News & Articles

Customizing Financial Software Solutions
  • MIMICS recently completed onsite training to the team at the National Insurance Scheme of Grenada. NIS Grenada has licensed several systems to manage its investments, including Portfolio, Portfolio Analysis and Real Estate.

    With the National Insurance Board of Grenada, similar to other National Insurance or Social Security Boards, workers pay into the system through wage deductions, and NIS handles payouts. Long-term benefits covered are age, invalidity and survivors (pension/grant); short-term benefits are sickness, maternity, funeral and employment injury.

    Any funds in excess of a specified limit are invested in a variety of securities and real estate. These were previously being managed manually, and in several different places. The process was time-consuming and carried the inherent risks of manual errors.

    The newly-installed MIMICS solution streamlines the investment tracking into one central location that interfaces with NIS Grenada’s general ledger and check-writing systems. It automates several procedures, such as importing transaction details from various external fund managers, tracking tenants, properties and rental agreements, and posting accounting entries automatically to the GL.

    This onsite visit was focused on training of all users on the new systems to prepare them for the User Acceptance Test, as well as assistance with validation of the data conversion, custom interfaces, and defined accounting rules. Once the UAT is completed and accepted with all requested customizations, NIS Grenada will be ready to go live with the MIMICS software.

    NIS Grenada was founded in 1983 with a mission “to provide for the efficient payment of relevant benefits to contributors in a customer-focused environment through effective collection of contributions and prudent management of funds with highly trained staff using innovative technology.”

    MIMICS is proud to provide some of that innovative technology to such an important organization. MIMICS would also like to thank Ms. Cindian St. Bernard and her entire team for their exceptional hospitality, and look forward to assisting them during their User Acceptance Test and Go-Live.