New Functionality Signals Continued Support for Clients in Insurance Marketplace
Clearwater Analytics today announced that it has released the second phase of A.M. Best reporting support. All Clearwater insurance clients will now have access to two new reports that enable them to satisfy the investment components of the Supplemental Risk Questionnaire (SRQ) report. The new feature provides insurers with a single solution to view all of their statutory investment reporting.
The A.M. Best Company rates insurance companies based on their financial strength and ability to satisfy obligations to policyholders. Insurance companies that wish to receive an A.M. Best rating must submit an SRQ report. This new Clearwater functionality streamlines these reporting requirements. In addition to the new reports, Clearwater has added two new fields to its dynamic SaaS solution: “A.M. Best Investment Type – Life” and “A.M. Best Investment Type – P&C.” The two new fields can instantaneously be added to any Clearwater report to allow for greater flexibility.
“Within the SRQ reports, there are two areas that insurance companies have traditionally struggled to complete: the Asset Section and the Investments Section – Portfolio Analysis. Historically, many insurance companies have difficulty getting this data and rely on manual processes to produce A.M. Best SRQ reports. The ability to provide this data solves a market issue and reinforces Clearwater’s commitment to being the industry leader for insurance reporting,” said Richard Pullara, Manager of Insurance Solutions for Clearwater.
In April of 2012, Clearwater released a new dynamic interest rate shock analysis report that was used to satisfy the interest rate sensitivity section of the A.M. Best SRQ reports. The interest rate shock analysis report was created to provide a user-defined interest rate scale to shock the portfolio in .05% increments ranging from -10% to 10%.
“Clearwater’s number one priority is to address the needs of its clients,” said Scott Erickson, Director of Product Management for Clearwater. “As an integrated investment accounting, reporting and portfolio analytics solution, Clearwater provides insurance clients with immediate access to their critical investment data and streamlines every aspect of how they manage their portfolios. We will continue to add functionality to meet their current and future needs.”