Florida based The Main Street America Group has chosen Clearwater Analytics, an investment accounting and portfolio reporting and analytics software firm, to offer consolidated investment accounting, reporting and analytics on its $1.7bn investment portfolio.
The regional underwriter has deployed Clearwater Analytics' powerful investment accounting, reporting and analytics solution to modernize investment reporting, support more efficient workflows among its accounting and investing teams and continue the company's trend toward scalability across the organization.
Main Street America's portfolio strategist Jim Ganley said data access is critical to the company's operations.
"Before we partnered with Clearwater, we didn't have direct access to our [investment] data. In fact, we did not have the ability to make or extract data of any kind. We could write some reports but it wasn't very easy and it wasn't very timely," Ganley added.
Prior to adding Clearwater tool, Main Street America's investment team also had to manually calculate performance returns.
Due to lack of analyst tool, the underwriter faced puzzling situations at the end of the month, quarter and year to promptly deliver financial statements and necessary disclosures, the underwriter said.
With Clearwater, Main Street America's accounting team now has the ability to close on the first business day after month-end in order to start the period-end process.
The Main Street America Group is a regional insurance company which manages nine property/casualty insurance carriers and offers a wide range of commercial and personal insurance, and fidelity and surety bond products to individuals, families and businesses throughout the US.
