THE 2O15 INSURANCE INVESTMENT BENCHMARK SURVEY REPORT. conducted by

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1 THE 2O15 INSURANCE INVESTMENT BENCHMARK SURVEY REPORT conducted by

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3 CONTENTS Introduction 2 Survey Highlights 3 Operational Tools 5 Operational Processes 19 Investment Environment 29 Demographics 39 The 2015 Insurance Investment Benchmark Survey Report 1

4 INTRODUCTION Investment and accounting professionals at U.S. insurance companies face numerous challenges: historically low interest rates; ever-changing regulations; high investment performance expectations despite inviolable liquidity requirements; pressure to provide accurate and timely information to internal and external stakeholders; and more. Forward-thinking insurers are constantly seeking new and better ways to not only meet these challenges, but also elevate performance and increase efficiency. The 2015 Insurance Investment Benchmark Survey, conducted by Clearwater Analytics, was designed with these goals in mind. More than 400 respondents shared their impressions of the current investment environment, details about key accounting and reporting processes, and investment allocation strategies. This report presents the survey responses and key data takeaways. Benchmarking is a critical tool in this process. Benchmarking data can provide insights into similar organizations, drive improvements, and enhance internal operational efficiencies. Introduction The 2015 Insurance Investment Benchmark Survey Report 2

5 SURVEY HIGHLIGHTS Outsourced SaaS solutions are best-in-class Insurers using fully automated, outsourced software-as-a-service (SaaS) solutions are significantly more efficient in their accounting and analytics processes, more confident in the integrity of their data, and generally happier with their investment accounting and reporting tools. An inefficient status quo persists Many insurers remain content with the systems they currently use, despite that fact that 44% admit they still rely on manual processes and in-house workarounds that are inefficient and prone to error. Manual processes negatively impact ROI Manual processes are the key impediment to accurate, timely, and efficient accounting and reporting for a significant number of insurers. The downstream consequences ultimately impact their ROI. Data timeliness is valued Investment and accounting teams would prefer to analyze investment performance, risk, and compliance on a more frequent basis (i.e., weekly or daily), and close the books faster for efficient and informed decision-making. Sophisticated portfolios require sophisticated accounting solutions In the current low-yield environment, many investors are likely to increase their non-traditional asset allocations, requiring accounting teams to manage greater complexity. Fully automated solutions appreciate in value as assets increase Insurers with large portfolios take significantly longer to close their books at month-, quarter-, and year-end. As assets grow, so does the need for fully automated and streamlined accounting processes. About Clearwater Analytics Clearwater Analytics is the industry-leading provider of web-based investment accounting and reporting software. Clearwater has modernized investment accounting and reporting, providing an automated SaaS solution with adaptable functionality and world-class customer service. Clearwater provides hundreds of insurers of all sizes with the tools to eliminate manual processes, reduce close times, improve internal reporting and communication, maximize performance, reduce risk, and seek higher yields. Survey Highlights The 2015 Insurance Investment Benchmark Survey Report 3

6 OPERATIONAL TOOLS The insurance industry relies on a variety of investment accounting and reporting tools and solutions. Some organizations use highly automated and modern technological solutions; others continue to use the same software and manually based processes they ve employed for decades. Still others rely on asset managers to provide accounting and reporting services. We asked survey participants which operational tools they use, and how satisfied they are with those tools in terms of accuracy, reliability, timeliness, and ROI. Their responses provide an industry-wide snapshot of what tools insurers use, and how effective those tools are in completing investment accounting and reporting tasks. Key Takeaways Outsourced SaaS solutions provide the most overall user satisfaction for investment accounting, performance analytics, risk awareness, and compliance monitoring. Installed solutions, once the industry standard, are now insufficient for providing timely, detailed risk reporting that lives up to insurers needs and expectations. 44% of survey respondents use an outsourced investment accounting provider. Nearly a quarter of respondents still use spreadsheets to track compliance. Operational Tools The 2015 Insurance Investment Benchmark Survey Report 5

7 Accounting Systems What kind of investment accounting system does your organization rely upon? 45% Outsourced Provider 34% Installed Software 7% Asset Manager 6% Spreadsheet 6% Custodian 2% Consultant Fig. 1 Operational Tools The 2015 Insurance Investment Benchmark Survey Report 6

