445% Growth in Clients Over Three Years Drives Insurance Industry Momentum
Clearwater Analytics®, a leading provider of web-based investment accounting and reporting solutions for institutional investors, have announced increased momentum in the insurance segment. Accelerated by a series of flagship insurance wins and the ability to rapidly deliver new product functionality that insurance clients need, Clearwater has been solving important challenges for insurers and transforming insurers’ investment accounting and reporting systems into leaner, more agile ones.
“Clearwater has an innovative SaaS approach, and we believe that we are one of, if not the, fastest-growing investment accounting providers as a result. Our platform has been widely adopted by leading corporations since 2004 and we are excited to see such strong, continued momentum in the insurance industry,” said Dave Boren, CEO of Clearwater Analytics. “Clearwater is well suited to serve the needs of insurance companies as they respond to the macro-level economic pressures of today. Insurers such as Hiscox Ltd., Main Street Group, State Compensation Fund of California, SCF Arizona, USAble Life, and many others have each recently chosen Clearwater, validating our solution as a viable offering among insurance organizations.”
Clearwater has seen 445% growth in clients coming from the insurance sector since the beginning of 2009 and the total amount of insurance assets on which Clearwater reports has grown from roughly $9 billion at the beginning of 2009 to more than $100 billion today. Furthermore, Clearwater clients are extremely satisfied. Results from Clearwater’s client satisfaction survey show that over 95% of insurers were “extremely satisfied” or “satisfied” with Clearwater’s reporting functionality.
“Clearwater is not just a treasury solution or an accounting solution, but a complete finance solution,” said Bret Myers, Assistant Treasurer and Head of Investments for Group Health Cooperative, a Clearwater client. “Thankfully, they offer the same level of automation, transparency and immediacy for insurers that they provide for their corporate clients.”
“Our rigorous approach to market-driven product innovation sets Clearwater apart,” said Scott Erickson, Director of Product Management at Clearwater. “Our product management and development teams and processes are designed to ensure we deliver a solution that meets the current and future needs of insurers. In addition, we have a dedicated team of insurance accounting experts who are involved in defining product direction and functionality and who make a concerted effort to stay up to date on NAIC pronouncements. Our integrated investment accounting, reporting and portfolio analytics solution provides insurance clients with immediate access to their critical investment data and streamlines every aspect of how they manage their portfolios, and we are gratified to see the market embrace it.”
Top Reasons Why Insurers Are Selecting Clearwater:
• Streamlined investment operations: Clearwater’s daily validation and reconciliation processes increase accuracy, provide daily portfolio transparency and help clients focus on strategic issues rather than complex, manual processes.
• Integration of disparate systems: Clearwater fully integrates accounting, compliance, performance and risk reporting, which typically helps clients consolidate a series of disparate systems and automate manual processes.
• Independent and timely compliance monitoring: With Clearwater, clients are automatically notified of investment policy compliance violations.
• Cost savings: Discontinuing services with existing solution providers; shedding excessive license, maintenance and training fees; and streamlining inefficient processes often deliver immediate cost benefits.
• Excellent client service and ease of implementation: Clients are impressed with how easy the transition to Clearwater is, how knowledgeable the team is, and the dedicated account management service model.