Unum Group Chooses Clearwater for Investment Accounting System Transformation
BOISE, Idaho--(BUSINESS WIRE)--Sep 19, 2018--Clearwater Analytics ® announced today that Unum Group (NYSE:UNM) has selected Clearwater’s cloud-based investment accounting and reporting solution to provide validated portfolio data, investment book of record accounting, and transparent real-time portfolio reporting.
Unum will utilize Clearwater’s integrated accounting, compliance, performance, and risk solution to sunset more than 20 home-grown and third-party systems across its investment operations. The multi-asset class, multi-currency, and multi-basis accounting solution will enable Unum to more efficiently manage its global portfolio. Unum’s investment team will also leverage Clearwater to automate regulatory disclosures, general ledger integration, and other period-end close processes.
A leading provider of financial protection benefits in the US and UK, Unum is committed to helping employers manage their businesses and employees protect their livelihoods. Clearwater’s accurate portfolio data and transparent reporting is a strategic choice for Unum as they continue to build financial strength to serve their customers.
“Clearwater’s automated system represents a technological leap in Unum’s investment operations infrastructure and is key to maximizing efficiency of our investment operations with high-quality data analytics,” said Breege Farrell, Chief Investment Officer at Unum Group.
“We are excited to welcome Unum Group to our network of global insurers,” said Scott Roza, President of Worldwide Field Operations at Clearwater. “Unum is unique in many ways given their leadership in the market, the customers they serve, and the nature of the investment portfolio. We look forward to working with Unum to enhance their investment accounting and reporting processes, and learning from them in the process.”
About Unum Group
Unum Group ( www.unum.com ) is a leading provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life, and Unum UK. Unum’s portfolio includes disability, life, accident and critical illness, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. Unum also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs. The company reported revenues of $11.3 billion in 2017 and provided nearly $7 billion in benefits.
About Clearwater Analytics
Clearwater Analytics® is the leading provider of web-based investment portfolio accounting, reporting, and reconciliation services for corporate treasuries, insurance companies, and investment managers. Clearwater aggregates, reconciles, and reports on more than $2.7 trillion in assets across thousands of accounts daily. For more than a decade, Clearwater has helped firms such as AIG, Mutual of Omaha, Arch Capital, Knights of Columbus, CopperPoint Mutual Insurance Company, The Main Street America Group, SBLI, C.V. Starr & Co., Sagicor, Wilton Re., and WellCare streamline their investment and accounting operations. Clearwater remains committed to continuous improvement and encourages insurers to rethink how they approach their investment accounting and reporting challenges.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180919005115/en/
CONTACT: Clearwater Analytics
Lauren Brassey, 208-489-3909
Director of Marketing
KEYWORD: UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA IDAHO
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET SOFTWARE PROFESSIONAL SERVICES ACCOUNTING INSURANCE
SOURCE: Clearwater Analytics
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PUB: 09/19/2018 07:00 AM/DISC: 09/19/2018 07:01 AM