Clearwater Analytics, a software as a service (SaaS)-based investment management, accounting, reporting, and analytics solutions provider, has been selected by marine insurer NorthStandard to boost the latter’s investment operations.
Established through the merger of North of England P&I Association (North P&I Club) and the Standard Club in February 2023, NorthStandard offers global marine insurance products and services across the maritime industries.
According to Clearwater Analytics, the Standard Club has leveraged the former’s solutions over the last five years.
NorthStandard chief financial officer Nick Jelley said: “By selecting Clearwater, we gain a best-in-class, investment reporting solution that automates reporting processes, ensures data accuracy, and establishes a transparent operating model.
“The elimination of manual workarounds and fund reconciliation processes will allow us to redirect our efforts towards performing a comprehensive analysis of our portfolios. Embracing cutting-edge technology ensures we remain at the forefront of innovation in our industry.”
As part of the engagement, the North P&I Club assets will be integrated into the Clearwater Analytics’ platform to provide NorthStandard with a unified, single lens perspective on investment accounting and reporting.
Clearwater Analytics said that it will deliver further transparency into the investment funds by pooling the underlying holdings and furnishing fund look-through reporting.
Clearwater Analytics chief revenue officer Scott Erickson said: “The Clearwater platform empowers leading organisations like NorthStandard to grow seamlessly and scale by providing business leaders with transparency into their acquisitions.
“Our team is dedicated to driving impactful change with our state-of-the-art solutions. Clearwater continues to rewrite the playbook for investment management so our clients can benefit from greater efficiency, data accuracy, and strategic insight.”
In March 2022, Clearwater Analytics announced a new services partnership with BNP Paribas’ securities services business to offer investment accounting and reporting solutions in combination with the bank’s custodian services.
