Hamilton Insurance Group, Ltd. (“Hamilton”; “the Company”) (NYSE: HG), a global specialty insurance and reinsurance company headquartered in Bermuda, is committed to using cutting-edge technology and data analytics to create enhanced underwriting and investment value for its stakeholders. This case study details Hamilton’s strategic move to implement the Phinsys platform of products, which proved instrumental in streamlining the Company’s finance systems and processes, enhancing its finance function's operations, and expediting the delivery of timely, accurate and reconciled data from source underwriting system through to the financial general ledger, across Hamilton’s full network of office locations.
Following a transformative acquisition in August 2019, Hamilton needed to replace and renew all of existing source underwriting systems, data warehouses and finance systems that were becoming obsolete and unable to meet the evolving requirements of the organisation.
Disparate systems and data sources initially resulted in excessive manual data reconciliation processes, immediately post the acquisition, that were time-consuming.
Hamilton required a solution that could support both the local regulatory and Hamilton’s statutory and management reporting across the entire organisation, including its Lloyd's syndicates and international offices. This also needed to be achieved within the trajectory of Hamilton becoming a public company, and hence, the need for a more timely financial close and to be fully SOX compliant.
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 recognition (written and earned), 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.
Manual processes that combined multiple data sources have been eliminated, and bordereau feeds are now automated.
A consolidated enterprise data warehouse has reduced closing cycle time, significantly enhanced the data analysis capability and improved overall data granularity and quality.
The organisation is now closing in on its vision of having "one source" of data and delivering all the expected efficiencies and enhanced financial controls.
By implementing Phinsys finance and accounting solutions, Hamilton has been able to sunset multiple legacy systems whilst integrating the recently acquired businesses into a single target operating model with a more streamlined financial close process.
