London and Hamilton, Bermuda – 07 09 2021. Phinsys, a leading finance automation software provider for the insurance sector announced today that Pillar Capital Management Limited (Pillar Capital), the Bermuda-based collateralized reinsurance and catastrophe insurance-linked securities investment manager, has implemented Phinsys to streamline financial reporting.
Pillar Capital has implemented Phinsys product Rapport as part of a wider strategic investment in finance infrastructure and people, to further build on Pillar Capital’s 33% growth of ILS assets under management in the last 12 months. The Postbox product will also be implemented later this year.
Tara Railton, COO and CFO said “As our funds under management continued to grow last year, using complex spreadsheets to calculate and report on key finance data quickly became unsustainable. With minimal configuration, Phinsys systems have brought our finance data into a single location, automated previously manual processes and enabled rapid, detailed analysis, audit and financial reporting on a per-fund or combined basis. All of this means we can quickly and efficiently onboard new funds as we scale our business further in 2021 and 2022.”
Rapport manages the modelling of finance data for processes such as the earning of premium, allocations amongst funds, currency conversions and various other reinsurance accounting requirements in accordance with US GAAP. It has the capacity to calculate ceded transactions and IBNR, and together with Postbox, Phinsys supports the configuration and processing of accounting journal entries and posts these to any general ledger system.
With restrictions on travel throughout most of 2020 caused by COVID-19, the project was managed remotely by the Phinsys team, highlighting the flexibility and ease of configuration that’s possible with Phinsys products.
Richard Tyler, chief executive officer at Phinsys said: “Working remotely with Pillar Capital during a global pandemic certainly presented challenges and it’s testimony to the collaboration of our respective teams that we’ve been able to deliver a successful implementation. After a year of substantial growth for Pillar Capital, we’re delighted that Phinsys will play a key role in the next stage of their journey.”
Phinsys software enables insurers to conform data from multiple disparate systems 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.