Clearwater announced today that Medical Professional Mutual Insurance Company (Coverys) has selected Clearwater’s SaaS solution for investment data management, reconciliation, accounting, and reporting to provide validated portfolio data, investment book-of-record accounting, and transparent real-time portfolio reporting.
With an A.M. Best rating of A (Excellent), Coverys is a leading provider of medical professional liability insurance protection to physicians, hospitals, dentists, and advanced practice providers. Coverys is committed to financial stability, integrity, and sustaining a reputation for excellence.
Coverys’ automated investment data management processes will begin incorporating Clearwater’s services for data aggregation and consolidation, reconciliation, and reporting. Data for Coverys’ global portfolio will run through Clearwater’s world-class accounting engine, which provides support for multiple accounting bases, currencies, and asset classes.
Using Clearwater’s web-based reporting solution, Coverys will receive automated regulatory support, including disclosure creation for Lloyd’s, Solvency II, IFRS, the NAIC, STAT, Tax, and others.
“It is important to us that our vendor relationships are true collaborations,” said Todd Mills, Chief Financial Officer at Coverys. “That is absolutely the case with Clearwater. Our collaboration started once we selected Clearwater and the team they have assembled around our implementation and ongoing servicing is clearly committed to our success.”
"Coverys shares qualities with many of the sophisticated insurers we work with — increasingly global, growing in operational intricacy, and complex in both their investment goals and the technologies they employ to achieve them,” said Scott Erickson, Chief Operating Officer at Clearwater. “Our solution was designed to solve those challenges, and we are excited to do so for Coverys. On top of that, their commitment to customer service is second-to-none. We expect them to hold us to their high standard, and we look forward to delivering."