Hamilton says new technology transformed processes at its Lloyd’s platform
Bermuda-based Hamilton Insurance Group has implemented a new system that it says has transformed its Lloyd’s and European financial accounting and reporting processes.
Following a thorough due diligence process, Hamilton selected Phinsys to undertake an exhaustive data migration from multiple source systems, which it claims was completed in record time.
The company stated that it is benefiting from the use of Phinsys' suite of products Tandem, Rapport, Postbox and Inform, and is planning to extend the use of the platform to its Bermuda operations.
Phinsys' suite of products are designed to enable insurers to conform data from multiple disparate systems into a single, scalable finance data warehouse and automatically reconcile and post accounting entries to their general ledger. The product also improves the accuracy and transparency of accounting processes, such as premium earning, expense allocations, ceded premium allocations and the planning and forecasting of results, enabling insurance businesses to better understand where to invest their time and money.
Rob Vetch, chief financial officer of Hamilton Managing Agency, Hamilton’s Lloyd’s platform, said: “By implementing Phinsys finance and accounting solutions, we have been able to sunset multiple legacy systems whilst integrating the recently acquired businesses and managed syndicates into a single target operating model and financial close process.
"As we finalise delivery of our syndicates and European company solution, we are closing in on our vision of “one source” of data and delivery of all the efficiencies and enhanced financial controls that are expected.”
Richard Tyler (pictured), chief executive of Phinsys, added: “Our intelligent automation products are a perfect fit for businesses, like Hamilton, that need proven cost-effective solutions to digitise and future-proof the finance function.”
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