CorePointe Insurance Selects Clearwater Analytics

16-Oct-2012

Property & Casualty Insurer Chooses Investment Accounting, Reporting and Analytics Solution to Achieve Greater Transparency, Control and Scalability

BOISE, ID – October 16, 2012 — CorePointe Insurance, a property and casualty insurer that provides diversified insurance products for auto and truck dealers across the U.S., has selected Clearwater Analytics to provide consolidated investment accounting, reporting and analytics on its approximately $200 million investment portfolio. Clearwater is a leading provider of web-based investment accounting and portfolio reporting and analytics.

The Birmingham, Mich.-based P&C insurance company is led by an experienced management team that provides diversified insurance products. It is rated excellent (A- stable) by A.M. Best & Company. Consistent with an organizational initiative to become more efficient, the insurer specifically sought a fully outsourced solution for Schedule D reporting that would help it improve efficiency at month end.

“By choosing Clearwater, we’re taking steps to improve our investment accounting process consistent with a larger goal of working smarter and becoming more efficient,” said Christopher Stenwall, CorePointe’s Senior Insurance Accounting Manager. “By not having to manually input trades or double check a majority of the calculations, this frees up our team’s resources to focus on other areas. Plus, getting real-time, integrated analytics is a huge value add.”

Clearwater gives CorePointe a powerful investment accounting platform that will satisfy its statutory reporting needs and the flexibility to analyze its portfolio in a number of different ways. With Clearwater, it can now efficiently split out its portfolio across liquidity, statutory and discretionary accounts. The insurer also gains robust analytics capabilities to complement this investment accounting functionality, as well as a system that can scale as it grows.

“We’re thrilled to work with CorePointe,” said Dave Boren, Clearwater’s CEO. “Clearwater frees up their accounting and financial management teams, helps them improve efficiency, and streamlines their close processes. This will ultimately give CorePointe greater investment accounting and reporting transparency, control and scalability.”

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About CorePointe Insurance 

CorePointe Insurance Company is led by an experienced management team providing diversified insurance products to auto and truck dealers since 1964. Through March 2011, we operated as Chrysler Insurance Company, a subsidiary of Chrysler Financial. On April 1, 2011, Chrysler Financial was purchased by TD Bank. Chrysler Insurance was not part of that transaction. As a result, effective April 1, 2011, Chrysler Insurance became an independent insurance company and we changed our name to CorePointe Insurance. While our name has changed, our commitment to our dealer customers remains the same:

  • Superior Coverage
  • Exceptional Claims Handling
  • Outstanding Customer Service
  • Competitive Rates
  • Industry Experience
  • Long Term Relationships 

CorePointe Insurance is a market leader in providing dealer open lot inventory protection, surety bonds, and other related coverages. From national dealer groups with multiple locations and franchises to single point dealerships, our experienced professionals will tailor our Dealer Open Lot Insurance to meet the unique needs of your dealership.

About Clearwater Analytics 

Clearwater Analytics® provides web-based investment accounting and portfolio reporting and analytics for corporate treasuries, insurance companies, and asset managers. 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 Main Street America Group, Savings Bank Life Insurance Company of Massachusetts, CopperPoint, The Warranty Group, and WellCare. Launched in 2004, with offices in New York, New York; Boise, Idaho; and Edinburgh, U.K., Clearwater Analytics reports on more than $1 trillion in assets for thousands of institutional investors. For more information about Clearwater Analytics, visit www.clearwateranalytics.com.