Update Features New NAIC Designation Categories,
Solvency II Reporting Enhancements, Hybrid/Blended Benchmarks
Methodology, and More
BOISE,
Idaho, Sept. 6, 2022 /PRNewswire/
-- Clearwater Analytics (NYSE: CWAN), a leading provider of
SaaS-based investment accounting, reporting, and analytics
solutions, today announced that it delivered new product features
and enhancements in the second quarter of 2022 to support the
latest accounting and reporting standards, enrich asset class
reporting, and upgrade the user experience.
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"We're immensely proud of our Q2 product enhancements that
incorporate customer requests, delivering new capabilities that
enable operational efficiencies, regulatory compliance, and faster
decision-making," said Souvik Das,
Chief Technology Officer at Clearwater Analytics. "Our team has
been focused on making improvements that speed up transaction
processing time, reduce manual efforts with NAIC reporting and
other regulatory requirements, and simplify decision making. With
just a few clicks, our clients can quickly act on data they trust
using Clearwater's best-in-class
reporting capabilities and gain an enviable competitive
advantage."
NAIC Quarterly Guidance
Updates
To keep insurers updated on the latest regulatory guidance
changes regarding investment accounting and reporting, Clearwater delivered several enhancements to
NAIC reporting that allow our clients to have more accurate and
timely reporting for NAIC regulatory guidance.
- NAIC Designation Category Updates. In this release, NAIC
Designations were replaced with NAIC Designation Categories (NAIC
Designations with Modifier) to align with the increase of NAIC
designations.
- Schedule D and Schedule DB Updates. With updates to
Schedule D parts 1 through 5 and the Schedule DB for derivatives,
Clearwater enhanced our offering
for logic-driven, in-depth reporting that aligns to our clients'
specific data fields, delivering greater accuracy.
- Risk-Based Capital (RBC) Reports. With risk-based
capital reports, Clearwater has
updated the book adjusted carrying value for mortgage loans. This
update provides greater accuracy in reports that are in line with
RBC reports and NAIC designations.
New Enhancements for Solvency II
Reports
Given that insurers have a year to prepare for new Solvency II
reporting requirements, Clearwater
has created new tooling that allows clients to override input
values to their desired values for SCR calculations.
Introduction of Hybrid/Blended
Benchmarks Methodology
To meet specific benchmark needs that require a combination of
data sources, hybrid benchmarks were introduced so that our clients
can combine two or more indexes on a percentage basis, allowing for
more in-depth and accurate reporting and analysis.
New Price Type of "Universal
Close" for Listed Derivatives
Clearwater further enhanced the
scope of its pricing offering to include more accurate Listed
Derivatives pricing evaluations.
Updated Calculation for Clearwater
LPx
Clearwater updated its Net
Asset Value (NAV) calculation rules for limited partnerships to
bring Clearwater's NAV calculation
rules into conformity with those articulated in the Institutional
Limited Partnership Association's Principles, Practices &
Policy model.
New Cash Flow and Yield Analysis
Reports
The new "Cash Flow and Yield Analysis" reports are lot level
reports that include key data points to provide users with greater
insight into amortization calculations and inputs. The reports
include such data as cash flow source and cash flow effective date,
amortization adjustment dates, interest recognition guidance, and
future looking cash flows projections summarized at the lot
level.
Additional Information
- Watch the on-demand webinar NAIC Updates Summer 2022 National
Meeting Overview to hear the latest investment accounting
guidance updates.
- Register to attend Clearwater Connect 2022, our annual
conference where the brightest minds in accounting and finance will
convene and get an exclusive first look at Clearwater's world-class technology, learn
industry best practices, and network with thought leaders and
leading practitioners from around the world.
About Clearwater Analytics
Clearwater Analytics is a global industry-leading SaaS solution
for automated investment data aggregation, reconciliation,
accounting, compliance, risk, performance, and reporting. Each
day, the Clearwater solution
reports on more than $5.9 trillion in
assets for clients that include leading insurers, asset managers,
corporations, pension plans, governments, and nonprofit
organizations – helping them make the most of their investment
portfolio data with a world-class product and client-centric
servicing. Investment professionals around the globe trust
Clearwater to deliver timely,
validated investment data and analytics. Additional
information about Clearwater can
be found at clearwateranalytics.com, LinkedIn,
and Twitter.
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