Intelligent Finance Automation

Improving financial management, regulatory compliance and overall performance for the insurance sector

About

The Company

Phinsys is a privately held company, set up over a decade ago to deliver innovative software solutions to improve financial accounting, compliance and reporting processes. We have offices in London, New York, Bermuda and Dubai.

About

Our people & products

Our directors and consultants are finance and IT professionals having many years of experience in the insurance market. We are trusted partners to all our customers.

Our Products:

  • Enable faster close processes with far greater accuracy 
  • Remove manual processes and reliance on spreadsheets
  • Improve regulatory compliance 
  • Provide flexible reserving processes and allocation routines
  • Reduce cost and enable scalability as the business grows
Clients

$27 billion in premiums, including over 25% of Lloyd's Total GWP

PRODUCT SUITE
PRODUCT SUITE

TANDEM

ETL Configuration, Data Warehouse & Close Management

Supports the production of regulatory, statutory and management accounts. It is a source agnostic, finance data warehouse and management tool combining a robust, flexible, Extraction Transformation and Load (ETL) and data processing framework and accounting period controls. Approval-based manual adjustments and auditable period close procedures support accurate and timely financial figures.
PRODUCT SUITE

RAPPORT

Rules-based Calculations & Allocations

Manages the calculation and allocation of data required by the finance and actuarial teams for both management and regulatory reporting. The processing engine orchestrates the execution of data computations, such as the earning of premium, ceded premium allocation, IBNR calculation, expense allocation and business forecasting.
PRODUCT SUITE

INFORM

Management Reporting & Visualisations

Provides a data layer and dashboard that enables management teams to easily understand their contribution to the profitability of the company. Utilising the reporting layer, users can see the results of the business on 
a variety of GAAP bases utilising different FX conversion rules. Bridging the transition from management to statutory to regulatory figures provides the board-level back-up required prior to submitting results to regulators.
PRODUCT SUITE

POSTBOX

Accounting Rules & Ledger Integration

Supports the configuration and processing of accounting journal entries to avoid errors and remove risk from key financial procedures. Using the configurable web front end, this flexible accounting rules engine connects and posts to any GL system. The automated reconciliation tool ensures the books and records are fully aligned against multiple source systems.
PRODUCT SUITE

COMPLY

Bordereau, Regulatory Returns & Reconciliations

Manages the bordereau ingestion and processing, data reconciliations and regulatory reporting submissions. The system can be extended to support multiple jurisdictions’ reporting standards, while ensuring data is fully reconciled. The system simplifies bordereau loading and the creation, standardisation, validation and submission from both delegated authorities and run-off entities 
as well as into carriers.

Testimonials

Implementing the Phinsys platform is an exciting and important step forwards for Markel, at a time of significant growth. This platform will optimise our financial and reserving processes whilst reducing costs and enhancing scalability. As we set our sights on becoming the leading specialty insurer, we’re investing in our processes and prioritising productivity so that, ultimately, we can pass the benefits on to our clients.
Carys Lawton-Bryce, COO
Markel International
Intangible

Benefits

Single source of trusted, reconciled financial data. Premia reported a 90% reduction in manual data processing, eliminating errors.
High degree of automation and accelerated financial close. Hamilton reported a close process reduced from 10 to 3 days.
Future proofed regulatory and compliance reporting. Supported clients on the same platform with transition from UK/US GAAP -> Solvency 2 -> IFRS17
Enhanced control environment and SOX compliance. Improved auditability. Aegis reported improved data quality and invaluable insights for forecasting/planning.
Customers benefit from 100% successful track record of complex finance transformation projects.
Cost

Benefits

International insurer reporting a saving of >$3m in first year alone from decommissioning current data initiatives and Phinsys being the core solution for the new target state architecture.
$3m
Saving
Premia saved $460k in 2022 with decommissioning legacy platforms and infrastructure related savings.
$460k
Saving
Hamilton achieved a finance operating cost reduction of 75% through accelerating the financial close and reporting processes resulting in $1.1m in savings per annum across UK, Bermuda and US.
75%
Cost Reduction
Aegis reported that systems automation and enhanced controls avoids the need to scale the finance team. Already saving $500k per annum, increasing to $900k per annum.
$500k
Saving per annum
Contact

Our offices

UK
Phinsys Limited
Tower 42
25 Old Broad Street
London, EC2N 1HQ
US
Phinsys US LLC
1133 Broadway
New York, NY 10010
BERMUDA
Phinsys Technologies Limited
16 Burnaby Street
Hamilton, HM11
DUBAI
Phinsys Solutions Limited
Level 02, Innovation One
Dubai International Financial Centre (DIFC)
Dubai, UAE