Improving financial management, regulatory compliance and overall performance for the insurance sector
International insurer reporting a saving of >$3m in first year alone from decommissioning current data initiatives and Phinsys being the core solution for the new target state architecture.
Premia saved $460k in 2022 with decommissioning legacy platforms and infrastructure related savings.
Hamilton achieved a finance operating cost reduction of 75% through accelerating the financial close and reporting processes resulting in $1.1m in savings per annum across UK, Bermuda and US.
Aegis reported that systems automation and enhanced controls avoids the need to scale the finance team. Already saving $500k per annum, increasing to $900k per annum.
Implementing the Phinsys platform is an exciting and important step forwards for Markel, at a time of significant growth. This platform will optimise our financial and reserving processes whilst reducing costs and enhancing scalability. As we set our sights on becoming the leading specialty insurer, we’re investing in our processes and prioritising productivity so that, ultimately, we can pass the benefits on to our clients.