United Heritage Insurance Companies Select Clearwater Analytics

28-Jun-2010

BOISE, ID – JUNE 28, 2010 - The group of Untied Heritage Insurance Companies (United Heritage), including United Heritage Life Insurance Company, United Heritage Property & Casualty Company, and Sublimity Insurance Company, have contracted with Clearwater Analytics to provide daily-reconciled accounting, compliance, performance and risk reporting and analytics on more than $400 million in assets for the company's investment portfolio. In addition, Clearwater will provide United Heritage with a full suite of Statutory and NAIC filings for period-end reports.

United Heritage recently employed Clearwater's outsourced solution in order to automate investment accounting and regulatory reporting. Dean Sandros, Senior Investment Accountant & Assistant Portfolio Manager for United heritage, cited data integrity and immediacy as differentiating factors that Clearwater's system offered over its competitors. "In today's market environment, reporting systems that provide data integrity and immediacy are essential for anyone tasked with monitoring, accounting for, or managing a diversified investment portfolio. Clearwater's transparent reporting capabilities, their ability to draw from multiple data feeds, daily reconciliation and book-of-record reporting have allowed us to put more focus on driving yield and making our portfolio a more efficient profit center. Outsourcing our accounting, reporting and analytics to Clearwater affords us the opportunity to focus on our core strengths rather than spend time reconciling and manually entering data. As a result, we have been able to make more informed investment decisions," said Sandros.

"Systems for monitoring, managing, and reporting on financial assets are mission-critical, particularly in such a volatile investment environment. Yet, far too many insurers today rely on legacy systems that are out-dated, expensive to maintain, offer limited portfolio visibility, do not effectively assess risk exposure in a timely fashion, and are heavily reliant on time-consuming, error-prone manual reconciliation. For the Investment Management operation, integrated accounting, compliance, performance and risk reporting and analytics constructed on a foundation of aggregated and reconciled tax lots is critical for monitoring the investment portfolios, making informed decisions, and reporting to senior management," said Clearwater Analytics CEO Courtlandt Gates. "We are excited about our partnership with United Heritage. Their confidence in our system serves as a tremendous endorsement for Clearwater."