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.