Fidelity National Financial Selects Clearwater Analytics22-May-2013
Fortune 500 Insurer Looks to Increase Automation, Flexibility, and Control of Investment Accounting and Reporting With Clearwater
BOISE, ID – May 22, 2013 — Fidelity National Financial (NYSE: FNF), a Fortune 500 provider of title insurance, mortgage services, and other diversified services, has selected Clearwater Analytics to provide integrated investment accounting, reporting, and analytics for its $3.5B investment portfolio. After a comprehensive search, Clearwater’s market-leading software-as-a-service solution represented the top choice from an automation, ease-of-use, and customer service perspective.
Located in Jacksonville, Fla., FNF is the largest title insurance company in the U.S. through its title insurance underwriters Fidelity National Title, Chicago Title, Commonwealth Land Title, and Alamo Title. The company collectively issues more title insurance policies than any other title company domestically.
Consistent with a desire to adopt more automated solutions company wide, including its investment accounting processes, the venerable insurer has selected Clearwater to improve an overly manual investment accounting process, support more efficient workflows among its accounting and investing teams, and continue the company’s trend toward scalability.
“We were looking for a way to gain increased control and flexibility over our investment accounting and reporting operations,” said FNF Vice President Ed Peebles. “We manage all of our investments in house, and it was a constant challenge for our accounting teams to maintain high levels of efficiency because of manual processes. We’re looking to completely automate how we manage investment accounting and reporting, and are anticipating greater efficiency, functionality and transparency with Clearwater.”
“Other providers seemed to be using older technology or dated processes,” said John Crowley, FNF’s Chief Information Officer. “Clearwater represents a better approach for our organization.”
“After evaluating the different providers in the market, we just didn’t feel like they were as efficient or intuitive as the Clearwater solution,” said Belana Colquitt, Manager of Investment Accounting. “When we looked around, we learned more about Clearwater and just liked the fact that it seemed to be a fresh way of looking at the whole investment accounting process.”
With Clearwater, FNF will be able to:
- Eliminate manual data entry of transactions and security master information
- Streamline investment reporting and filing
- Improve controls over the accuracy of their investment data
- Receive knowledgeable and responsive customer service support
- Increase cohesion between accounting and investment teams
- Stay on top of industry changes through constantly improving SaaS solution and educational resources
- Gain integrated investment analytics, including portfolio performance measurement and risk monitoring
“With Clearwater, FNF has chosen a powerful, dynamic, automated, daily system,” said Mike Boren, Chairman of Clearwater. “We’re confident that we can help their team achieve the automation they’ve been seeking for their investment accounting, reporting, and analytics operations. We’re also excited to add FNF to the growing list of insurers who have made the switch to Clearwater for their investment accounting needs.”
About Fidelity National Financial
Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, mortgage services, and diversified services. FNF is the nation’s largest title insurance company through its title insurance underwriters—Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title—that collectively issue more title insurance policies than any other title company in the United States. FNF owns a 55% stake in American Blue Ribbon Holdings, LLC, a family and casual dining restaurant owner and operator of the O’Charley’s, Ninety Nine Restaurant, Max & Erma’s, Village Inn, and Bakers Square concepts. FNF also owns an 87% stake in J. Alexander's, LLC, an upscale dining restaurant owner and operator of the J. Alexander’s and Stoney River Legendary Steaks concepts. In addition, FNF also owns a 51% stake in Remy International, Inc., a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles. FNF also owns a minority interest in Ceridian Corporation, a leading provider of global human capital management and payment solutions. More information about FNF can be found at www.fnf.com.
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.