Finance automation software provider for the insurance industry, Phinsys, has announced that Premia Managing Agency Ltd has selected the firm to support its Lloyd’s of London run-off business.
Premia will be implementing Phinsys products Tandem, Rapport and Inform to manage the migration of its Lloyd’s transactions.
Tandem is a source-agnostic finance data warehouse and close management tool, whilst Rapport manages the financial modelling of finance data for processes such as the earning of premium and IBNR calculations.
Inform is a reporting tool that imports granular data from other Phinsys products and enables finance and actuarial teams to visualise results for individual classes on a variety of GAAP bases using flexibleFX conversion rules.
The Phinsys software will enable insurers to conform data from multiple disparate systems into a single finance data warehouse and automatically reconcile and post accounting entries to their general ledger.
The accuracy and transparency of accounting processes such as premium earning, expense allocations, ceded premium allocations and the planning and forecasting of results are also improved, together with automated regulatory and management reports that enable insurance businesses to better understand where to invest their time and money.
Justin Ward, Chief Information Officer at Premia, noted: “The ability for us to efficiently absorb incoming portfolios within predictable time frames is critical to the way we do business. The implementation of Phinsys products supports our continued drive for scalable operational excellence.”
Stuart Conibear, commercial director at Phinsys, added: “We’re delighted to be working with Premia; not only to provide them with the ability to automate their finance and accounting processes, but also support the systematic migration and assimilation of their multiple legacy transactions. We look forward to working with Premia as their business grows.”
