“Clearwater has consolidated Aviva’s investment reporting operations by delivering a consistent and unified operating model across different markets.” – Jonathan Lee, Finance & Investment Operations Director.
Leading global insurance company Aviva has a large and complex portfolio of over £400 billion on-balance sheet and £100 billion off-balance sheet assets.
Aviva sought a robust and efficient solution that would centralise and streamline its investment reporting, creating a single source of truth for valuation and operational processes. As important was the need to access and interrogate this data in real-time, with tailored controls, rules and validations and a dynamic monitoring process to flag anomalies or potential breaks. It needed a consolidated, accurate view of its investment data to manage risk, measure performance and meet regulatory and investment reporting responsibilities while supporting the firm’s growth ambitions.
Real-time trusted data
The Clearwater solution has fundamentally changed Aviva’s investment reporting operations by delivering a centralised data aggregation, validation and reconciliation function. This creates a golden source of data across Aviva’s operations, data sources and systems, providing provides timely and accurate data insights on a daily basis. Flexible and accessible, the solution works across markets and accounting regimes, including IFRS and Solvency II, supporting multi-region, real-time reporting and improving investment and operational decision-making.
The close-knit partnership between Aviva and Clearwater involves a variety of change programs including the significant migration of the Aviva middle office. By working collaboratively, the solution has merged an ideal blend of Aviva’s drive for excellence and Clearwater’s technological capabilities.
Transformational data processes and improved reporting
The platform has elevated data coverage to 99.7% and significantly reduced the number of adjustments and estimates required. By centralising the investment reporting solution, Aviva has enhanced the data quality and empowered teams with daily insights and streamlined reporting processes. New business is more smoothly integrated to the business model and the insurer’s ability to respond quickly to market changes is also enhanced.
For Aviva, the results speak for themselves: “Working with Clearwater so that we can make better decisions off our assets because we have a single source of truth has been invaluable and our ability to control and monitor our data to ensure its accuracy and quickly spot errors.
“The increased frequency and ease with which we can assess our assets today is absolutely invaluable to us to facilitate making the best decisions for our investments.” – Jonathan Lee.
If you’re interested in learning more about the Aviva and Clearwater partnership, see here.