Clearwater Analytics' powerful, cloud-based technology for robust investment data management wins Insurance Asset Risk's IFRS 9 Solution of the Year award.

The firm's automated, accurate, and transparent solution streamlines investment accounting and helps firms accelerate the adoption of, and adherence to, IFRS 9 and similar regimes around the globe (i.e. PSAK 71 in Indonesia).

Using the dynamic SaaS solution, Clearwater Analytics' clients are able to create and modify reports and dashboards. They can tailor both high level and in-depth views, powered by clean, validated investment data, including expected credit loss (ECL) data from third-party systems.

A dedicated client services team help clients develop a strategic plan for adopting IFRS 9. Working together with clients, Clearwater Analytics helps to assess:

• The wider impact on processes, IT systems and internal controls;
• Access to additional granular data e.g. cashflows, discount rates, and risk adjustments; and
• Initial classification and measurements.

A robust and flexible solution combined with a dedicated and professional team makes Clearwater Analytics a leader in IFRS 9 advisory services.

While many insurers have become proficient in, and understand well, the IFRS 9 requirements, a number are still struggling to have an efficient operating model that support these requirements, according to Brian Slattery, SVP, head of Northern Europe at Clearwater Analytics. "Many still rely on people, whether it's internal or external expertise, to run largely manual processes. As a result, insurers find they spend significant time and resource to adhere to the requirements of IFRS 9 where this time could be better spent elsewhere such as analysis and decision making. Clearwater has helped a great number of clients implement IFRS 9 and is well placed to reduce the burden and challenges associated with IFRS 9."