Clearwater Sees 55% Growth in Pivotal Insurance Market
Clearwater Analytics, the fastest-growing, established provider of web-based investment accounting and reporting solutions for insurance companies, today announced its continued upward trajectory in the insurance industry, and its best year in company history. The company increased total insurance sales from 2011 by 55%. In 2012 Clearwater signed over 60 new insurance clients of all types (life, health, P&C, captives, etc.) and sizes (ranging from under $10 million to over $20 billion in investment assets), including more than 30 from October through December alone.
“We chose Clearwater because of the integrated accounting and analytics that it provides,” said Richard Robinson, Senior Vice President and CFO of Savings Bank Life Insurance Company of Massachusetts. “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, with the convenience of web access from any location, at any time, for every user.”
Insurers like SCF Arizona, the state of Arizona’s largest provider of workers’ compensation insurance, chose Clearwater because it could do investment accounting, risk analytics, performance measurement, and compliance under one platform. Others, like CorePointe Insurance in Michigan, chose Clearwater to increase their efficiency when it comes to Schedule D reporting. New West Health Services in Montana chose Clearwater because it gave them an investment accounting platform that allowed them to open their investment playbook further.
The Main Street America Group, a Jacksonville, Fla.-based super-regional mutual insurance holding company, is another company that made the switch to Clearwater in 2012. “Data access is critical to our company’s operations,” said Jim Ganley, Main Street America’s portfolio strategist. “Before we partnered with Clearwater, we didn’t have direct access to our [investment] data. In fact, we did not have the ability to make or extract data of any kind…By engaging Clearwater, the manual process has been nearly eliminated.”
Clearwater remains firmly committed to maintaining its high level of client satisfaction as it grows. The company has maintained a customer satisfaction rate of over 98% since it started conducting formal client satisfaction surveys.
“We’re thrilled that insurers across the spectrum of types and sizes continue to turn to Clearwater as their go-to provider,” said Dave Boren, CEO of Clearwater Analytics. “Our goal is to arm each client with an investment accounting and analytics solution that is supported by a powerful, systematic process and world-class customer support that provides daily visibility into their entire investment portfolio. While each client may find value in different ways, we strongly believe we’re helping all of them improve their investment accounting operations.”