Case Study

The Cumberland Insurance Group

Historic Insurer with Modern-Day Investment Challenges

Since 1844, The Cumberland Insurance Group has been dedicated to providing individuals, families, and businesses with the security necessary to protect their assets and build their enterprises. Cumberland focuses on putting policyholders first, and always taking a long-term strategic view. Part of this forward-planning approach is ensuring that their investment data is always complete, timely, and accurate.

Working with manual data entry and inefficient integration of multiple systems, along with a cumbersome reporting system and consistent delays at month- and quarter-end, Cumberland knew they had to find a better way. They were also looking for a solution that could provide personal customer support expertise, as well as efficiency. 

“Now that we have Clearwater investment accounting, we close and have all our investment processes in our accounting packages much earlier than before,” said Neal Pierce, treasurer and director of finance for Cumberland. “Our quarterly process is much easier and simpler to work with.”

Business Situation

  • Delayed investment data — Cumberland needed to have analytics and reconciliation data at their fingertips in order to make informed investment decisions
  • Manual data entry — Cumberland's accounting department performed a lot of time-intensive manual investment data entry.
  • Disparate systems for accounting, compliance, performance, and risk — information about the portfolio was contained in multiple separate locations, so it was difficult to bring all of this data and information together when preparing one-off or semi-regular reports for the board
  • Inefficient reporting process — an outdated system was causing delays and inefficiencies in their investment reporting processes, especially at month- and quarter-end.

Results and Benefits

  • Complete view of the portfolio — daily visibility and immediate insight into how the portfolio is affected by current events as well as the confidence that the numbers are correct at the end of each month
  • Accelerated close times — streamlined accounting process allowed for increased efficiency at month- and quarter-end, and reconciliation is done automatically
  • Integrated performance, risk, and compliance analytics — one single, unified system that makes analyzing portfolio performance and risk easy, and replaces manual compliance tracking
  • Outstanding customer service and industry expertise — a dedicated account manager that operates as an extension of Cumberland's team by providing support and training, and keeping Cumberland updated on any changes in the market
  • Continuous product enhancements — automatic integration of new pronouncements and regulatory rules into accounting software
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