BOISE, Idaho--(BUSINESS WIRE)--Clearwater Analytics, a global SaaS solutions provider, announced today that it is implementing its cloud-based investment data management and reporting solution for Transamerica, a leading provider of investment solutions. Clearwater’s automated platform will help the financial services company manage investment data aggregation, reconciliation, accounting, and reporting.
Implementing the Clearwater platform is part of Transamerica’s efforts to drive innovation and efficiency while eliminating the need for in-house resource commitment to IT maintenance and support of portfolio data consolidation and reconciliation.
“The Clearwater solution will help streamline how we manage our data,” said Michiel van Katwijk, Chief Financial Officer at Transamerica. “Working with Clearwater Analytics allows Transamerica to aggregate and reconcile data, which allows us to focus on analyzing investment results and providing value-added business support and decision making.”
The Clearwater platform offers Transamerica centralized access to investment data for all asset classes, in part by streamlining investment accounting systems and reporting. It also reduces the IT infrastructure needed for the maintenance and day-to-day functioning of its previous on-premises investment accounting system. The SaaS solution also allows for fully-integrated and intuitive ad-hoc reporting.
A cloud-based solution has the net effect of greater employee satisfaction. It will allow for investment accounting teams to be proactive advisors. Also, the Clearwater platform halves period-end close timelines, eliminating the need for staff overtime.
“The Clearwater solution represents a market-leading future-state model that radically simplifies legacy architectures,” said Scott Erickson, Chief Operating Officer at Clearwater Analytics. “The transition to this state-of-the-art model is inevitable for the accounting and reporting function within the industry. We are committed to a research, development, and innovation process that consistently enhances the client experience. We look forward to being a long-term collaborator and partner with Transamerica.”
About Transamerica
With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Recognizing the necessity of health and wellness during peak working life, Transamerica’s dedicated professionals work to help people take the steps necessary to live better today so they can worry less about tomorrow. Transamerica serves nearly every customer segment, providing a broad range of quality life insurance and investment products, individual and group pension plans, as well as asset management services. In 2019, Transamerica fulfilled its promises to customers, paying more than $50 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica is headquartered in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa and Denver, Colorado. Transamerica is part of the Aegon group of companies. Based in the Netherlands, Aegon is one of the world’s largest providers of life insurance, pension solutions and asset management products, operating in more than 20 markets worldwide. For the full year of 2019, Aegon managed over $1 trillion in revenue generating investments. For more information, please visit www.transamerica.com.
About Clearwater Analytics
Clearwater Analytics is a global industry-leading SaaS solution for automated investment data aggregation, reconciliation, accounting, and reporting. Each day, the Clearwater solution reports on more than $5.5 trillion in assets for clients that include leading insurers, asset managers, corporations, pension plans, governments, and non-profit organizations – helping them make the most of their investment portfolio data with a world-class product and client-centric servicing. Investment professionals in 50 countries trust Clearwater to deliver timely, validated investment data and in-depth reporting. Additional information about Clearwater can be found at www.clearwater-analytics.com, LinkedIn, and Twitter.