8 Accounting System Satisfaction The investment accounting vendor we primarily rely upon provides good customer service. Outsourced Asset Manager Installed Custodian Spreadsheet Average Strongly Disagree Strongly Agree Fig. 2 NOTE: For all scaling questions, survey participants were asked to respond on a scale of 1 to 5. All data is depicted within the range of Operational Tools The 2015 Insurance Investment Benchmark Survey Report 7

9 Accounting System Satisfaction We receive investment accounting information in a timely manner. We receive investment accounting information at the level of detail desired. Outsourced 4.14 Installed 3.64 Spreadsheet 3.57 Average 3.83 Asset Manager 3.5 Custodian Strongly Disagree Strongly Agree Fig. 3 Asset Manager Outsourced Installed Consultant Spreadsheet Custodian Average Strongly Disagree Strongly Agree Fig. 4 Relative to our expectations, the return on our investment accounting system is: We receive investment accounting information that is reliable/trustworthy. Outsourced 3.78 Asset Manager Installed Consultant 3.25 Average 3.49 Spreadsheet 3.17 Custodian Much Lower Much Higher Fig. 5 Outsourced Consultant Asset Manager 4.2 Installed 4.01 Spreadsheet 4.0 Custodian Strongly Disagree Average Strongly Agree Fig. 6 Operational Tools The 2015 Insurance Investment Benchmark Survey Report 8

10 Performance Systems What kind of investment portfolio performance system do you primarily rely upon? 30% Outsourced Provider 23% Asset Manager 19% Installed 12% Spreadsheet 9% Consultant 7% Custodian Fig. 7 Operational Tools The 2015 Insurance Investment Benchmark Survey Report 9

11 Performance System Timeliness At what frequency does your organization analyze investment portfolio performance returns? Weekly 4% Daily 5% 60% Monthly Annually 2% At what frequency would your organization ideally like to analyze investment portfolio performance returns? Quarterly 29% Weekly 14% Fig. 8 Daily 17% 54% Monthly Quarterly 15% Fig. 9 In general, respondents would like access to more timely performance data. 9% currently analyze performance either daily or weekly. However, 31% said they d ideally like to analyze performance either daily or weekly. Operational Tools The 2015 Insurance Investment Benchmark Survey Report 10

12 Performance System Satisfaction We receive investment portfolio performance reporting in a timely manner. We receive investment portfolio performance information that is at the level of detail desired. Outsourced 4.18 Asset Manager 3.76 Installed 3.63 Average 3.7 Spreadsheet 3.53 Custodian Consultant Strongly Disagree Strongly Agree Fig. 10 Outsourced 4.27 Asset Manager 3.78 Installed 3.64 Average 3.73 Spreadsheet 3.53 Consultant 3.33 Custodian Strongly Disagree Strongly Agree Fig. 11 Relative to our expectations, the return on our investment portfolio performance system is: We receive investment portfolio performance information that is reliable/trustworthy. Outsourced 3.55 Installed 3.54 Asset Manager 3.38 Spreadsheet 3.11 Average 3.32 Consultant 3.0 Custodian Much Lower Much Higher Fig. 12 Outsourced Asset Manager Installed Spreadsheet Consultant Custodian Strongly Disagree Average Strongly Agree Fig. 13 Operational Tools The 2015 Insurance Investment Benchmark Survey Report 11

13 Risk Systems What kind of investment portfolio risk system do you primarily rely upon? 30% Outsourced Provider 22% Asset Manager 20% Installed 12% Spreadsheet 9% Consultant 7% Custodian Fig. 14 Operational Tools The 2015 Insurance Investment Benchmark Survey Report 12

14 Risk System Timeliness At what frequency does your organization analyze investment portfolio risk? Weekly 7% At what frequency would your organization ideally like to analyze investment portfolio risk? Weekly 14% Daily Annually 6% 12% Quarterly 33% 42% Fig. 15 Monthly Daily 22% 44% Monthly Annually 1% Quarterly 19% Fig. 16 Operational Tools The 2015 Insurance Investment Benchmark Survey Report 13

