07 September 2021

Pillar selects Phinsys to streamline ILS financial reporting

Written By Phinsys Limited

Pillar selects Phinsys to streamline ILS financial reporting

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.

Up Next ...
27 October 2021

Klarna and Stripe partner on payments 

BNPL business Klarna has partnered with payments giant Stripe for ...

27 October 2021

Challenger GB Bank gains funding and restricted banking licence

UK FinTech GB Bank has been awarded a licence for ...

27 October 2021

Marqeta partners with Amount on buy now, pay later 

FinTech Alliance company Marqeta has partnered with tech provider Amount ...

26 October 2021

Mountside Ventures: shifting the balance between FinTechs and investors

For FinTech startups, fundraising is a full time job. There’s ...

More in InsureTech

Marshmallow becomes the second black-founded UK unicorn

08 September 2021

It follows an $83m Series B funding roundIn Brief:The digital-first ...

Posted By The Community

Phinsys awarded 'Insurtech Solution of the Year'

03 March 2021

We’re delighted to announce that Insurance ERM has awarded Phinsys “Insurtech Solution of the Year” for 2021.

Written By: Phinsys Limited

Posted By The Community

Phinsys looks to the Future of FinTech

14 December 2020

We were delighted to participate in FinTech Connect and to join several other innovative FinTech firms and financial companies showcasing their cutting-edge technologies....

Written By: Phinsys Limited

Posted By The Community

Premia partners with Phinsys for Lloyd's managing agency finance automation

03 November 2020

Premia Managing Agency Ltd has selected Phinsys to support its Lloyd’s run-off business.

Written By: Phinsys Limited

Case Studies InsureTech

THE OXBOW PARTNERS INSURTECH IMPACT 25

11 September 2020

SOME THOUGHTS FROM OUR 2020 REPORT The insurance industry is in flux: Winning the ‘digital...

Case Studies InsureTech

THE OXBOW PARTNERS INSURTECH IMPACT 25

11 September 2020

SOME THOUGHTS FROM OUR 2020 REPORT The insurance industry is in flux: Winning the ‘digital...

Articles InsureTech

Fintech 4.0 — How Technology Is Reshaping The $5 Trillion Insurance Sector

05 September 2019

Advancing technology has collided with longstanding customer issues to create a series of deep, last...

Thought Leadership InsureTech

Partnering with insurtechs to face latest mobility twist

12 August 2019

Throughout history humans have been on the move, and they found ways to handle the associated risks....

There are no Events in this category