Clearwater Analytics Holdings, Inc. (NYSE: CWAN) confirmed that it has been chosen by general insurer MSIG to enable its transformation plan, unify its operating model, and give a unified view of data, analytics, accounting, regulatory, and operational reporting across all of its businesses.
MSIG will use the Clearwater Insurance-Investment Accounting as a Service (IAaaS) platform to facilitate growth and deliver a smooth digital experience across the investment and finance teams. This partnership will reinforce their position as regional leaders. MSIG conducted a thorough evaluation of vendors and selected Clearwater for its SaaS solution, significant insurance market understanding, and commitment to continuing growth in the Asia region.
MSIG has earned a reputation as a wholly-owned subsidiary of Mitsui Sumitomo Insurance and a member of the MS&AD Insurance Group, which is one of Asia's major non-life insurance companies, having operations in 50 countries and regions. The change will be led by MSIG's Asia office and its business units in Hong Kong, Malaysia, and Thailand, with more markets across the region following.
Clearwater Analytics believed that MSIG's move to the Clearwater platform is exciting. It is pleased that Clearwater's self-service digital reporting across all assets coincides with their strategic priorities, as they have continuously proved a success in their long-term vision of the business. Insurers and asset management organizations in APAC are flocking to Clearwater as they want to shift away from antiquated software and partner with a cutting-edge SaaS solution like Clearwater.
On the other hand, MSIG revealed that it wants to be able to have a beneficial impact on society and the planet as a firm whose business is focused on risk mitigation. To do so, it must innovate and invest in its infrastructure and digital skills so that its investment teams have the tools they need to support its investment strategies and objectives, as well as its ESG commitments. MSIG is convinced that Clearwater will be the perfect partner to help it achieve its investment goals in 2022 and beyond.