15 Risk System Satisfaction We receive investment portfolio risk information in a timely manner. We receive investment portfolio risk information at the level of detail desired. Outsourced 4.1 Custodian 4.0 Asset Manager 3.71 Installed 3.32 Average 3.66 Spreadsheet Consultant Strongly Disagree Strongly Agree Outsourced 4.03 Asset Manager 3.62 Installed 3.45 Average 3.64 Consultant 3.36 Spreadsheet Strongly Disagree Strongly Agree Fig. 18 Fig. 17 Relative to our expectations, the return on our risk reporting system is: We receive investment portfolio risk reporting that is reliable/trustworthy. Asset Manager Outsourced Installed 3.05 Average 3.21 Consultant 3.0 Spreadsheet Much Lower Much Higher Fig. 19 Asset Manager Outsourced Custodian Spreadsheet 3.82 Average 3.94 Installed 3.79 Consultant Strongly Disagree Strongly Agree Fig. 20 Operational Tools The 2015 Insurance Investment Benchmark Survey Report 14

16 Compliance Systems What kind of post-trade investment policy compliance system do you primarily rely upon? 32% Outsourced Provider 27% Spreadsheet 18% Asset Manager 11% Installed 7% Custodian 5% Consultant Fig. 21 Operational Tools The 2015 Insurance Investment Benchmark Survey Report 15

17 Compliance System Timeliness At what frequency does your organization monitor post-trade investment policy compliance of your investment portfolio? Weekly 7% 32% Monthly At what frequency would you ideally like to monitor the post-trade investment policy compliance of your investment portfolio? Daily 22% Weekly 14% Annually 6% 33% Fig. 22 Quarterly Daily 29% 36% Monthly Annually 1% 20% Quarterly Fig. 23 Operational Tools The 2015 Insurance Investment Benchmark Survey Report 16

18 Compliance System Satisfaction We receive post-trade investment compliance information in a timely manner. We receive post-trade investment policy information at the level of detail desired. Outsourced 4.26 Asset Manager 3.83 Spreadsheet Installed Average Strongly Disagree Strongly Agree Fig. 24 Outsourced 4.13 Asset Manager 3.83 Installed 3.53 Average 3.72 Spreadsheet Strongly Disagree Strongly Agree Fig. 25 Relative to our expectations, the return on our post-trade investment policy compliance monitoring system is: Outsourced Asset Manager Spreadsheet Installed Average Much Lower Much Higher Fig. 26 We receive post-trade investment policy compliance information that is reliable/trustworthy. Asset Manager Outsourced Spreadsheet Consultant Installed Custodian Strongly Disagree Average Strongly Agree Fig. 27 Operational Tools The 2015 Insurance Investment Benchmark Survey Report 17

19 Quality of Information We receive investment accounting security master information that is accurate Asset Manager Outsourced Custodian Installed Spreadsheet Consultant Strongly Disagree Average Strongly Agree Fig. 28 Operational Tools The 2015 Insurance Investment Benchmark Survey Report 18

20 OPERATIONAL PROCESSES Insurers rely on various systems and processes to ensure that their investment accounting and reporting is timely and accurate. As insurers work to submit period-end and regulatory reports, prepare journal entries, track compliance, assess risk, and make meaningful decisions based on all of these pieces, they must rely on processes that promote efficiency and accuracy. Yet these practices differ radically between insurers, and a functioning system does not necessarily equal an efficient one, especially if manual processes are involved. We asked survey participants how quickly they re closing their books, completing quarter- and year-end NAIC reports, and providing monthly board packages. We also asked how long these tasks would ideally take, and what s preventing them from meeting those goals. Key Takeaways Manual processes were cited as the main impediment to efficiency and strategic decision-making, especially when reconciling data, closing the books, and preparing regulatory reports and board packages. CFOs would like to see the books closed up to two days sooner. Over 40% of respondents stated that they were still lacking a fully automated system, indicating the reliance on manual processes. Operational Processes The 2015 Insurance Investment Benchmark Survey Report 19

21 The Prevalence of Manual Processes The investment accounting system we primarily rely upon is fully automated. Disagree Agree 44% 56% Fig. 29 Operational Processes The 2015 Insurance Investment Benchmark Survey Report 20

22 Average Monthly Close Date In an average month, on which day does your organization typically close the books? Which day would you like to close your books? Closing the Books Accounting (desired) CFO (desired) Actual Fig. 30 Operational Processes The 2015 Insurance Investment Benchmark Survey Report 21

23 Closing the Books Faster What is the driving factor behind the desire to streamline the monthly close process?* Improve Efficiency 31 Quicker Decision Making 21 Focus on Pertinent Issue 19 Access to Better Info 18 Respond to Stakeholders 11 Fig. 31 *NOTE: Respondents were asked to allocate a total of 100 points divided across the above reasons for streamlining the monthly close process, weighted according to the degree of significance. Operational Processes The 2015 Insurance Investment Benchmark Survey Report 22

