Nephila looks to cut Lloyd's cost using Phinsys finance automation technology
In a bid to reduce the cost of doing business at Lloyd’s, Nephila Syndicate Management (NSML) has selected Phinsys' suite of software technologies to streamline its financial processes and automate statutory, regulatory and management reporting.
Phinsys provides finance automation software for the insurance industry. It enables insurers to standardise data from multiple disparate legacy systems into a single, scalable finance data warehouse, and automatically reconcile and post accounting entries to their general ledger.
Nephila Syndicate 2357 is set to migrate in October from third party management to its own independent managing agency. The Syndicate has stamp capacity of £391 million for the 2019 year of account. It writes property catastrophe reinsurance, US insurance and weather risk business.
With Lloyd’s targeting a 50 percent reduction in the markets’ expense ratio over the next five years, Nephila said that it has prioritised the automation of back office processes as it implements its own strategy for future growth.
“Reducing the cost of doing business at Lloyd’s was a key driver in choosing Phinsys as our finance technology partner," said Adam Beatty, CEO of NSML. "By streamlining our finance back office operations we can minimise our expense ratio and accelerate our regulatory reporting.”
Richard Tyler, CEO of Phinsys, said: “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.”
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