Insurer to Automate and Streamline Accounting and Reporting of $1B Investment Portfolio with Clearwater
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:
“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.”