Insurance Asset Risk Awards Celebrate Clearwater’s Excellence in IFRS 9 Solutions
BOISE, Idaho, April 18, 2024 /PRNewswire/ — Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced that it has won the IFRS 9 Solution Provider of the Year award for the second consecutive year. This achievement underscores Clearwater’s expertise in navigating the complexities of financial reporting and simplifying meticulous processes for our clients.
The Insurance Asset Risk Awards annually recognize outstanding technology firms in the insurance asset management sector. Clearwater Analytics distinguished itself from the competition with its cloud-based SaaS platform and dedicated Client Services offering, which provides a robust foundation to assist clients with their IFRS 9 plan, or global equivalents such as PSAK 71. The solution itself simplifies and streamlines adherence to the financial reporting rules for businesses of all sizes.
“We’re truly honored by this award, which highlights our team’s deep understanding of IFRS 9 and our dedication to supporting our clients,” said Keith Viverito, Managing Director, EMEA and APAC at Clearwater Analytics. “The journey towards IFRS 9 proficiency has been difficult for many in the industry. While insurers have become more adept over the years, there remains a significant need for improvement in operational models to align with best practices today. Clearwater simplifies the financial reporting process, making it faster and more accurate in aligning with IFRS 9 requirements. Our ability to automate the Expected Credit Loss (ECL) allowances and provide comprehensive data management solutions is a testament to our investments in innovation and relentless focus on customer success.”
One of the main challenges facing businesses for IFRS 9 adherence is the impairment of financial instruments, particularly the ECL model. Firms continuously struggle with data availability and quality, estimation techniques, scenario analysis, documentation, auditability, and the ongoing monitoring and reassessment of financial instruments. Clearwater’s success in delivering sophisticated solutions that address these challenges head-on has been a major factor behind its industry-leading 60+ NPS score.
This award joins a growing list of industry accolades, including the InsuranceAsia News Excellence Award for Technology Provider of the Year, the Chartis RiskTech Buyside 50 spot for Investment Lifecycle – Insurance/ Pension Funds, and the Captive Review Award for Software Solution of the Year. Each honor reaffirms Clearwater’s commitment to enhancing data quality and operational efficiency for clients around the globe.
Talk to an expert today to learn more about how Clearwater Analytics elevates financial operations and IFRS 9 compliance strategy.
About Clearwater Analytics
Clearwater Analytics (NYSE: CWAN), a global, industry-leading SaaS solution, automates the entire investment lifecycle. With a single instance, multi-tenant architecture, Clearwater offers award-winning investment portfolio planning, performance reporting, data aggregation, reconciliation, accounting, compliance, risk, and order management. Each day, leading insurers, asset managers, corporations, and governments use Clearwater’s trusted data to drive efficient, scalable investing on more than $7.3 trillion in assets spanning traditional and alternative asset types. Additional information about Clearwater can be found at clearwateranalytics.com.
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