24 Time to Complete Monthly Reconciliation On average, how many total hours does it take the investment accounting team to reconcile investment accounting data each month? 22 Fig. HOURS 32 On average, how many total hours does it take the investment accounting team to reconcile investment accounting data each month? By portfolio size $20B+ 66 $5B $20B 53 $1B $5B 20 $500M $1B 12 $100M $500M 9 <$100M 6 Fig. 33 Operational Processes The 2015 Insurance Investment Benchmark Survey Report 23

25 Time to Complete Quarter-End NAIC Reports On average, how many total hours does it take to prepare and file U.S. NAIC quarterly investment regulatory reports? 30 Fig. HOURS 34 On average, how many total hours does it take to prepare and file U.S. NAIC quarterly investment regulatory reports? By portfolio size $20B+ 81 $5B $20B 42 $1B $5B 19 $500M $1B $100M $500M <$100M 7 Fig. 35 Operational Processes The 2015 Insurance Investment Benchmark Survey Report 24

26 Time to Complete Year-End NAIC Reports On average, how many total hours does it take to prepare and file U.S. NAIC year-end investment regulatory reports? 55 Fig. HOURS 36 On average, how many total hours does it take to prepare and file U.S. NAIC year-end investment regulatory reports? By portfolio size $20B+ 172 $5B $20B 107 $1B $5B 36 $500M $1B $100M $500M <$100M 10 Fig. 37 Operational Processes The 2015 Insurance Investment Benchmark Survey Report 25

27 Time to Complete Monthly Board Packages On average, how many total hours are required to prepare monthly board packages? 15 Fig. HOURS 38 On average, how many total hours are required to prepare monthly board packages? By portfolio size $20B+ 76 $5B $20B 32 $1B $5B $500M $1B $100M $500M 7 <$100M 3 Fig. 39 Operational Processes The 2015 Insurance Investment Benchmark Survey Report 26

28 Impediments to Faster Book Close What are the key reasons preventing your organization from preparing board packages more quickly? Staffing 6% Complexity 10% What is the primary impediment for not closing your organization s books faster each month? Manual Processes 49% Current Systems 4% Data Availability 13% Current Systems Complexity 12% 9% 31% Manual Processes Data Delays 19% Fig. 40 Staffing 12% Data Delays 13% 23% Data Availability Fig. 41 Manual processes are the biggest impediment to faster closing times and can cause important decisions to be made based on inaccurate or out-of-date data. Operational Processes The 2015 Insurance Investment Benchmark Survey Report 27

29 INVESTMENT ENVIRONMENT The investment and regulatory environment impacts insurers portfolio decisions today, and it shapes their plans for the future. However, an unprecedented span of low interest rates and market volatility has made it challenging for insurers to craft long-term asset allocation strategies. Regardless of a firm s size, longterm goals, portfolio size, or initiatives, investment and accounting teams are concerned about how to prepare for unpredictable changes. And while regulations can be slow to evolve, it can still be difficult to evaluate their exact impacts on investment strategies and accounting processes. We asked survey respondents about their top challenges, interest rate predictions, regulatory considerations, and asset class allocations. The answers to these questions provide valuable perspective on the complicated challenge of executing a successful investment strategy in a low interest rate and low yield environment. Key Takeaways Insurers currently investing in nontraditional asset classes are likely to increase these allocations in the next year. Insurers currently not investing in non-traditional asset classes will continue to avoid them, at least in the short term. Insurers are optimistic about interest rates rising, with 83% saying they expect them to rise in the next year. In the current investment environment, both CFOs and investment teams point to yield/returns and interest rates as top concerns in the next year. Investment Environment The 2015 Insurance Investment Benchmark Survey Report 29

30 Top Challenges and Concerns: Investment Team What is your biggest investment-related concern over the next one year? Yield/Return 34% Interest Rates 31% 5% 5% 5% 5% 12% Asset Allocation Miscellaneous Risk Operational 3% General Strategy Reporting/Regulatory Fig. 42 Implementation of IFRS accounting guidance. Unpredictability in the market. Keeping up with the changes in investments. Finding ways to improve yield on our portfolio, given the challenges of the low interest rate environment. NOTE: These are some representative responses to the question, What is your biggest investment-related concern over the next one year? Investment Environment The 2015 Insurance Investment Benchmark Survey Report 30

