Nephila looks to reduce Lloyd’s costs with finance platform from Phinsys

Nephila Syndicate Management Ltd (NSML) has selected the suite of finance and accounting products from software provider Phinsys to help streamline its financial processes and automate statutory, regulatory and management reporting.

Nephila Syndicate 2357 is set to migrate from third party management to its own independent managing agency in October, and Nephila has prioritised the automation of back office processes in light of the new Lloyd’s performance targets.

“Reducing the cost of doing business at Lloyd’s was a key driver in choosing Phinsys as our finance technology partner,” said Adam Beatty, Chief Executive Officer (CEO) of NSML. “By streamlining our finance back office operations we can minimise our expense ratio and accelerate our regulatory reporting,” he explained.

Phinsys software enables insurers to conform data from multiple legacy systems into a single finance data warehouse and automatically reconcile and post accounting entries to their general ledger. The company also claims to improve the accuracy and transparency of accounting processes such as expense allocations, IBNR calculations, and the planning and forecasting of results.

Richard Tyler, CEO of Phinsys, commented: “Nephila’s migration from third party management demanded a new approach to their finance, accounting and actuarial functions.” He continued: “By implementing the Phinsys platform of software tools, Nephila has achieved greater control over their financial data, gained valuable insights into how they are performing as a business, and significantly reduced costs to support their operating model and increase profits.”

Source: Reinsurance News