CopperPoint Selects Clearwater Analytics11-Jun-2012
Clearwater to Reduce Investment Accounting Work at Arizona’s Largest Provider of Workers’ Compensation Insurance
BOISE, ID – June 11, 2012–CopperPoint, Arizona’s largest provider of workers’ compensation insurance, has selected Clearwater Analytics® to provide web-based, daily-reconciled accounting, compliance, performance and risk reporting and analytics on its $3 billion investment portfolio. Headquartered in Phoenix and founded in 1925, CopperPoint has nearly 25,000 workers’ compensation policyholders and covers more than 30 percent of the market in Arizona.
In 2013, CopperPoint will transition from a state compensation fund to a private mutual insurance company. In order to prepare its investment accounting systems for this transition, CopperPoint is replacing its separate investment accounting, risk analytics, performance reporting and compliance policy monitoring systems with Clearwater’s single, integrated solution.
Chad Welborn, Director of Investments at CopperPoint, said, “Because of the pending transition and new reporting requirements, we started to investigate vendors that could provide this service.”
After evaluating vendors who could help them meet these new requirements, Welborn and his team decided Clearwater offered the best overall solution. With Clearwater, CopperPoint is able to pull all tasks—investment accounting, risk analytics, performance measurement and compliance—under one platform.
“My staff is relatively small, so integrating risk, performance and compliance analytics with investment accounting in one solution is excellent,” said Welborn.
By moving to Clearwater, CopperPoint estimates it will save multiple days of investment accounting work each month. In addition, the company will have access to portfolio risk information on a daily basis. “We anticipate immediate cost savings by moving to Clearwater,” said Welborn.
“CopperPoint joins a distinguished group of insurance companies that have made the decision to select Clearwater over the legacy providers in the market today,” said Dave Boren, CEO of Clearwater Analytics. “CopperPoint clearly recognizes our differentiation and system’s capabilities, our excellent client service and the value Clearwater adds operationally. We are confident that we will help CopperPoint transform its investment accounting and reporting processes and deliver considerable value to the organization.”
Top reasons why CopperPoint selected Clearwater:
- Integration of disparate systems: Clearwater fully integrates accounting, compliance, performance and risk reporting, which consolidates a series of disparate systems that were cumbersome, not user friendly and provided latent investment information.
- Streamlined investment operations: Clearwater’s daily validation and reconciliation processes increase accuracy and provide daily portfolio transparency.
- Independent and timely compliance monitoring and portfolio reporting: With Clearwater, CopperPoint will have timely investment analytics at their fingertips and can pull all separately managed tasks in house.
- Cost savings: Streamlining these processes will deliver immediate cost benefits. Over time, CopperPoint expects to realize increased value from their accounting team because the data management burden has been automated by Clearwater.
- Excellent client service and ease of implementation: After meeting with the Clearwater team, CopperPoint was impressed with how easy the transition to Clearwater would be and how knowledgeable the team was and were excited about the benefits Clearwater would provide without a difficult implementation.
CopperPoint is the leading provider of Arizona workers’ compensation insurance. Founded in 1925, CopperPoint has nearly 25,000 workers’ compensation policyholders and covers more than 30 percent of the market share in Arizona. As a leading advocate of workplace safety, CopperPoint is proactive in keeping Arizona’s workers’ compensation insurance rates among the lowest in the nation. CopperPoint covers only businesses operating in Arizona and has offices in Flagstaff, Phoenix, Prescott and Tucson.
About Clearwater Analytics
Clearwater Analytics® provides web-based investment accounting and portfolio reporting and analytics for corporate treasuries, insurance companies, asset managers and custody banks. Clearwater’s daily-aggregated and reconciled solutions deliver the highest level of portfolio transparency available on the market today for insurance clients such as Group Health Companies, The Warranty Group and WellCare. Launched in 2004, with offices in New York City and Boise, Idaho, Clearwater Analytics reports on more than $800 billion in assets for institutional clients worldwide.