31 Top Challenges and Concerns: CFOs What is your biggest investment-related concern over the next one year? Yield/Return 50% Interest Rates 23% 8% 6% 5% 3% 3% Asset Allocation Miscellaneous Risk Reporting/Regulatory General Strategy The low interest rate. Unpredictability in the market. 2% Operational Increasing yield Fig. 43 while maintaining a risk-return balance. Driving yield while maintaining discipline. NOTE: These are some representative responses to the question, What is your biggest investment-related concern over the next one year? Investment Environment The 2015 Insurance Investment Benchmark Survey Report 31

32 Interest Rate Predictions Over the next one, three, and five years, do you predict interest rates will increase, decrease, or stay about the same? 12% 5% 1% 3% 2% 2% <1 YEAR 1-3 YEARS 3+ YEARS 83% 96% 96% Fig. 44 Increase About the Same Decrease By how much do you expect interest rates to change over the next one, three, and five years? NEXT 3 YEARS <1 YEAR +0.32% +1.06% NEXT 5 YEARS +1.75% Fig. 45 NOTE: This represents an average of all responses in each period. Investment Environment The 2015 Insurance Investment Benchmark Survey Report 32

33 Upcoming NAIC Guidance Concerns How concerned are you with: Pending changes to RBC calculations in the next two years 2.81 Fig. 46 Pending changes to the Investment Classification Review Project 2.89 Fig. 47 Investment and accounting teams expressed little concern with upcoming regulatory changes. However, regulatory requirements change frequently, and it can be challenging to track let alone incorporate NAIC guidance. Insurers who choose a solution provider that helps them stay up-to-date on the latest changes are able to proactively adjust to meet evolving regulatory changes. Your organization s level of preparation for the implementation of ORSA 2.08 Fig. 48 NOTE: Respondents were asked to provide responses on a scale of 1 (not concerned) to 5 (very concerned). Investment Environment The 2015 Insurance Investment Benchmark Survey Report 33

34 Non-Traditional Asset Class Allocation: Insurance Type Are you invested in the following asset classes? All respondents YES NO Forwards Futures Commingled Funds Credit Tenant Loans Syndicated Loans Swaps Options REITs Private Placements Limited Partnerships Mortgage Loans 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fig. 49 Investment Environment The 2015 Insurance Investment Benchmark Survey Report 34

35 Non-Traditional Asset Class Allocation: Insurance Type Are you invested in the following asset classes? P&C Forwards Futures Commingled Funds Credit Tenant Loans YES NO Syndicated Loans Swaps Options REITs Private Placements Limited Partnerships Mortgage Loans 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fig. 50 Life insurers are more likely to invest in Are you invested in the following asset classes? Life non-traditional assets than other insurers. They often have larger portfolios, longer investment horizons, and more latitude to explore less common asset types. YES NO Forwards Futures Commingled Funds Credit Tenant Loans Syndicated Loans Swaps Options REITs Private Placements Limited Partnerships Mortgage Loans 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fig. 51 Investment Environment The 2015 Insurance Investment Benchmark Survey Report 35

36 Non-Traditional Asset Class Allocation: Portfolio Size Are you investing in the following asset classes? Portfolios less than $1B Forwards Futures Commingled Funds Credit Tenant Loans Syndicated Loans Swaps Options REITs Private Placements Limited Partnerships Mortgage Loans YES NO 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fig. 52 Are you investing in the following asset classes? Portfolios greater than $1B Forwards Futures Commingled Funds Credit Tenant Loans Syndicated Loans Swaps Options REITs YES Private Placements Limited Partnerships Mortgage Loans NO 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fig. 53 Investment Environment The 2015 Insurance Investment Benchmark Survey Report 36

37 Non-Traditional Asset Class Future Allocation If you are invested in alternate asset classes, how are you planning to change your allocations in the next year? INCREASE DECREASE NO CHANGE REITs Futures Swaps Commingled Funds Options Credit Tenant Loans Mortgage Loans Forwards Private Placements Limited Partnerships Syndicated Loans 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fig. 54 If you are not invested in alternate asset classes, how are you planning to change your allocations in the next year? Insurers who are currently investing in non-traditional asset classes are significantly more likely to increase their allocations in these asset classes than those who are currently not investing in them. INCREASE NO CHANGE Credit Tenant Loans Forwards Commingled Funds Futures Syndicated Loans Private Placements Limited Partnerships Swaps Options REITs Mortgage Loans 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fig. 55 Investment Environment The 2015 Insurance Investment Benchmark Survey Report 37

