Clearwater Report Finds 90% of Insurers at a Disadvantage with Current Operating Models
- 98% of European insurers agree a digital data strategy is the top priority for future success
- 100% of respondents see the cost of IT increasing over the next three years
- Most insurers are moving from on-prem to cloud-based technology for investment management and accounting
- Choosing a SaaS-based data management solution is a clear way to reduce costs
- 90% of respondents believe current operating models do not support future business needs
Insurers That Outsource Their Investment Accounting & Reporting Technology Can Rewrite Their Future and Thrive
Top findings in the report include:
- Ninety-eight percent of European insurers agree a digital data strategy is the top priority to creating a competitive advantage for future success.
- In a clean sweep,
100% of respondents see the cost of IT increasing over the next three years, with90% believing current operating models do not support future business needs. - Most Insurers are moving from on-prem to cloud-based technology for investment management and accounting and anticipate using managed services to free teams to focus on product innovation and growth.
- Competitive differentiation comes with improved operations and provides faster innovation.
"Insurers that embrace a new digital operations model and access trusted data can rewrite their future," said Josef Sommeregger, Head of DACH at Clearwater Analytics. "As such, finding the right partner and solution becomes crucial. The report succinctly underscores the path to operational excellence: a unified platform that consolidates, aggregates, reconciles and reports on all your investment data in a single place, enabling unprecedented enterprise visibility and decision support. To gain a clear advantage and leave behind legacy on-prem systems, choosing a SaaS-based data management solution is a clear way to reduce costs, while maintaining clear control and oversight of critical investment management and accounting functions."
The Clearwater platform replaces aged patchworks of on-premises software involving significant manual processes. Clearwater's software aggregates, reconciles, and validates data from more than 2,800 daily data feeds and more than four million securities that have been modelled across multiple currencies, asset classes, and countries. Furthermore, the Clearwater platform utilizes the latest machine learning and AI tools to manage complex tasks around structured and unstructured data. The cleansed and validated data runs through Clearwater's proprietary accounting, performance, compliance, and risk solutions to provide clients with powerful analytics and on-demand, configurable reporting.
Sionic conducted the survey in September 2023 receiving responses from C-Level and Heads of insurance professionals in operational decision-making roles across a broad range of European insurers, with responses evenly distributed from smaller niche insurers (0-10bn) to some of the very largest (50bn+). Download The Digital Promise: Operational Challenges, Approaches, and Progress for European Insurers report and request your demo from Clearwater Analytics today.
About Sionic
Sionic is a global consulting firm specialising in financial services. Sionic's purpose is to accelerate the business, technology and people performance of its clients and to have a positive impact on society. Sionic is a Davies company.
Sionic is expert-led, cross-sector specialists, focused on banking, asset and wealth management, insurance and highly regulated industries. The company offers multi-disciplinary, multi-capability expertise across business strategy; customer experience; data and analytics; digital learning; people and organisational performance; operational excellence and improvement; regulatory compliance; risk, controls and assurance; technology transformation and digitisation.
Sionic's 500+ specialist consulting staff is based out of its main offices in
Sionic offers a unique blend of subject matter expertise, senior industry experience and specialism in transformation and change with a commitment to deliver measurable value. The company is straight-forward, adaptable and outcomes-focused. Sionic builds affinity, work with integrity and always does what is right for its clients.
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
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SOURCE Clearwater Analytics
FAQ
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