Property & Casualty Insurer Chooses Investment Accounting, Reporting and Analytics Solution to Achieve Greater Transparency, Control and Scalability
CorePointe Insurance, a property and casualty insurer that provides diversified insurance products for auto and truck dealers across the U.S., has selected Clearwater Analytics to provide consolidated investment accounting, reporting and analytics on its approximately $200 million investment portfolio. Clearwater is a leading provider of web-based investment accounting and portfolio reporting and analytics.
The Birmingham, Mich.-based P&C insurance company is led by an experienced management team that provides diversified insurance products. It is rated excellent (A- stable) by A.M. Best & Company. Consistent with an organizational initiative to become more efficient, the insurer specifically sought a fully outsourced solution for Schedule D reporting that would help it improve efficiency at month end.
“By choosing Clearwater, we’re taking steps to improve our investment accounting process consistent with a larger goal of working smarter and becoming more efficient,” said Christopher Stenwall, CorePointe’s Senior Insurance Accounting Manager. “By not having to manually input trades or double check a majority of the calculations, this frees up our team’s resources to focus on other areas. Plus, getting real-time, integrated analytics is a huge value add.”
Clearwater gives CorePointe a powerful investment accounting platform that will satisfy its statutory reporting needs and the flexibility to analyze its portfolio in a number of different ways. With Clearwater, it can now efficiently split out its portfolio across liquidity, statutory and discretionary accounts. The insurer also gains robust analytics capabilities to complement this investment accounting functionality, as well as a system that can scale as it grows.
“We’re thrilled to work with CorePointe,” said Dave Boren, Clearwater’s CEO. “Clearwater frees up their accounting and financial management teams, helps them improve efficiency, and streamlines their close processes. This will ultimately give CorePointe greater investment accounting and reporting transparency, control and scalability.”