Phinsys, a leading finance automation software provider for the insurance sector, today announced that Argenta Syndicate Management Limited (“Argenta”) has gone live with the Phinsys core products across its Lloyd’s managing agency business, underwriting through its managed Lloyd’s Syndicate 2121.
Following a successful proof of concept, Argenta licensed the full Phinsys product suite to bring together data scattered across multiple systems into a single source of truth, significantly reducing manual reconciliation processes. Argenta is the fifth insurer in the last 12 months to go-live on the Phinsys platform, reflecting growing demand among Lloyd’s and London Market insurers for automation that cuts cost and improves control across finance and actuarial operations.
Argenta has deployed a source-agnostic finance data warehouse and close management tool that streamlines the journey of financial data from source systems through to the general ledger and regulatory reporting, maintaining the granular data lineage for audit and governance controls.
Shawn Baggs, Finance Director at Argenta Syndicate Management Limited said:
“Dealing with large volumes of data from multiple systems on a manual basis had become a real issue for us as we looked to grow the scale of Syndicate 2121. Implementing the Phinsys core products has helped streamline our data processes and will transform how our finance function operates. We’ve streamlined a number of manual tasks, helping to improve data consistency and giving us reliable data for quicker and easier Lloyd’s and regulatory reporting.”
Inform aggregates finance data and optimises it for accurate management, regulatory and statutory reporting. Postbox is a ledger-agnostic integration tool that configures and processes accounting journal entries, and Rapport accurately executes data computations such as the earning of premium, ceded premium allocation, IBNR calculation, expense allocation and business forecasting.
Stuart Conibear, chief commercial officer at Phinsys said:
“Argenta came to us facing the classic challenges we see across the Lloyd’s market and beyond: multiple data sources, time-consuming processes and increasing demands on finance teams. By automating their finance data pipeline, we’ve given Argenta the control to continue reporting with confidence, whilst freeing up their team to focus on analysis rather than admin. We’re pleased to have helped them overcome these challenges.”
The Phinsys suite conforms data from multiple disparate systems into a single, scalable data warehouse and automatically reconciles and posts accounting entries to the general ledger. This improves the accuracy and transparency of core accounting processes such as premium earning, expense allocation and ceded premium allocation, while automated regulatory and management reporting gives insurance businesses a clearer, faster view of where to focus their time and money.
