Exeter Family Friendly Selects Clearwater Analytics to Address Solvency II Challenges

Edinburgh - 19 February 2015

Clearwater Analytics®, a leading provider of web-based investment accounting solutions for European insurers, today announced that Exeter Family Friendly, a UK-based mutual Friendly Society healthcare and protection insurer, has selected Clearwater as their integrated investment accounting, reporting, and analytics solution. Clearwater will help Exeter automate and integrate Solvency II and investment accounting and reporting processes.

As Exeter planned for Solvency II’s rapidly approaching 2016 deadline, they first turned to their asset manager for additional support in providing the necessary data points. The detailed level of data needed to meet rigorous Solvency II requirements was not available solely through their asset manager, so Exeter began to consider third-party providers. However, it seemed that these providers would lead to cumbersome manual data aggregation, further complicating the problem. Finally Exeter found Clearwater, which was the only solution that seamlessly automates data aggregation and populates these data points into Solvency II reports, whilst also integrating other investment accounting and reporting activities. Exeter realised that this was necessary so as to not isolate these interconnected processes and data.

“Sourcing, aggregating, and reporting on the new Solvency II data points was a challenge to us and our asset manager. Clearwater’s complete and integrated coverage made it an easy decision,” said Paul Austin, finance director at Exeter Family Friendly. “Clearwater allows us to effectively tackle Solvency II, while automating many of our other investment accounting and reporting activities at a much faster pace.”

“Clearwater has led the market in addressing the regulatory and reporting requirements of Solvency II, especially with respect to Pillar 3,” said Dave Boren, CEO of Clearwater. “European insurers using Clearwater’s consolidated, transparent, and robust investment accounting and reporting solution don’t have to scramble to meet the 2016 Solvency II deadline, and can feel confident in their data well before the implementation date.”

Clearwater Analytics offers European insurers unrivalled functionality to address investment reporting requirements:

  • An automated investment accounting system that eliminates manual processing
  • Powerful and integrated portfolio performance and risk analytics, and investment policy compliance monitoring based on audit-quality accounting data
  • A user-friendly, web-based solution that simplifies the investment accounting process

Custom, automated, and specialised reports that meet the needs of all stakeholders
A world-class client services team, whose #1 priority is client satisfaction

Clearwater also offers the following to address Solvency II with ease and accuracy:

  • Seamless and scalable Solvency II integration into established investment processes
  • Consistent investment data across multiple custodians and asset managers in the appropriate format for Quantitative Reporting Templates (QRTs)
  • Transparent and automated access to Solvency II-specific investment data points, including NACE, LEI, issuer information, and Complementary Identification Codes (CIC)
  • Proactive and reliable Solvency II industry expertise