(Western World’s headquarters in Franklin Lakes, N.J.)
Western World Insurance Group (about $300 million in annual premium) has selected Clearwater Analytics’ software-as-a-service (SaaS) solution to automate, streamline, and integrate accounting, reporting, and analytics for its investment portfolio. Western World is a privately held, non-admitted insurer based in Franklin Lakes, N.J., provides commercial insurance products, including general liability, commercial property, commercial auto, and professional liability insurance through a nationwide network of wholesale agents and brokers within the excess and surplus (E&S) specialty lines industry.
Western World selected Clearwater to gain daily insight into its investments, eliminate manual processes, and improve the speed and accuracy of accounting and reporting for its $1 billion investment portfolio, according to a Clearwater Analytics statement. The Clearwater Analytics offering provides Western World with a single, integrated solution for investment accounting automation. Previously, the carrier used an installed investment software solution for accounting and reporting, along with an independent third party for ratings and investment pricing.
“With our previous solution, we were running into several investment portfolio accounting and reporting challenges,” comments Gary Meserole, senior VP, Western World. “Our previous installed system required us to manually enter and account for our investment portfolio, which was a very time-consuming process that was challenging when reconciling data against custody reports. In addition, due to system limitations, we had to track a portion of our portfolio off-line using spreadsheets. We selected Clearwater to simplify our workflows by automating our investment accounting processes.”
The Clearwater solution offers the following benefits to Western World, according to the vendor:
- An automated investment accounting system that eliminates manual processing;
- A single web-based solution that simplifies their entire investment accounting process;
- Custom reports that Western World can run automatically, saving hours of manual work; and
- Powerful and integrated portfolio performance and risk analytics, and investment policy compliance monitoring based on accurate accounting data.