Canopius Implements ClusterSeven for Spreadsheet Data Management

LONDON--(BUSINESS WIRE)-- Canopius Group has become the latest insurer to award a contract to data management and spreadsheet specialist ClusterSeven. Canopius has implemented ClusterSeven’s Enterprise Spreadsheet Management^® (ESM) software to provide control for its key business spreadsheets and the data they manipulate. Canopius Managing Agents is one of the largest privately-owned managing agents at Lloyd's of London. This is the third contract win with a London-market underwriter by ClusterSeven in the last year.

ClusterSeven’s end-user computing management solutions enable insurers and financial institutions to maintain the transparency and integrity of their spreadsheets and data files in order to increase productivity and business insight and to reduce operational risk.

Mark Allen, Head of Business Information at Canopius, said: “Ensuring good quality data management is a fundamental requirement to support the continued success of Canopius. The real power of the software is its ability to embed appropriate data- and function-checks as part of our normal business practices. It is difficult to know how this could be done effectively without using this type of technology.”

Ralph Baxter, CEO of ClusterSeven, said: “We are delighted that Canopius has selected us to enhance its data quality assurance programme. As recent surveys* have shown, the insurance sector is dependent on spreadsheets to complement their core systems for specialist actuarial and finance functions. Increasing emphasis on data quality has exposed spreadsheet management as a major opportunity to improve data control and deliver efficiencies.”

Ends-

* Research published in January 2012 by ClusterSeven found only one in five (20%) actuaries and insurance finance professionals are completely confident in their firm’s data control processes and the supervision of their large estates of business-critical spreadsheets. Two in five respondents (40%) stated that corporate controls around spreadsheet access could be improved and over one in ten (13%) warned they are simply not confident at all about the oversight process behind spreadsheets.

About ClusterSeven

ClusterSeven (London and New York) provides enterprise-wide, strategic spreadsheet and data management software to financial institutions and Fortune 500 financial reporting divisions. ClusterSeven’s software non-intrusively monitors and tracks spreadsheets to enable users to more effectively manage governance, risk and regulatory compliance obligations in order to generate revenue, enhance staff efficiency and boost productivity. For more information about the company, visit www.clusterseven.com. For a demonstration please visit Get Started.

Citigate for ClusterSevenPaul GriffinTel: +44(0) 20 7282 1041

Source: ClusterSeven