Boise, ID -(BusinessWire)- SCF Arizona, Arizona’s largest provider of workers’ compensation insurance, has selected Clearwater Analytics to provide web-based, daily-reconciled accounting, compliance, performance and risk reporting and analytics on its $3 billion investment portfolio. Headquartered in Phoenix and founded in 1925, SCF Arizona has nearly 25,000 workers’ compensation policyholders and covers more than 30 percent of the market in Arizona.
In 2013, SCF Arizona will transition from a state compensation fund to a private mutual insurance company. In order to prepare its investment accounting systems for this transition, SCF Arizona is replacing its separate investment accounting, risk analytics, performance reporting and compliance policy monitoring systems with Clearwater’s single, integrated solution.
Chad Welborn, Director of Investments at SCF Arizona, said, “Because of the pending transition and new reporting requirements, we started to investigate vendors that could provide this service.”
After evaluating vendors who could help them meet these new requirements, Welborn and his team decided Clearwater offered the best overall solution. With Clearwater, SCF Arizona is able to pull all tasks — investment accounting, risk analytics, performance measurement and compliance — under one platform.
“My staff is relatively small, so integrating risk, performance and compliance analytics with investment accounting in one solution is excellent,” said Welborn.
By moving to Clearwater, SCF Arizona estimates it will save multiple days of investment accounting work each month. In addition, the company will have access to portfolio risk information on a daily basis. “We anticipate immediate cost savings by moving to Clearwater,” said Welborn.
“SCF Arizona joins a distinguished group of insurance companies that have made the decision to select Clearwater over the legacy providers in the market today,” said Dave Boren, CEO of Clearwater Analytics. “SCF Arizona clearly recognizes our differentiation and system’s capabilities, our excellent client service and the value Clearwater adds operationally. We are confident that we will help SCF Arizona transform its investment accounting and reporting processes and deliver considerable value to the organization.”
Top reasons why SCF Arizona selected Clearwater:
- Integration of disparate systems: Clearwater fully integrates accounting, compliance, performance and risk reporting, which consolidates a series of disparate systems that were cumbersome, not user friendly and provided latent investment information.
- Streamlined investment operations: Clearwater’s daily validation and reconciliation processes increase accuracy and provide daily portfolio transparency.
- Independent and timely compliance monitoring and portfolio reporting: With Clearwater, SCF Arizona will have timely investment analytics at their fingertips and can pull all separately managed tasks in house.
- Cost savings: Streamlining these processes will deliver immediate cost benefits. Over time, SCF Arizona expects to realize increased value from their accounting team because the data management burden has been automated by Clearwater.
- Excellent client service and ease of implementation: After meeting with the Clearwater team, SCF Arizona was impressed with how easy the transition to Clearwater would be and how knowledgeable the team was and were excited about the benefits Clearwater would provide without a difficult implementation.
Source: BusinessWire