Clearwater Analytics, a US-listed WealthTech investment management platform, has entered into a strategic partnership with Generali Deutschland AG to transform the management of its €40bn unit-linked fund life insurance business.
The partnership has been driven by the need to modernise and scale operations in response to rapid growth in the unit-linked insurance market across Europe.
As insurers face rising customer demand alongside increasing regulatory complexity, Generali Deutschland is seeking to replace fragmented systems across its subsidiaries with a unified, scalable operating model that can support accelerated expansion while maintaining control and transparency.
Under the multi-year agreement, Generali Deutschland will unify portfolio management, order execution and reconciliation on Clearwater Analytics’ platform.
This deployment is expected to provide a consistent data foundation across all subsidiaries, enabling the insurer to process significantly higher transaction volumes, manage increased capital inflows and streamline the administration of underlying funds.
The move comes against the backdrop of strong market momentum. The global unit-linked insurance market reached $906.9bn in 2023 and is forecast to grow at an annual rate of 10.9% through 2032, reaching $2.3 trillion, according to Allied Market Research. This growth is widening the gap between insurers able to scale efficiently and those constrained by legacy, fragmented infrastructure.
Generali Deutschland AG head of investment accounting Toralf Möller said, “European insurers are facing a convergence of explosive market growth and increased regulatory complexity. CWAN gives us infrastructure that will support us to unlock the full potential along the value chain of our ULF business. We are positioning ourselves for the future, seizing market opportunities, and will be able to enhance the automation of our processes, allowing us to redirect resources to strategic initiatives that drive customer value.”
CWAN head of insurance, EMEA Josef Sommeregger said, “The European ULF market is growing quickly, and insurers need infrastructure that can keep pace with that level of expansion,“ said Josef Sommeregger, Head of Insurance, EMEA at CWAN. “CWAN gives Generali a unified operating model, to address the rapidly increasing capital inflows, as well as the expanded volume of managed accounts and daily transactions. In addition this is the foundation insurers need to comply effectively with all regulatory requirements in a multi-jurisdiction environment.”
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