From the community

Apollo continues finance transformation with Phinsys

October 13, 2020 | Insurance
Apollo continues finance transformation with Phinsys

Lloyd’s managing agency adds tools for regulatory reporting, ledger integration and finance data analytics to complement existing Phinsys product suite.

Phinsys, the leading finance automation software provider for the insurance sector announced today that Apollo Syndicate Management Ltd (“Apollo”) has selected Inform, Comply and Postbox to further enhance the capabilities of their finance function.

Apollo has worked with Phinsys since 2018 when they licensed Tandem – a data warehouse and close management system – and Rapport - a rules-based calculations and allocations engine to support their in-house finance function following migration from third party management.

“Since we started working with Phinsys we’ve been able to create a function that delivers accurate and timely data for our management, finance and actuarial teams.” said  Jamie MacDiarmid, finance director at Apollo. “Now, by licensing the remaining products on the Phinsys platform, we’re building an increased capability to scale our business without introducing manually intensive processes and increasing our operating expenses.”

Inform enables finance and actuarial teams to see the granular data they need for individual classes on a variety of GAAP bases using flexible FX conversion rules. It also provides insurer boards accurate and fully reconciled management and statutory finance data to validate prior to submitting to regulators. 

Postbox is a ledger-agnostic integration tool supporting the configuration and processing of accounting journal entries and Comply enables conformity across bordereau processing, data reconciliations and automating regulatory reporting returns. 

Neil Greenacre, delivery director at Phinsys said: “We look forward to continuing our work with Jamie and his team on the implementation of their new products and in the process create a state-of-the-art finance function tailored to their operating model, whilst delivering tangible cost benefits to their business”.

Phinsys software enables insurers to conform data from multiple disparate systems into a single, scalable 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, IBNR calculations 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.

More in Insurance

Shaping FinTech: InsurTech webinar – what we learned
Insurance
August 20, 2020

Shaping FinTech: InsurTech webinar – what we learned

Insurance is often described as one of the world’s most traditional industries, but innovators...

Phinsys partners with Nous House to drive new communication initiatives

Posted By The Community

Insurance
August 10, 2020

Phinsys partners with Nous House to drive new communication initiatives

Phinsys has today launched its new website, designed and built by Nous House, the brand development....

Written By: Phinsys Limited

Phinsys gears up for growth with key leadership appointments

Posted By The Community

Insurance
August 05, 2020

Phinsys gears up for growth with key leadership appointments

London – 28 07 2020. Phinsys, the leading finance automation software provider for the insurance sec...

Written By: Phinsys Limited

Insurance
May 13, 2020

2020 insurance outlook Insurers adapt to grow in a volatile economy

As insurance firms adapt to maturing markets and economic turbulence, in the long run, their ability...

Insurance
December 20, 2019

The Impact of AI on Insurance

Historically, the insurance industry has been reluctant to change long established business models i...

Insurance
October 31, 2019

A demanding future - The four trends that define insurance in 2020

The insurance industry stands on the precipice of profound change. And this disruption is not just d...

There are no Events in this category