38 What s Keeping You from Investing? What is your top reason for not investing in non-traditional asset classes? 11% Regulatory Concerns 2% Other Outside Investment Guidelines 47% 10% Lack of Expertise 30% Lack of Interest Fig. 56 Investment Environment The 2015 Insurance Investment Benchmark Survey Report 38

39 DEMOGRAPHICS Nearly 450 insurance professionals took The 2015 Insurance Investment Benchmark Survey, including more than 100 CFOs. We asked participants a range of individual and firm demographic questions to get as full a picture as possible of respondents and the insurance companies they work for. The goal was to assess individual and group sentiments regarding the investment and regulatory environment, investment strategies, and accounting and reporting processes and tools. Clearwater Analytics ed survey invitations to approximately 12,100 investment and accounting professionals in late April, The IASA also sent survey invitations to an unspecified number of CFOs. Within three weeks, Clearwater collected nearly 450 survey responses. We believe this constitutes a representative sample size for professionals in this industry. Key Takeaways Survey participants represent the full spectrum of roles, experience levels, departments, and insurance types in the U.S. insurance industry. More than 100 CFOs responded to the survey. Demographics The 2015 Insurance Investment Benchmark Survey Report 39

40 Demographics by Role Which of the following best describes your role in your organization? By team Which of the following best describes your role in your organization? Investment 29% 47% Accounting Risk Department 4% Other 4% CFO 24% Fig. 57 Investment Staff CIO 7% 14% 30% Accounting Staff CFO 24% 17% CAO/Controller Fig. 58 Demographics The 2015 Insurance Investment Benchmark Survey Report 40

41 Demographics by Organization Type What is the total number of employees in your organization? % % 1,001-5,000 19% 501-1,000 10% 6% 4% 4% 5,001-10,000 10,001-25,000 25,000+ What is your organization s primary line of business? Reinsurance 2% Fraternal 2% 11% Health 15% Life Fig. 59 P&C 55% 11% Multi-Line 4% Other Fig. 60 Demographics The 2015 Insurance Investment Benchmark Survey Report 41

42 Demographics by Portfolio What is the total size of your organization s investment portfolio? $100M to $500M 23% $0 to $100M 21% $1B to $5B 19% $500M to $1B 13% $50B+ 8% Fig. 61 7% 5% $10B to $20B $5B to $10B 4% $20B to $50B How many Schedule Ds does your organization file? None 6% One 34% Two 19% Three 7% Four 6% Five 3% Six 2% Seven 5% Eight+ 18% Fig. 62 Demographics The 2015 Insurance Investment Benchmark Survey Report 42

43 Clearwater Analytics is the industry-leading provider of web-based investment accounting and reporting software. Clearwater has modernized investment accounting and reporting, providing an automated SaaS solution with adaptable functionality and world-class customer service. Clearwater provides hundreds of insurers of all sizes the tools to eliminate manual processes, reduce close times, improve internal reporting and communication, maximize performance, reduce risk, and seek higher yields. Connect with Clearwater to learn more. (208) clearwateranalytics.com linkedin.com/company/clearwater-analytics The 2015 Insurance Investment Benchmark Survey Report 43

44 About Clearwater Analytics Clearwater Analytics is the leading provider of web-based investment portfolio accounting, reporting, and reconciliation services for corporate treasuries, insurance companies, and asset managers. Clearwater aggregates, reconciles, and reports on more than $1.3 trillion in assets across 25,000+ accounts daily. For more than a decade, Clearwater has helped firms such as CopperPoint Mutual Insurance Company, Group Health Companies, The Main Street America Group, SBLI, C.V. Starr & Co., Sagicor, Enstar, Wilton Re, and WellCare 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. INQUIRIES sales@clearwateranalytics.com info@clearwateranalytics.com WORLDWIDE OFFICES Boise, Idaho New York, New York Edinburgh, U.K Clearwater Analytics All rights reserved. This material is for informational purposes only. Clearwater makes no warranties, express or implied, in this summary. All technologies described herein are either registered trademarks or trademarks of their respective owners in the United States and/or other countries