Clearwater Analytics, the global investment accounting and reporting SaaS solution, closed the books on a successful year for clients and employees marked by technological innovation, growth in global operations capabilities, increased support for complex asset classes, regulation-driven system enhancements, and key hires.
In 2019, more than $630 billion in assets were added to the Clearwater solution by new and current clients, signaling continued confidence from the market in the solution’s investment data processing, flexible reporting, and personalized servicing. Notably, assets from European clients increased by 12%.
“Clearwater has achieved exciting growth over the past decade. Today, we have more than 1,000 employees all around the world with offices in Boise, New York, London, Edinburgh, and New Delhi. Our product offering has grown to anticipate the needs of our clients and the demands of the market,” said Clearwater CEO Sandeep Sahai. “In 2020, we look forward to continuing to build on our success for clients and employees by developing new and exciting solutions, with generous input from our client-partners and market experts.”
In 2019, Clearwater continued to make strategic investments in both technology and people to better serve clients.
System users are already seeing exciting product developments introduced by the Clearwater Innovation Center, establishd in June 2019. Housed at Clearwater Headquarters, the Innovation Center has a mission to establish hyper-automation across Clearwater’s data processing systems, and employs a dedicated team of experts in machine learning, software engineering, cloud, and data science to do so.
In the fourth quarter, the company released a series of enhancements to assist with the implementation of the Financial Accounting Standards Board’s CECL accounting standard. Additionally, enhancements were made to further automate Solvency II reporting for European clients including a dedicated Solvency II accounting basis, issuer source from GLEIF, and other 2019 technical standards updates.
Tailored support and servicing remain a central element of Clearwater’s solution. To that end, employee headcount increased by 25%, with more than 1,000 professionals across three continents now dedicated to development, operations, and client servicing. To support this growth and promote a “follow-the-sun” servicing model, the company expanded offices in Boise and London, and opened a new development and operations center in New Delhi. The New Delhi office will expand to 250 employees during 2020 as Clearwater continues to grow its servicing capabilities in the APAC region.
“Clearwater’s move to a follow-the-sun operational model is yet another way we can contribute to the success of our clients, which is our number one priority,” said Clearwater COO Scott Erickson. “Our global clientele needs round-the-clock support to meet their increasingly sophisticated needs, and we are ready and able to assist them with the right people and the right solutions.”
Key hires are an important part of Clearwater’s strategy. Over the past year, the company welcomed Chief Client Officer Subi Sethi, CFO Jim Cox, European Operations Director Mark Gillespie, Head of India Operations Anurag Singh, System Architect Paul Coleman, and Head of Talent Acquisition Tanuja Gairola.
Clearwater also received market accolades for excellence in its solution, taking home Technology Firm of the Year at the Insurance Asset Management Awards and Best Software Solution at the Captive Review UK & European Insurance Awards.