Clearwater and Unum Group (NYSE: UNM) today announced that Unum has successfully implemented Clearwater as its automated portfolio data management, accounting, and reporting provider, a transformation that enabled the global insurer to sunset more than 20 legacy systems.
Clearwater’s SaaS solution for investment data aggregation, reconciliation, accounting, and reporting enables Unum to more efficiently manage its portfolio and reduce reliance on legacy manual processes and technologies. Prior to implementing Clearwater, Unum utilized a network of more than 20 home-grown and third-party systems across its investment operations infrastructure. Now, those processes are supported by Clearwater’s automated and integrated solution resulting in better data consolidation, accuracy, overall quality, and tailored reporting.
As a leading provider of financial protection benefits worldwide, Unum is committed to helping employers manage their businesses and helps to protect millions of employees and their families. Clearwater’s accurate portfolio data and transparent reporting is a strategic choice for Unum as it continues to serve its customers.
“Clearwater is a core part of our financial change management strategy. We had varied systems in place and needed a streamlined solution for our investment operations that offered a deeper, timely look at our portfolio,” said Danny Waxenberg, Senior Vice President and Chief Accounting Officer at Unum Group. “Clearwater provided just that, and we are confident in a long and successful partnership.”
“Working with Unum on this project has been an absolute pleasure. Both the Unum and Clearwater teams collaborated well from start to finish during the implementation, which helped build a strong foundation for the relationship going forward,” said Jim Cox, Chief Financial Officer at Clearwater. “Unum epitomizes what the modern-day insurer looks like through their people and commitment to technology. We are all very excited to continue our partnership and truly make them successful.”
About Unum Group
Unum Group provides a broad portfolio of financial protection benefits and services through the workplace, and is a leading provider of disability income protection worldwide. Through its Unum US, Unum UK, Unum Poland, and Colonial Life businesses, the company provides disability, life, accident, critical illness, dental and vision benefits that protect millions of working people and their families. Unum also provides leave and absence management services that streamline the leave experience for employers and employees, and stop-loss coverage to help self-insured employers protect against medical costs. Unum reported revenues of $11.6 billion in 2018 and paid $7.2 billion in benefits.
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About Clearwater Analytics
Clearwater Analytics is a global SaaS solution for automated investment data aggregation, reconciliation, accounting, and reporting. Clearwater helps thousands of organizations make the most of their investment portfolio data with a worldclass product and client-centric servicing. Clearwater offers a full complement of middle- and back-office solutions like trade confirm/affirm, client billing, composite management, client statements, and more.
Each day, the Clearwater solution reports on more than $3.5 trillion in assets for clients that include Arch Capital, Cisco, CopperPoint Mutual Company, C.V. Starr & Co., Facebook, J.P. Morgan, Knights of Columbus Insurance, Mutual of Omaha, Oracle, Starbucks, Unum Group, WellCare Health Plans, Wilton Re., and many others.
Since its founding in 2004, Clearwater has provided a cloud-native solution that helps investors make the most of their data. Investment professionals in more than 25 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
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