Fortune 500 Insurer Looks to Increase Automation, Flexibility, and Control of Investment Accounting and Reporting With Clearwater
Fidelity National Financial (NYSE: FNF), a Fortune 500 provider of title insurance, mortgage services, and other diversified services, has selected Clearwater Analytics to provide integrated investment accounting, reporting, and analytics for its $3.5B investment portfolio. After a comprehensive search, Clearwater’s market-leading software-as-a-service solution represented the top choice from an automation, ease-of-use, and customer service perspective.
Located in Jacksonville, Fla., FNF is the largest title insurance company in the U.S. through its title insurance underwriters Fidelity National Title, Chicago Title, Commonwealth Land Title, and Alamo Title. The company collectively issues more title insurance policies than any other title company domestically.
Consistent with a desire to adopt more automated solutions company wide, including its investment accounting processes, the venerable insurer has selected Clearwater to improve an overly manual investment accounting process, support more efficient workflows among its accounting and investing teams, and continue the company’s trend toward scalability.
“We were looking for a way to gain increased control and flexibility over our investment accounting and reporting operations,” said FNF Vice President Ed Peebles. “We manage all of our investments in house, and it was a constant challenge for our accounting teams to maintain high levels of efficiency because of manual processes. We’re looking to completely automate how we manage investment accounting and reporting, and are anticipating greater efficiency, functionality and transparency with Clearwater.”
“Other providers seemed to be using older technology or dated processes,” said John Crowley, FNF’s Chief Information Officer. “Clearwater represents a better approach for our organization.”
“After evaluating the different providers in the market, we just didn’t feel like they were as efficient or intuitive as the Clearwater solution,” said Belana Colquitt, Manager of Investment Accounting. “When we looked around, we learned more about Clearwater and just liked the fact that it seemed to be a fresh way of looking at the whole investment accounting process.”
With Clearwater, FNF will be able to:
- Eliminate manual data entry of transactions and security master information
- Streamline investment reporting and filing
- Improve controls over the accuracy of their investment data
- Receive knowledgeable and responsive customer service support
- Increase cohesion between accounting and investment teams
- Stay on top of industry changes through constantly improving SaaS solution and educational resources
- Gain integrated investment analytics, including portfolio performance measurement and risk monitoring
“With Clearwater, FNF has chosen a powerful, dynamic, automated, daily system,” said Mike Boren, Chairman of Clearwater. “We’re confident that we can help their team achieve the automation they’ve been seeking for their investment accounting, reporting, and analytics operations. We’re also excited to add FNF to the growing list of insurers who have made the switch to Clearwater for their investment accounting needs.”