Clearwater Analytics, a leading provider of web-based investment portfolio accounting and reporting, recently said that it is against providing long-term software contracts for insurance investment portfolio accounting and reporting. Instead, the company is campaigning for month-to-month contracts for its Software-as-a-Service (SaaS (News - Alert)) solution.

The company says month-to-month contract allows the insurers to ensure a better customer focus.

“We prefer to earn our customers' business everyday which will ensure long-term partnerships," says Dan Pierce, Director of Sales for Clearwater, in a statement. "We can provide long-term contracts but prefer month-to-month because it aligns our interests with our customers. Knowing they have flexibility to select another vendor ensures that we are constantly focused on providing the best solution and superior customer service. In spite of established providers on the market and ample competition, Clearwater boasts a +99 percent retention rate. We pride ourselves on keeping our clients happy."

Insurers are seeing tremendous value in Clearwater's solution that offers a single, automated and integrated platform for accounting, compliance, risk and performance reporting. In addition, Clearwater features month-to-month contracts, no implementation or training fees, hassle-free conversion, dedicated customer service and SaaS model - no software or hardware to install, configure, or maintain.

"Providing a top-tier solution and being a good business partner are not mutually exclusive," said Courty Gates, CEO of Clearwater Analytics. "While increasingly strong demand for Clearwater's accounting and reporting solution continues to validate the quality of our offering, we also pride ourselves on being a good partner. This commitment extends to our contracts and service as well."

Founded in 2004, Clearwater has experienced explosive growth and currently reports on over $650 billion in assets for 4,500 clients. The company recently accepted growth equity investment from Summit Partners that invests in rapidly growing companies. Much of the recent growth in assets has been in the insurance market where accounting and investment teams are looking for accuracy, efficiency and transparency.

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Rahul Arora is a TMCnet contributor. He has worked as an editor and freelance writer for several reputed organizations in India. To read more of his articles, please visit his columnist page.

Edited by Rich Steeves