WASHINGTON--(BUSINESS WIRE)--Clearwater Analytics, an established provider of web-based investment accounting solutions for insurance companies, is solidifying its reputation as a top choice for integrated investment accounting and reporting for insurers of all types and sizes. Since May of 2012, the software-as-a-service (SaaS) company has signed more than 45 new insurance clients. The reason is Clearwater is helping insurers meet a number of universal investment accounting challenges.
Columbian Mutual Life Insurance Company, a life insurer with an investment portfolio of $1.4B, selected Clearwater in October of 2012 because it provides an integrated solution offering risk, performance, and investment policy compliance monitoring built on a powerful accounting engine.
“Clearwater’s strengths include the accounting and performance reporting combined with a unique outsourcing model,” said Michael Fosbury, CIO of Columbian Mutual. “At the end of the day, I just felt more comfortable with Clearwater as our investment accounting solution.”
Builders Mutual Insurance Company, a P&C builders insurance company with an investment portfolio of over $500M, selected Clearwater in November of 2012 because it provides them with more accurate and timely investment accounting.
“With Clearwater, I know that when I look at reports, the data is validated and correct,” said Tom Lockard, CFO of Builders Mutual Insurance Group. “I can look at my accounting and risk values confidently knowing that every position is reconciled. We do not need to have a full-time employee reconciling data manually on the side.”
The Savings Bank Life Insurance Company of Massachusetts (SBLI), a life insurer with an investment portfolio of over $2.2B, selected Clearwater in June of 2012 because it streamlines their entire investment accounting process.
“We chose Clearwater because of the integrated accounting and analytics that it provides,” said Richard Robinson, SBLI’s Senior Vice President and CFO. “Not only do we now have daily access and insight into our portfolio, we were able to eliminate our labor intensive spreadsheet process with more reliable, user-flexible, database-driven reports. And, importantly, Clearwater provides the convenience of web access from any location, at any time, for every user.”
Merchants Insurance Group, a commercial P&C insurer with an investment portfolio of $450M, selected Clearwater in November of 2012 because its unique software and service business model provided excellent customer service to support the investment accounting software.
“After years of searching, I finally found a company that backs its promise of outstanding customer service,” said Ed Murphy, Vice President and Chief Investment Officer at Merchants Insurance Group. “Clearwater stands head and shoulders above the competition.”
And Fidelity National Financial, a Fortune 500 provider of title insurance and mortgage services and an investment portfolio of $3.5B, selected Clearwater in February of 2013 in part because it represented a clear break from their legacy investment accounting system, giving them an automated, scalable investment accounting, analytics, and reporting solution.
“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.”
“Since 2009, Clearwater’s platform has been widely adopted by leading insurance companies because we are helping them meet key investment accounting and reporting challenges,” said Dave Boren, CEO of Clearwater Analytics. “Outstanding organizations like Builders Mutual Insurance Group, SBLI, Columbian Mutual Life Insurance, Merchants Insurance Group, FNF, and many others have decided to switch their investment accounting operations to Clearwater. We invite others to take a closer look to see why.”
About Clearwater Analytics
Clearwater Analytics® provides web-based investment accounting and portfolio reporting and analytics for corporate treasuries, insurance companies, and asset managers. Clearwater’s daily-aggregated and reconciled solutions deliver the highest level of portfolio transparency available on the market today for insurance clients such as Group Health Companies, The Main Street America Group, Savings Bank Life Insurance Company, SCF Arizona, The Warranty Group and WellCare. Launched in 2004, with offices in New York, New York; Boise, Idaho; and Edinburgh, Scotland, Clearwater Analytics reports on more than $950 billion in assets for thousands of institutional investors. For more information about Clearwater Analytics, visit www.clearwateranalytics.com.