BOISE, ID – April 30, 2015 — Clearwater Analytics, the leading provider of web-based investment accounting and reporting for insurance companies, today announced that it has added more than 20 new insurance clients in the first quarter of 2015. This milestone signals Clearwater’s continued rapid growth in the insurance market, especially among larger insurers with multi-billion dollar investment portfolios. Clearwater continues to provide automated insurance investment accounting, reporting, and analytics to hundreds of firms—helping insurers file more than 500 annual Schedule Ds.
Many insurers struggle with inaccurate and lagging data, cumbersome manual processes, and inefficient reporting. As these challenges become increasingly problematic, more insurers are turning to Clearwater as the solution. Firms such as Brickstreet Mutual Insurance Company, Canal Insurance, and The Motorists Insurance Group have recently made the switch to Clearwater for three major reasons:
- Flexible and Accurate Investment Accounting
- Streamlined Period-End Closing Processes and Reporting
- Outstanding Customer Service and Industry Expertise
"We were particularly impressed with the reporting functionality of the system, how much data was at our fingertips, and how much control we had in designing the general ledger interface," said Melissa Wood, controller at Brickstreet Mutual Insurance Company. "The service team was impressive as well, with a good mix of technical personnel and those who were truly in the know on the accounting side."
"With Clearwater’s daily reconciliation, we know the composition of our portfolio at any point in time, where before we could only draw an accurate picture once a month, usually a week or two after the calendar month-end," said Billy Moore, VP of Investments at Canal Insurance. "Knowing that the security-specific data is accurate is a big benefit, and a significant amount of time will be saved by not having to enter and update the data."
Clearwater’s investment accounting, reporting, and analytics solution gives insurers access to accurate and timely data in a single, automated platform. As a software-as-a-service provider, Clearwater is able to implement regulatory changes as they happen, and is committed to continuous client education on these topics.
"Clearwater is unique because it prepares insurance organizations for tomorrow’s investment accounting environment in addition to addressing today’s challenges," said Dave Boren, CEO of Clearwater Analytics. "Not only does our solution solve the problems of inaccurate and lagging data, cumbersome manual processes, and inefficient reporting, but it is constantly evolving and improving to reflect our clients’ changing needs. The value of Clearwater increases over time."