AIG has selected Clearwater Analytics to upgrade the global insurer’s handling of investment portfolio data, the companies announced.
As part of the agreement, Clearwater Analytics, reporting on more than $2.2 trillion in assets daily, will provide AIG with an automated cloud-based platform offering portfolio data, accounting entries and reporting tools, according to the carrier.
“Partnering with Clearwater will allow us to further shift focus from collecting data to analyzing it, so that we can support AIG’s objectives and investment strategies,” said Elias Habayeb, deputy chief financial officer at AIG, in a statement. “We are excited to take this decisive action in promoting technological excellence and operational efficiency.”
Clearwater Analytics' software will be used to manage AIG’s fixed income securities, equity investments and residential mortgage loans estimated at $250 billion dollars. The new platform can also support AIG’s future integration efforts for mergers, acquisitions and other growth strategies, the vendor said.