Selective Insurance Chooses Clearwater Analytics for Automated Investment Accounting and Reporting
October 18 2017 - 8:00AM
Business Wire
Top-Rated Insurance Organization Optimizes Investment Data
Processes with Clearwater’s Best-In-Class Solution
Clearwater Analytics® announced today that Selective Insurance
Company of America, the lead servicing carrier of Selective
Insurance Group, Inc. (NASDAQ:SIGI), a holding company for ten
property and casualty insurance companies rated "A" (Excellent) by
A.M. Best, has chosen Clearwater as their investment accounting and
reporting solution.
As a leader in innovative investment data management and
analytics, Clearwater is a strategic choice for Selective as they
invest in a future-focused operations infrastructure. Clearwater’s
customizable reporting will enable Selective to create tailored and
shareable reports for a variety of stakeholders to increase
communication across the organization.
“We choose our partners carefully, particularly for long-term
relationships. After a comprehensive and detailed evaluation
process, Clearwater was our top choice for investment accounting
and reporting services,” said Mark Wilcox, Chief Financial Officer
at Selective. “We look forward to leveraging Clearwater’s
technology, scalable platform, and services.”
Clearwater is an automated SaaS solution for investment
portfolio data. The web-based system reports on more than $2
trillion held by insurers, corporations, investment managers, and
other institutions.
The Clearwater system will provide Selective with:
- Timely aggregation of investment data
from multiple sources;
- Daily reconciliation and validation of
all cash, positions, and security master file data;
- Automated and flexible NAIC disclosure
support;
- Investment accounting for STAT, GAAP,
Tax, and other accounting bases;
- Automated general ledger entries;
and
- A world-class client services team
providing proactive industry expertise.
“We are excited to partner with Selective to help streamline and
automate their investment accounting and reporting processes,” said
Scott Erickson, Chief Operating Officer at Clearwater Analytics.
“Their team is knowledgeable, forward-looking, and hardworking—a
great fit with how we do things at Clearwater.”
About Selective Insurance Group, Inc.
Selective Insurance Group, Inc. is a holding company for ten
property and casualty insurance companies rated "A" (Excellent) by
A.M. Best. Through independent agents, the insurance companies
offer standard and specialty insurance for commercial and personal
risks, and flood insurance underwritten by the National Flood
Insurance Program. Selective maintains a website at
www.Selective.com.
About Clearwater Analytics
Clearwater Analytics® aggregates, reconciles, and reports on
more than $2 trillion in assets across thousands of accounts daily.
For more than a decade, Clearwater has helped firms such J.P.
Morgan Asset Management, Facebook, Cisco, Starbucks, Mutual of
Omaha, Arch Capital Group, Oracle, C.V. Starr & Co., Wilton
Re., WellCare Health Plans, and many others, streamline their
investment and accounting operations. Clearwater remains committed
to continuous improvement and encourages insurers to rethink how
they approach their investment accounting and reporting
challenges.
Additional information about Clearwater can be found at
www.clearwater-analytics.com | Twitter: @cwanalytics | LinkedIn:
https://www.linkedin.com/company-beta/62775/
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version on businesswire.com: http://www.businesswire.com/news/home/20171018005422/en/
Clearwater AnalyticsAlex Goochey, 208-489-3916Managing
Editoragoochey@clearwateranalytics.com
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