Image via Clearwater Analytics

Big Data is proving to be a key asset across all vertical markets, with the financial sector in particular emerging as a hotbed of analytics growth. But as unstructured information piles up, practitioners come to realize that extracting meaningful patterns and relations is only one of the challenges to gaining a competitive advantage. The resulting insights also have to be made accessible to business users through detailed reports that can be immediately applied in decision making.

Clearwater Analytics is hoping to turn this vision into a reality for insurance companies with new reporting automation capabilities designed to simplify the tracking of financial assets. The Idaho-based accounting-as-a-service firm says that its platform has been enhanced to pull in identifier codes from the cloud and automatically populate that data in transaction reports, freeing up person-hours and reducing the risk of human error.

“Not only does Clearwater support LEI, we are automatically populating the LEI data field, which eliminates the manual component of LEI data compliance and saves our clients both time and effort,” noted Dwayne Kreipl, the director of data management at Clearwater.

This functionality is complemented by a new Schedule BA tool for managing long term investments, and a set of enhancements meant to “further aid how regulators identify and analyze risk in an insurance company’s investment portfolio.” Additionally, Clearwater added new templates to streamline the preparation of annual survey reports for A.M. Best, Fitch, and S&P ratings providers.

“Insurance companies have traditionally struggled to complete credit rating reports because they have difficulty getting data and they rely on manual processes,” commented Richard Pullara, the company’s manager of insurance solutions. “With the addition of these reports, insurers will be better equipped to produce optimal survey reporting, including A.M. Best reporting.”