(View toward Arthur’s Seat in downtown Edinburgh, home of Clearwater’s U.K. offices. Image credit: Dollar Photo Club.)
Exeter Family Friendly, an Exeter, U.K.-based mutual friendly society health, life and property insurer, has selected Clearwater Analytics’ integrated investment, accounting, reporting and analytics solution to automate and integrate Solvency II and investment accounting and reporting processes.
In planning for the 2016 Solvency II deadline, Exeter sought additional support from its asset manager to provide data required for compliance, Clearwater reports. Since the asset manager could not provide the level of detail needed, Exeter looked to third-party providers. Having concluded that the providers’ solutions would compound Exeter’s difficulties through inefficient manual data collection, the insurer turned to Clearwater.
The vendor characterizes its solution as the only one that seamlessly automates data aggregation and populates these data points into Solvency II reports, while also integrating other investment accounting and reporting activities. “Exeter realized that this was necessary so as to not isolate these interconnected processes and data,” a Clearwater statement asserts.
“Sourcing, aggregating, and reporting on the new Solvency II data points was a challenge to us and our asset manager,” comments Paul Austin, finance director at Exeter Family Friendly. “Clearwater’s complete and integrated coverage made it an easy decision. Clearwater allows us to effectively tackle Solvency II, while automating many of our other investment accounting and reporting activities at a much faster pace.”