TANDEM
Financial Data Warehouse and Close Management
TANDEM supports the efficient and reliable production of regulatory, statutory and management accounts. This powerful, source agnostic, finance data warehouse and management tool combines a robust, yet flexible, ETL and data processing framework and accounting period controls. Approval-based manual adjustments and auditable period close procedures guarantee accurate and timely financial figures.
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.
Data IntegrityEnsure data consistency and accuracy across the organisation, using the web-based mapping tool with our enterprise-wide data modelling and scalable processing framework.
Accounting PeriodsAutomate and accelerating financial close processing with configurable, calendar-based accounting periods to support finance, actuarial and management reporting and analysis.
Multiple MarketsProduce Lloyd’s, IFRS, UK & US GAAP accounting figures through the management of multiple FX rate types, conversion methodologies and translation rules.
Manual AdjustmentsProcess your manual adjustments at the right level of detail through a controlled work-flow approval process with configurable auto-reversing and permanent entries.
POSTBOX
Accounting Rules and Ledger Integration
POSTBOX supports the configuration and processing of accounting journal entries to avoid errors and remove risk from key financial procedures. Using the configurable web front end, this highly flexible accounting engine connects and posts to any general ledger (GL) system. The automated reconciliation tool ensures your books and records are fully aligned against multiple source systems.
As insurers develop and expand their operations, it is increasingly important that they can integrate new businesses into their finance systems seamlessly and efficiently. Often integration will be required to one or more GL packages, for local and corporate reporting.
Full Data LineageSource data from other Phinsys modules or from your own systems in a straightforward process that provides full data lineage between the GL and source systems.
Ledger AgnosticProvide finance users with the ability to configure target structures and journals to interface with all GL systems through our web-based front end.
Audit and ControlEnsure journals are successfully posted to the GL and reconciled against source data, providing a key control to finance users and auditors, identifying issues immediately.
Global CapabilityFully support different time zones and multiple ledgers through a configurable posting engine to determine what gets posted and when it is processed.
COMPLY
Bordereau Processing, Regulatory Reporting and Reconciliations
COMPLY governs conformity across bordereau processing, data reconciliations and regulatory reporting. The system is easily extended to support multiple jurisdictions’ reporting standards, while ensuring data is fully reconciled across all your finance department’s IT systems. The system simplifies bordereau loading, standardisation, validation and submission from both delegated authorities and run-off entities.
Insurers’ reporting timetables are becoming increasingly demanding and the finance function is being asked to do more, more frequently and in ever-shorter periods of time, which requires resource from both the finance and actuarial departments to prepare, analyse and then present the data in the required formats.
Regulatory ReportingEmploy comprehensive reporting schemas for known returns while easily incorporating new reporting formats in response to evolving regulatory requirements.
Bordereau ProcessingManage bordereau uploads, including data validation and attribute comparison, to process and load the validated datasets to the finance data warehouse and enterprise systems.
Historical SubmissionsConfigure the rules around retaining historical data submissions, ensuring final versions are retained for the review and audit of regulatory returns, bordereau extracts and reconciliations.
System ReconciliationsDeliver real-time output of all system-to-system reconciliations and identified issues across finance applications directly to responsible parties.
RAPPORT
Rules Based Calculations and Allocations
RAPPORT manages the calculation and allocation of data required by the finance and actuarial teams for both management and regulatory reporting. This high-performance processing engine orchestrates the rapid and accurate execution of data computations, such as the earning of premium, ceded premium allocation, IBNR calculation, expense allocation and business forecasting.
Finance departments often rely on creating complex spreadsheets and tactical IT solutions to solve laborious and time-consuming tasks in the preparation of reporting returns and the consolidation of business results.
Financial ModellingEnable finance and actuarial users to develop and process calculation and allocation models through the web-based front end without the end-user risks inherent in Excel and Access-based solutions.
Scenario ComparisonsUse repeatable processes to automate and control time-consuming calculations and allocations with scenario capabilities for comparative and what-if analysis.
User Driven SolutionLeverage the same highly efficient framework to process all calculations and allocations, managed through the front-end toolset to minimize user inputs.
Enterprise IntegrationIncorporate standard, recurring calculations and allocations into your regular nightly process to ensure data consistency and accuracy at all times.
INFORM
Management Reporting and Visualisations
INFORM provides a data layer and dashboard that enables management teams to easily understand their contribution to the profitability of the company. Utilising the reporting layer, users can see the results of the business on a variety of GAAP bases utilising different FX conversion rules. Bridging the transition from management to statutory to regulatory figures is self-explanatory and provides the board-level back-up required prior to submitting results to regulators.
Having inconsistent financial management information across the organisation results in untrusted reports and user-built analyses. The conflict that results from this takes significant management time and removes clarity around performance, decisions and impacts of change.
Data AccuracyEnsure data integrity and consistency across the organisation using the web-based reporting tool that utilises the reporting layer to provide accurate information to all consumers.
Data GranularityIntegrate data from the most summarised to the most detailed through data drill-throughs enabling users to fully understand the true performance of their business.
Data VisualisationEasily understand the progression of data through the visualisation of development triangles and graphs utilising consistent FX rates and exposure-based period derivation.
Board ReportingData transitions from Management to Statutory to Regulatory figures that reconcile fully to regulatory returns as well as explaining the underlying performance of the business.