Established in March 2020, Premia Managing Agency has been focused on creating a state-of-the-art business environment underpinned by superior data systems and analytics. This case study explores the strategic collaboration between Premia and Phinsys, highlighting how their combined efforts in managing Lloyd's transactions through the implementation of Tandem, Rapport, and Inform have significantly advanced Premia’s operational capabilities and strategic objectives.
The need to streamline onboarding processes for new transactions while evolving and maintaining a scalable and efficient day-to-day operation.
Ensuring consistency in the technology estate to minimise technical debt and simplify the technology landscape.
Handling nuances and challenges associated with bespoke data migrations during mergers and acquisitions.
Phinsys provides data migration expertise and proprietary data management tools for integrating books of business from Arch/Barbican and Canopius/AmTrust.
Development of a scalable and repeatable data model and ecosystem designed to onboard clients quickly, ensuring economies of scale.
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.
The streamlined onboarding process and the scalable data model have resulted in efficient, scalable, and easily integrated day-to-day operations.
The adoption of Phinsys products reduced the quarterly close process from weeks to days, improving data scope and granularity.
Premia's focus on building a robust and scalable platform ensures consistency and supports expansion beyond the Lloyd’s market, reinforcing Premia’s growth trajectory.
The ability for us to efficiently absorb incoming portfolios within predictable timeframes is critical to the way we do business. The implementation of Phinsys products supports our continued drive for scalable operational excellence.
