More than 70 Insurers Chose Clearwater Analytics for Investment Accounting and Reporting in 201322-Jan-2014
Fast-Growing Software Company has Become Top Choice for Insurers Seeking to Automate and Improve Their Investment Accounting and Analytics Processes
BOISE, ID – January 22, 2014 — Clearwater Analytics continues to set the pace in the insurance investment accounting, reporting, and analytics software solutions market. As the only true web-based provider of automated investment accounting, reporting, and analytics, Clearwater has rapidly established itself as a top choice among insurers. Today, Clearwater reports on close to $350 billion in total assets for insurers.
Over 70 new insurance clients in 2013 alone, including Wilton Re, Fidelity National Financial, Wawanesa Insurance, Capital Insurance Group (CIG), Infinity Property & Casualty Corporation, Farmers Mutual Hail, Blue Cross Blue Shield of Wyoming, and more, have made the switch to Clearwater after years of relying on legacy investment accounting systems or manual, Excel-based processes.
“When searching for a new accounting provider, our main objective was to find a company that offered true integration between accounting and risk reporting, while giving us the ability to look at up-to-date reports on a daily basis,” said Perry Braun, Senior Vice President and Chief Investment Officer of Wilton Re. “Clearwater offered a seamless solution, which is important for our organization.”
“Clearwater’s superior analytics capability, speed to market, and knowledgeable, dedicated account managers were primary reasons for CIG’s choice of Clearwater,” said Gray Tyndall, Chief Financial Officer for CIG. “Also, I was pleased that Clearwater’s SaaS model meant my IT staff would not need to deal with software installations and upgrades.”
“Our web-based, daily reconciled investment accounting solution represents a fresh approach for insurers, and it delivers the kind of accuracy and timeliness they require for their investment operations,” said Richard Pullara, Manager of Insurance Solutions for Clearwater Analytics.
Clearwater’s growth has been pronounced. Today, more than 220 insurers use Clearwater. The company produced over 425 Schedule Ds for insurance clients at the close of 2013, a 38% increase from the previous quarter. Client portfolios range from $10 million to $20 billion, demonstrating the scalability of Clearwater’s product offering.
Insurers are choosing Clearwater as their investment accounting solution for three primary reasons:
- Automated, Accurate Investment Accounting and Reporting: Clearwater is eliminating many time-consuming, manual investment accounting processes. The system automatically pulls investment security characteristics (i.e., credit ratings, pricing, factors, etc.) from major data providers, including the NAIC, as well as custody data from safekeeping locations, and automatically integrates them every day to provide a virtual view of the client’s portfolio.
- Integrated Accounting, Compliance, Performance, and Risk Analytics: Clearwater provides powerful risk analytics to help insurers understand market exposures, performance measurement to help insurers analyze portfolio returns, and investment policy compliance monitoring, all built on a completely integrated and seamless accounting system that is updated daily.
- Outstanding Customer Service and Industry Expertise: Every insurer is entitled to world-class training and customer support catered to their specific investment accounting and reporting needs. Clearwater acts as an extension of an insurer's team, and delivers proactive education on changing regulatory guidance and the latest insurance trends.
“We believe our solution helps insurers address the most prominent investment accounting and reporting challenges of today, and the fact that so many insurers are choosing Clearwater confirms that our approach is solving real issues,” said Dave Boren, CEO of Clearwater. “We are focused on—and look forward to continuing to deliver—innovative solutions that help our clients streamline their investment operations.”
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.