Reinsurance News

Hamilton implements Phinsys software across Lloyd’s, EEA businesses

4th August 2021 - Author: Charlie Wood

Finance automation software provider Phinsys has announced the implementation of its technology by Hamilton Insurance Group.

phinsys logoThe Bermudian re/insurer opted for Phinsys’ software in an effort to enhance the financial accounting and reporting of its Lloyd’s syndicates and EEA business.

Hamilton is now benefiting from the use of Tandem, a source-agnostic finance data warehouse and close management tool, alongside Rapport, Postbox and Inform.

Comply, which automates bordereau processing, data reconciliations and regulatory reporting returns, is now being implemented alongside preparations to extend the use of the platform to its Bermuda operations.

“By implementing Phinsys finance and accounting solutions, we have been able to sunset multiple legacy systems whilst integrating the recently acquired businesses and managed syndicates into a single target operating model and financial close process,” said Rob Vetch, CFO at Hamilton Managing Agency Limited, Hamilton’s Lloyd’s platform.

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“As we finalise delivery of our syndicates and European company solution, we are closing in on our vision of “one source” of data and delivery of all the efficiencies and enhanced financial controls that are expected.”

Richard Tyler, CEO at Phinsys added, “It’s been a pleasure to work with Rob and the Hamilton team on one of the most rapid implementations we’ve ever completed.

“Our intelligent automation products are a perfect fit for businesses, like Hamilton, that need proven cost-effective solutions to digitise and future-proof the finance function.”

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