Fastest-Growing Provider Delivers Reporting Enhancements Throughout 2014
Clearwater Analytics, a leading provider of web-based investment accounting and reporting for insurance companies, today announced the release of additional functionality designed to increase the efficiency of insurance companies’ year-end processes. Key enhancements include new NAIC-formatted reports for Schedule BA, Schedule DB part A and B, and Supplemental Investment Risk Interrogatory reports. In addition, Clearwater now supports formatted A.M. Best reports to assist clients in preparing the annual Supplemental Ratings Questionnaire.
Clearwater has new NAIC-formatted reports to facilitate the reporting of Schedule BA, as well as new functionality to report on derivatives, including full support for NAIC Schedule DB parts A and B. “Interest rates have remained low, and we have seen more insurance companies move to asset classes that need to be reported on Schedule BA and DB. We are excited to be able to assist our clients by providing an automated reporting solution to a problem that many insurance companies have traditionally struggled with,” said Zach Brown, Product Manager of Alternative Assets.
With more attention being paid to regulatory guidance, it is important for insurers to not only understand and identify their risks, but to streamline their risk reporting for transparency and simplicity when filing their annual regulatory statements. Regulators are increasingly using surveys like the Supplemental Investment Risk Interrogatories to assess and identify an insurance company’s potential investment risks. In response, Clearwater has released new Supplemental Investment Risk Interrogatory reports to help simplify the process of creating these reports during their year-end process.
Clearwater now also provides formatted A.M. Best reports designed specifically to assist insurers with the annual survey requirement. By expanding A.M. Best report coverage, insurance companies are able to convey more accurate information in less time to receive their Financial Strength Rating.
“Given Clearwater’s commitment to and investment in continuous product development, we are perfectly positioned to help insurers easily navigate the ever-changing accounting and regulatory environment with automated solutions,” said Scott Erickson, Clearwater’s Director of Client Services and Product Management. “Unlike other software, whose value depreciates over time, with Clearwater, the value our clients receive appreciates with time as we evolve to meet their needs and those of the industry as well.”