Markel International (Markel) has adopted the Phinsys platform as part of its drive to enhance its finance and actuarial processes. The innovative platform will replace legacy systems, automate manual processing, and accelerate the financial close, resulting in further operational efficiencies.
By using Phinsys systems, Markel will be able to collect and systemise data from its international business in the UK, Europe, Canada, and Asia. This transformation will create a conformed data feed into a single enterprise data warehouse, empowering management, finance, and actuarial teams to quickly integrate new data sources and enable the business to scale as it continues to grow.
The Phinsys platform aims to deliver more flexible and adaptable reserving processes and allocation routines, reduced efforts to meet audit commitments, and higher confidence in data quality.
Carys Lawton-Bryce, chief operating officer of Markel International said:
Implementing the Phinsys platform is an exciting and important step forwards for Markel, at a time of significant growth. This platform will optimise our financial and reserving processes whilst reducing costs and enhancing scalability. As we set our sights on becoming the leading specialty insurer, we’re investing in our processes and prioritising productivity so that, ultimately, we can pass the benefits on to our clients.
Stuart Conibear, chief commercial officer of Phinsys, commented:
“We are delighted to have been selected by Markel to deliver our platform and support Markel's growth ambitions. Our solutions have been designed to provide significant benefits like delivering cost savings, improving process efficiencies and enhancing data quality.”
Phinsys software 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 expense allocations, IBNR calculations 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.