Western World Group Selects Clearwater Analytics19-Mar-2014
Insurer to Automate and Streamline Accounting and Reporting of
Portfolio with Clearwater
BOISE, ID – March 19, 2014 — Western World Insurance Group, a leading provider of general liability, commercial property, commercial auto, and professional liability insurance, has selected Clearwater Analytics’ market-leading software-as-a-service (SaaS) solution to automate, streamline, and integrate accounting, reporting, and analytics for their investment portfolio.
The New Jersey-based Western World is a privately held, non-admitted insurer that provides commercial insurance products through a nationwide network of wholesale agents and brokers within the E&S specialty lines industry. The company writes annual premiums of approximately $300 million.
Western World selected Clearwater to gain daily insight into their investments, eliminate manual processes, and improve the speed and accuracy of accounting and reporting for their $1 billion investment portfolio. Previously, the insurer was using an installed investment software solution for accounting and reporting, and an independent third party for ratings and investment pricing. With Clearwater, Western World can automate their investment accounting processes using a single, integrated system.
“With our previous solution, we were running into several investment portfolio accounting and reporting challenges,” said Gary Meserole, Senior Vice President at Western World. “Our previous installed system required us to manually enter and account for our investment portfolio, which was a very time-consuming process that was challenging when reconciling data against custody reports. In addition, due to system limitations, we had to track a portion of our portfolio off-line using spreadsheets. We selected Clearwater to simplify our workflows by automating our investment accounting processes.”
With Clearwater, Western World gains:
- An automated investment accounting system that eliminates manual processing
- A single web-based solution that simplifies their entire investment accounting process
- Custom reports that Western World can run automatically, saving hours of manual work
- Powerful and integrated portfolio performance and risk analytics, and investment policy compliance monitoring based on accurate accounting data
“At Clearwater, we strongly believe in the transformative power of technology,” said Clearwater CEO Dave Boren. “We are excited to work with insurers like Western World that also believe the right technology applied correctly can improve business processes.”
About Western World
Western World Insurance Group offers commercial insurance products on a surplus lines and specialty admitted basis through appointed wholesale agents and brokers on a nationwide basis. Product offerings include Commercial General Liability, Professional Liability, Product Liability and Commercial Auto coverages. Western World specializes in underwriting classes of business that are not easily placed in the standard insurance market due to their complexity, high hazard, or unusual nature. The Group also offers underwriting facilities for Associations and Affinity Groups through Western World Programs.
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.