AEGIS embarked on transforming its finance operations to align with its digitisation and data-centric strategy. This case study explores the integration of the Phinsys platform, enhancing AEGIS' operational efficiency and supporting sustained growth.
An enterprise data warehouse and close management tool that enhances data integrity, produces regulatory reports, automates financial close processing, and accelerates financial processes.
A rules-based calculation and allocation engine automating premium ceded premium allocation, IBNR calculation, expense allocation, and business forecasting.
An accounting rules engine that ensures the integrity of financial accounts, manages accounting journals, and supports different time zones and multiple ledgers.
A regulatory and bordereau reporting and reconciliation system that manages and validates bordereau uploads, creates new reporting formats for evolving regulatory requirements, and delivers real-time output of system-to-system reconciliations.
A reporting data layer, offering granularity for business performance analysis, and facilitating the transition from management to statutory to reconciled regulatory data submission.
AEGIS transitioned seamlessly from manual, Excel-based processes to an automated operating model, marking a pivotal step in their digital journey.
Phinsys streamlined financial processes, automating key functions like financial close processing, premium allocation, IBNR calculation, and regulatory reporting, significantly increasing the control envionment and enhancing overall operational efficiency.
The implementation aligned with AEGIS' strategic objectives, establishing transparent, auditable, and controlled financial operations, contributing to strategic agility.
Phinsys addressed specific reporting needs, including UK GAAP statutory reporting and Lloyd's reporting, offering drill-down, rounding, validation, and casting functionalities for adaptive reporting compliance.
The eradication of manual processes and the establishment of a single, consolidated source of financial data, heightening operational efficiencies, strengthening financial controls and positioning AEGIS for sustained growth.
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
