Nephila selects Phinsys accounting and finance platform to support managing agency
Phinsys, the leading finance automation software provider for the insurance sector announced today that Nephila Syndicate Management Ltd (“NSML”) has selected the Phinsys suite of finance and accounting products to streamline its financial processes and automate statutory, regulatory and management reporting.
Nephila Syndicate 2357 migrates in October from third party management to its own independent managing agency. With Lloyd’s targeting a 50% reduction in the markets’ expense ratio over the next 5 years, Nephila has prioritised the automation of back office processes as it implements its own strategy for future growth.
Adam Beatty, CEO of NSML, said: “Reducing the cost of doing business at Lloyd’s was a key driver in choosing Phinsys as our finance technology partner. By streamlining our finance back-office operations we can minimise our expense ratio and accelerate our regulatory reporting.”
Phinsys software enables insurers to conform data from multiple disparate legacy 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 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.
Richard Tyler, CEO of Phinsys, commented: “Nephila’s migration from third party management demanded a new approach to their finance, accounting and actuarial functions. 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.”