Phinsys implements its accounting and finance automation platform for Ascot Underwriting
Phinsys, the leading finance automation software provider for the insurance sector announced that Ascot Underwriting, the Lloyd’s platform of Ascot Group, (“Ascot”) has completed the implementation of the Phinsys suite of finance and accounting products to streamline its Syndicate financial processes.
Ascot’s Syndicate 1414 chose a solution comprising Phinsys’ Tandem, Rapport and Postbox products which are designed to improve the way a Syndicate’s finance team operates. Now, Phinsys are working with Ascot Bermuda to complete a similar project for their finance team.
Steve Bardell, COO of Ascot Underwriting, said: “Ascot has invested in a number of digital capabilities over the last couple of years, including a number of Phinsys’ products. The Future at Lloyd’s initiative has reinforced the need for digital transformation to improve efficiency and drive down costs across the market. Phinsys solutions, combined with their unique expertise and experience in the insurance industry, has supported the delivery of our Digital Strategy and, specifically, enhanced our Syndicate’s finance operation, the benefits of which, we now plan to transfer to the other entities in the Ascot Group.”
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.
Stuart Conibear, CCO of Phinsys, commented: “Our recent work in the Lloyd’s Lab revealed the extent of the challenge faced by all Lloyd’s syndicates in dealing with high operating costs and legacy systems that hamper future growth and profitability. Ascot are now benefiting from automating previously manual and time-consuming processes through the use of our proven technology solutions.”
Phinsys has built a platform of intelligent finance automation tools to deliver systematic controls to optimise the financial close and reporting processes. We specialise in providing innovative solutions to support insurance companies’ processes around financial accounting, regulatory reporting and analytical requirements.
Phinsys is focused on creating efficiencies for our customers through our modern robust software and service excellence which enables and increase in automated processing and result production, combined with a reduction in operating costs and operational risk by removing duplication of effort and manual processing.
Founded in 2010, Phinsys is headquartered in London and has offices in New York and Bermuda. www.phinsys.com/brochure
About Ascot Group
Ascot Group is a global specialist in complex risk, providing niche specialty insurance and reinsurance solutions. Founded in 2001, the Group comprises of four operating divisions: Ascot Underwriting, the Managing Agency for Syndicate 1414 at Lloyd’s; Ascot Bermuda, which writes excess insurance and reinsurance as well as managing the Group’s alternative capital vehicles; Ascot U.S., providing specialty insurance to middle market customers in the United States, and; Ethos Specialty, a New York headquartered Managing General Underwriter (MGU) offering underwriting and insurance services to third parties.
Ascot Group is owned by CPP Investments, a global investment management organization that invests the assets of the Canada Pension Plan. CPP Investments is the largest pension plan in Canada with over C$425 billion in invested assets, representing the retirement contributions of over 20 million Canadians. CPP Investments is rated ‘AAA’ by S&P and Moody’s
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