Phinsys, the leading finance automation software provider for the insurance sector, announced today that Signal Mutual Indemnity Association Ltd. ("Signal") is implementing the Phinsys suite of finance and accounting products to transform their finance and accounting function.
Signal is the largest self-insured group provider of Longshore benefits in the United States, meeting the demands of multiple industries for reasonable and stable workers’ compensation insurance rates since 1986. As a mutual, Signal is committed to optimizing its business operations and in turn, ensuring members premiums are maximized to meet the cost of claims.
Yvonne Poster, chief financial officer of Signal, said:
“We are committed to serving and supporting our Members, which includes ensuring that our operations continue to be efficient and cost-effective. We chose the Phinsys platform to replace our existing processing with state-of-the-art automation that will not only transform our finance and accounting function, but help drive down costs which directly benefits our Members”.
The Phinsys platform will enable Signal to integrate data from multiple disparate legacy systems into one scalable finance data warehouse. By connecting to this central data point, Phinsys solutions will perform key finance and accounting tasks, including expense allocations, IBNR calculations, postings and reconciliations of accounting entries, as well as planning and forecasting and automating management and regulatory reporting.
Eric Butler, director Americas & Bermuda of Phinsys, commented:
“We are looking forward to working with Yvonne and the Signal team. It's a privilege to play a key role in Signal’s drive to improve their operational efficiency and provide continued value to their members.”