Recently Fidelity National Financial (FNF) entered into an agreement with Clearwater Analytics, a company that provides web-based investment accounting, and portfolio reporting and analytics for corporate treasuries, insurance companies, and asset managers. As per the deal, Clearwater will provide integrated investment accounting, reporting, and analytics solutions to Fidelity’s $3.5 billion investment portfolio.
Operating through its title insurance underwriters Fidelity National Title, Chicago Title, Commonwealth Land Title, and Alamo Title, Fidelity National Financial is the leading title insurance company domestically. Thus in order to conduct its large scale investment and reporting operations efficiently, Fidelity is in dire need of an automated and flexible solution. Fidelity has selected Clearwater to serve these requirements of the company.
Previously the company had managed its investments manually. The accounting teams were constantly pressurized to maintain efficiency, which was quite a challenge. To deal with such a situation, Fidelity was seeking a powerful, dynamic and automated solution. After evaluating other service providers in the market, the company chose Clearwater Analytics as the best solution to its problems, owing to its ease of usage and better customer service.
Clearwater will allow Fidelity to eradicate manual data entry of transactions and security master information, manage investment reporting and filing more competently, and improve investment data accuracy. It will also help Fidelity obtain knowledgeable and responsive customer service support, maintain more efficient workflows among the accounting and investment teams, and improve SaaS solution and educational resources and thereby arm the company to face major industry changes. The investment analytics of Clearwater will also include portfolio performance measurement and risk monitoring.
We expect efficient management of the investment portfolio of Fidelity with the help of Clearwater, to bolster company growth. The Zacks Consensus Estimate for the second quarter of 2013 is currently pegged at 60 cents reflecting a year-over-year improvement of 12.26%.
Fidelity currently carries a Zacks Rank #2 (Buy). Among others in the industry, American Safety Insurance Holdings Ltd (ASI), AXIS Capital Holdings Inc. (AXS) and Global Indemnity plc (GBLI) carry a favorable Zacks Rank #1 (Strong Buy) and appear impressive.
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