hamilton Managing Agency Limited, Hamilton’s Lloyd’s platform, said:
“By implementing Phinsys finance and accounting solutions, we have been able to sunset multiple legacy systems whilst integrating the recently acquired businesses and managed syndicates into a single target operating model and financial close process. As we finalise delivery of our syndicates and European company solution, we are closing in on our vision of “one source” of data and delivery of all the efficiencies and enhanced financial controls that are expected.”
Inform, which was launched in September, aggregates finance data and optimises it for accurate management, regulatory and statutory analysis and reporting. Postbox is a ledger-agnostic integration tool that supports the configuration and processing of accounting journal entries, and Rapport accurately executes data computations, such as the earning of premium, ceded premium allocation, IBNR calculation, expense allocation and business forecasting.
Richard Tyler, CEO at Phinsys said:
“It’s been a pleasure to work with Rob and the Hamilton team on one of the most rapid implementations we’ve ever completed. Our intelligent automation products are a perfect fit for businesses, like Hamilton, that need proven cost-effective solutions to digitise and future-proof the finance function.”
The Phinsys suite enables insurers to conform data from multiple disparate systems into a single, scalable finance data warehouse and automatically reconcile and post accounting entries to their general ledger. 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, together with automated regulatory and management reports that enable insurance businesses to better understand where to invest their time and money.