Insurers That Outsource Their Investment
Accounting & Reporting Technology Can Rewrite Their Future and
Thrive
BOISE,
Idaho, Oct. 17, 2023 /PRNewswire/ -- Clearwater
Analytics (NYSE: CWAN), a leading provider of SaaS-based investment
management, accounting, reporting, and analytics solutions, today
released the latest findings from a collaborative report, The
Digital Promise: Operational Challenges, Approaches, and Progress
for European Insurers, with specialist consultancy firm Sionic.
European insurers are facing complex challenges and opportunities
in the era of digital transformation. Download the report
today.
Top findings in the report include:
- Ninety-eight percent of European insurers agree a digital data
strategy is the top priority to creating a competitive advantage
for future success.
- In a clean sweep, 100% of respondents see the cost of IT
increasing over the next three years, with 90% believing current
operating models do not support future business needs.
- Most Insurers are moving from on-prem to cloud-based technology
for investment management and accounting and anticipate using
managed services to free teams to focus on product innovation and
growth.
- Competitive differentiation comes with improved operations and
provides faster innovation.
"Insurers that embrace a new digital operations model and access
trusted data can rewrite their future," said Josef Sommeregger,
Head of DACH at Clearwater Analytics. "As such, finding the right
partner and solution becomes crucial. The report succinctly
underscores the path to operational excellence: a unified platform
that consolidates, aggregates, reconciles and reports on all your
investment data in a single place, enabling unprecedented
enterprise visibility and decision support. To gain a clear
advantage and leave behind legacy on-prem systems, choosing a
SaaS-based data management solution is a clear way to reduce costs,
while maintaining clear control and oversight of critical
investment management and accounting functions."
The Clearwater platform
replaces aged patchworks of on-premises software involving
significant manual processes. Clearwater's software aggregates, reconciles,
and validates data from more than 2,800 daily data feeds and more
than four million securities that have been modelled across
multiple currencies, asset classes, and countries. Furthermore, the
Clearwater platform utilizes the
latest machine learning and AI tools to manage complex tasks around
structured and unstructured data. The cleansed and validated data
runs through Clearwater's
proprietary accounting, performance, compliance, and risk solutions
to provide clients with powerful analytics and on-demand,
configurable reporting.
Sionic conducted the survey in September
2023 receiving responses from C-Level and Heads of insurance
professionals in operational decision-making roles across a broad
range of European insurers, with responses evenly distributed from
smaller niche insurers (0-10bn) to some of the very largest
(50bn+). Download The Digital Promise: Operational Challenges,
Approaches, and Progress for European Insurers report and
request your demo from Clearwater Analytics today.
About Sionic
Sionic is a global consulting firm specialising in financial
services. Sionic's purpose is to accelerate the business,
technology and people performance of its clients and to have a
positive impact on society. Sionic is a Davies company.
Sionic is expert-led, cross-sector specialists, focused on
banking, asset and wealth management, insurance and highly
regulated industries. The company offers multi-disciplinary,
multi-capability expertise across business strategy; customer
experience; data and analytics; digital learning; people and
organisational performance; operational excellence and improvement;
regulatory compliance; risk, controls and assurance; technology
transformation and digitisation.
Sionic's 500+ specialist consulting staff is based out of its
main offices in North America,
Europe and India, and part of Davies' wider team of over
7,000 staff worldwide.
Sionic offers a unique blend of subject matter expertise, senior
industry experience and specialism in transformation and change
with a commitment to deliver measurable value. The company is
straight-forward, adaptable and outcomes-focused. Sionic builds
affinity, work with integrity and always does what is right for its
clients.
About Clearwater Analytics
Clearwater Analytics (NYSE: CWAN), a global, industry-leading
SaaS solution, automates the entire investment lifecycle. With a
single instance, multi-tenant architecture, Clearwater offers award-winning investment
portfolio planning, performance reporting, data aggregation,
reconciliation, accounting, compliance, risk, and order management.
Each day, leading insurers, asset managers, corporations, and
governments use Clearwater's
trusted data to drive efficient, scalable investing on more than
$6.4 trillion in assets spanning
traditional and alternative asset types. Additional information
about Clearwater can be found
at clearwateranalytics.com.
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SOURCE Clearwater Analytics