Insurance Holding Company leverages full suite of Grandview services to achieve their target operating model

Client Profile

An Insurance Holding Company partnering with leading insurers and reinsurers to provide world-class products and services to middle market consumers.

Business Situation

The Client is implementing an exciting growth strategy to acquire and partner with insurance companies and reinsurance companies by selectively investing in and enhancing the underlying portfolio company capabilities to activate new growth and distribution opportunities. To support the investment strategy, the HoldCo sought to implement a multi-manager investment platform that would enable them to aggregate data across nine (9) legal entities, ten (10) investment managers, and 95 actively managed portfolios.

The Client engaged with Blackrock Aladdin and Clearwater Analytics to integrate with upstream trading systems of the external managers and produce daily risk, compliance, and accounting for the consolidated book of record.

Due to a lack of standardization across the upstream investment managers, the Client was experiencing data quality issues related to incomplete security master information which led to inaccurate risk, compliance, and accounting calculations and ultimately an inability to view updated information daily.

To overcome these limitations, the Client engaged Grandview Analytics to evaluate the end-to-end process, isolate the root cause issues, advise on improvements to the overall technology platform, and partner with the Client and vendors to enhance the overall process. Following the successful completion of the Phase 1 deliverables, the Client further engaged with Grandview to implement Rivvit and our Managed Data Service.

Grandview's Role

Phase 1

• Provided project management, business analysis, and data analysis to support the implementation of the Client’s target operating model.

• Performed a current state, future state, and gap analysis to identify process bottlenecks and root cause issues preventing the Client from viewing daily risk, compliance, and accounting information.

• Re-designed the data flow for various upstream providers; allowing Clearwater and Blackrock to provide a daily Accounting Book of Record (ABOR) and daily Aladdin Risk package.

• Analyzed legal documents detailing the investment guidelines for each underlying legal entity as well as the firm-wide Strategic Asset Allocation (SAA) policy.

• Inventoried over 400 compliance rules and provided Blackrock detailed specifications using Blackrock’s proprietary query language (BQL).

• Leveraged Rivvit to scan data files and perform data quality and root cause analysis needed to identify, prioritize, and resolve critical issues.

Phase 2

• Integrated Rivvit’s Investment Data Warehouse with Blackrock Aladdin and Clearwater Analytics.

• Configured self-service portal with customized dashboards, reports, and data quality exception management (DQM).

• Delivered multi-asset class security master supporting over 4500 unique public and private security types.

• Configured data hierarchy to support a single source of truth for each data element across upstream data sources.

• Implemented fuzzy matching logic to overcome inconsistent security identifiers from source systems.

Results

• Delivered production ready instance of Rivvit in three months; one month ahead of schedule.

• Converted reporting processes and capabilities from monthly to daily.

• Automated data management allowing the Client to focus on value-add activities versus data collection and cleansing.

• Reduced month-end close process by 10+ business days.

• Significantly reduced the time for Blackrock to configure compliance rules by providing specifications in native BQL.

• Established enterprise policies and procedures for monitoring the firm’s Strategic Asset Allocation guidelines.

• Detected and resolved over 15,000 data exceptions using Rivvit’s DQM module.

• Deployed a single source of truth by integrating the Clearwater Accounting Book of Record with Aladdin Risk.

• Provided front office and operational tools giving management a view of key metrics across the consolidated book of record.