Publicly Traded Auto Insurer in Tennessee Selects Clearwater to Provide Integrated Investment Accounting and Reporting Functionality
First Acceptance Corporation (NYSE: FAC), a leading provider of personal automobile insurance and related products, has selected Clearwater Analytics to provide integrated, web-based investment accounting and reporting on the insurer’s $200 million investment portfolio.
First Acceptance has carved out a niche in a competitive auto insurance market by focusing on non-standard products and executing a carefully managed approach to investing and investment accounting.
“Everything worked well with our previous process,” said Mike Bodayle, Vice President and Treasurer at First Acceptance. “But with Clearwater, I have daily information about my investments, access to that data, and the ability to work with that data in the cloud. What a better way to operate.”
Before, the company was using another third party to provide reporting on their managed investments. First Acceptance received standard accounting and analytics reports for the investment portfolio. While it was sufficient for their needs, the reports could not be customized and were only available on a monthly basis.
With Clearwater, First Acceptance gains:
- An automated investment accounting system that eliminates manual processing
- Early availability of period-end reports
- Daily access to Clearwater’s integrated investment accounting data
- Uploadable journal entries for the accounting team
“Like many other insurers, First Acceptance is improving efficiency and streamlining their investment accounting processes with Clearwater,” said Dave Boren, Clearwater’s CEO. “We’re thrilled to work with them.”