Capability
Reinsurance accounting software, built into every transaction.
SiFAMs is Simson's own multi-currency accounting system, integrated with SARBOnline. Vouchers post automatically from every closing, debit note and statement, so the ledgers always match the broking book.
What finance gets
- Chart of accounts set up by finance, with ledgers arranged the way you need
- Outstanding statements for cedants, retrocedants, brokers, underwriters, producers, insureds and surveyors, in original and base currency
- Insurance broking (fiduciary) accounts kept separate from corporate accounts
- Remittances due, with brokerage transferred to the expense account
- Balance confirmations emailed to parties straight from the system
- Trial balance, P&L, balance sheet, cash book, bank book and fixed assets
Multi-currency by design
Premium and claims are held in their original currency and reported in base currency, with revaluation. USD, GBP, EUR, INR, AED and more than 30 other currencies are supported.
No re-keying between broking and finance
Because every broking step posts its own voucher, month end becomes a review rather than a reconstruction. Receipts with allocation can also be imported from Excel.
Questions
Frequently asked.
What is SiFAMs?
SiFAMs is Simson's multi-currency financial accounting system, integrated with SARBOnline so broking transactions post automatically.
Does it keep fiduciary money separate?
Yes. Insurance broking (fiduciary) accounts are kept separate from the firm's corporate accounts.
Which currencies are supported?
USD, GBP, EUR, INR, AED and more than 30 others, with reporting in original and base currency.
See SARBOnline on your own business.
Bring a live slip, a treaty statement or last quarter's collections. We will walk it through the system with your team, in your time zone.