Clearwater Analytics Unveils Product Enhancements that Boost the Accuracy and Reporting of its Award-Winning Platform

Rhea-AI Summary

Clearwater Analytics (NYSE: CWAN) announced significant product enhancements in Q2 2022, improving user experience and regulatory compliance. The upgrades include new NAIC designation categories, enhanced solvency II reporting, and hybrid benchmarks for detailed analysis. Notable features include updated Schedule D and RBC reports for greater accuracy, a new 'Universal Close' pricing type for derivatives, and advanced cash flow analysis reports. These innovations aim to boost operational efficiency, aligning with regulatory standards and empowering clients with reliable data for decision-making.

Positive

• Introduced new NAIC designation categories for improved regulatory compliance.
• Enhanced Schedule D and Schedule DB reports for greater accuracy.
• Updated RBC reports providing accurate book adjusted carrying values.
• New tools for Solvency II reporting aiding clients in SCR calculations.
• Hybrid benchmarks methodology allows detailed reporting with multiple indexes.
• New 'Universal Close' pricing for better valuations of Listed Derivatives.
• Updated NAV calculation rules align with industry standards.
• Introduced cash flow and yield analysis reports for in-depth insights.

Negative

• None.

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. 

"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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SOURCE Clearwater Analytics

FAQ

What new features did Clearwater Analytics introduce in Q2 2022?

Clearwater Analytics launched several enhancements, including NAIC designation categories, improved Schedule D reporting, and a new methodology for hybrid benchmarks.

How do the new enhancements support regulatory compliance?

The updates improve accuracy in NAIC and Solvency II reporting, helping clients meet regulatory requirements effectively.

What is the significance of the new 'Universal Close' pricing for derivatives?

This feature enhances the accuracy of pricing evaluations for listed derivatives, offering clients better valuation insights.

How does Clearwater Analytics' cash flow and yield analysis report benefit clients?

The report provides detailed insights into amortization calculations and future cash flow projections, aiding in better investment decision-making.

What impact do these product enhancements have on Clearwater Analytics' market position?

The enhancements strengthen Clearwater's competitive advantage by improving operational efficiency and delivering accurate investment data for clients.