tandem

A powerful finance management tool for global Property & Casualty businesses utilising a flexible ETL solution to configure the load of data from multiple disparate source systems. A comprehensive finance data warehouse holding all accounting data, supporting finance processes that are required to produce an insurers full technical and non-technical underwriting results. The close management system enables the finance team to automate and accelerate period-end processing.

FAST, FLEXIBLE AND ACCURATE

Against a background of ongoing change and an ever-more complex regulatory environment, it is essential for insurers to be able to produce financial data quickly, reliably and accurately. Existing IT systems fall short, and manual processing is onerous and time-consuming. Phinsys developed TANDEM in response to this need.

A reliable source for management, regulatory and statutory reporting ensuring reconciliation and transparency. TANDEM will also forecast and plan the entire underwriting result, with the capability of using actual data to allocate to required levels of detail. Integrated with other Phinsys products, TANDEM enables the user to combine source system data with IBNR, Solvency II Technical Provisions and Allocated Expenses in one place to meet all internal and external financial reporting and management information requirements.

 

SIMPLE AND RELIABLE IN USE

With a user-friendly web-based user interface to control the month end process, TANDEM effortlessly handles multiple sources of data, including policy and claims source systems, Data Warehouses and feeds from the General Ledger. TANDEM also translates and tracks corporate coding such as product and class, provides automated reconciliation against sources and integration with the COMPLY reconciliation tool for all target systems.

TANDEM incorporates numerous features to ensure that basic and otherwise time-consuming tasks are performed quickly, reliably and securely.

  • Sophisticated configurable, calendar based, accounting period control for accurate close procedures.
  • Manual adjustment load with approval workflow control and an automated audit of adjustment transactions, with drill to detail.
  • Production of Lloyd’s, IFRS and US GAAP accounting figures.
  • Management of FX rates and conversions.
  • Triangles and ladder stats for actuarial analysis.
  • Source agnostic load into TANDEM on an incremental basis (can be near real time).
  • Auto reconciliation process of source and Tandem to ensure data consistency/integrity.
  • Typically provide SSAS cubes and SSRS solutions for reporting, but customers often have a preferred reporting tool which we can leverage in our projects.
 

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