CEO

Why can’t you provide one set of numbers that are recognisable to all and explains the performance without the “if onlys”?

Resubmitted regulatory returns and prior period adjustments provides insecurity to investors, regulators and rating agencies.

The Phinsys solution set provides a fully auditable and traceable set of figures that are used for management, statutory and regulatory figures. The reported figures are all driven from the same set of transactions but they are assigned different accounting periods depending on who the audience is. The users can see their data on an “as is”, “as was” and “as would have been” basis, providing the analytical base that every insurance company needs.

Why does your business always have to include another large budget for IT systems that are never completed?

The cost of expensive integrations and the legacy of those investments impacts the profitability and the ROE on an ongoing basis.

The Finance and Actuarial processes are developed once, regardless of the source of the data, thereby removing the need to rebuild systems each and every time a new source is integrated. Phinsys has a significant investment in R&D to ensure that your solutions are updated on an annual basis to the latest technology, ensuring you aren’t needing to spend time and money changing suppliers due to lagging technology.

Why does regulatory change add significant amounts to the expense ratio and distract value add activities?

Regulatory change is a known pain point but the inability to deal with it without expensive IT projects or large consultancy cost is impacting adding real value to the business.

Phinsys ensures that the grain of data recorded within the data warehouse fully supports the detail within premiums and claims transactions. As regulators require companies to analyse and understand their business drivers at a lower level of detail, we have ensured that all data is recorded and allocated to this lowest detail tier. Phinsys also provides full regulatory reporting packs for all major markets and keeps these updated for all its customers.

Why does it take so long to add any value from acquired businesses and to get value from the obvious synergies?

Investors see that the M&A strategy is severely impacted by the inability of the business to integrate quickly and realise the true synergies of the business, meaning less acquisition activity and more cost.

The fast and cost-efficient integration of new data sources from acquired or merged entities is key to realising the full potential of the new entity. There is no need to add additional finance or actuarial staff from a processing perspective, ensuring that the back office expense ratio reduces as the business expands. Whether the acquisition be in the Live or Run-Off space, we have solutions that make this area a cost effective way to grow the business.