BOISE, Idaho--(BUSINESS WIRE)--Fallon Health, a nationally recognized, not-for-profit health care services organization, has selected Clearwater Analytics®, a leading provider of web-based investment accounting solutions for insurers, to provide integrated investment accounting, reporting, and analytics for its approximately $400 million investment portfolio.
Massachusetts-based Fallon provides general health insurance plans, insurance for complex care needs, and unique coordinated care programs for elders and their caregivers. Fallon is the only Massachusetts health plan awarded Excellent Accreditation by the National Committee for Quality Assurance for its HMO, Medicare Advantage, and Medicaid products. Fallon has been an innovative insurer throughout its history, from its beginnings in 1977 as the first HMO in central Massachusetts, to later evolving as one of the first Medicaid Managed Care Organizations in the state.
Fallon selected Clearwater for its ability to provide a streamlined investment accounting experience with daily visibility into their portfolio, and flexible and customizable reports that eliminate manual processes. Fallon’s previous solution wasn’t meeting their needs in reporting and customer service, prompting the search for a more robust and automated reporting system. Fallon was looking for a provider with strong industry expertise and a reputation of timely responses to industry changes. Fallon determined that Clearwater’s adaptable and user-friendly software-as-a-service (SaaS) was the best choice to meet those needs.
“Fallon was looking for three things in our accounting solution: a solution that could account for various security types, was flexible enough to accommodate our specific accounting processes, and was responsive and communicative,” said Kevin McGovern, Vice President of Finance and Treasurer at Fallon. “With Clearwater Analytics’ powerful accounting and reporting solution we can invest in various security types without worrying about whether the system can handle them. Right from the start we saw great advantages in using their system. Clearwater has greatly simplified our workflows, and we are very impressed by their knowledgeable and accessible client services team.”
With Clearwater, Fallon gains:
- An automated investment accounting system that eliminates manual processing
- A user-friendly, web-based solution that simplifies Fallon’s entire investment accounting process
- Custom, automated, and specialized reports that meet the needs of all stakeholders
- Powerful and integrated portfolio performance and risk analytics, and investment policy compliance monitoring based on audit-quality accounting data
- A world-class client services team, whose #1 priority is client satisfaction
“At Clearwater, we leverage the power of technology to improve business processes for insurers of all sizes and types,” said Clearwater CEO Dave Boren. “We are excited to partner with insurers like Fallon to help them discover how automation and dynamic SaaS technology can improve every level of their investment accounting process.”
About Fallon Health
Founded in 1977, Fallon Health is a leading health care services organization that supports the diverse and changing needs of those we serve. In addition to offering innovative health insurance solutions and a variety of Medicaid and Medicare products, we excel in creating unique health care programs and services that provide coordinated, integrated care for seniors and individuals with complex health needs. Fallon has consistently ranked among the nation’s top health plans, and is the only health plan in Massachusetts to have been awarded “Excellent” Accreditation by the National Committee for Quality Assurance for its HMO, Medicare Advantage and Medicaid products. For more information, visit www.fallonhealth.org.
About Clearwater Analytics
Clearwater Analytics® is the leading provider of web-based investment accounting, reporting, and reconciliation services for corporate treasuries, insurance companies, investment managers, and financial institutions. Clearwater aggregates, reconciles, and reports on over $1 trillion in assets across 25,000+ accounts daily. For over a decade, Clearwater has helped clients such as Group Health Companies, The Main Street America Group, Savings Bank Life Insurance Company of Massachusetts, CopperPoint Mutual Insurance Company, The Warranty Group, and WellCare streamline their investment and accounting operations. Clearwater remains committed to continuous improvement of the solutions we are providing to current clients, while encouraging prospective firms to rethink how they approach their investment accounting and reporting challenges.
