Anurag Singh from Clearwater Analytics on the SaaS explosion in India
According to a Nasscom study, India’s outright SaaS industry has the potential to reach $ 13-15 billion in revenue by 2025 thanks to a large pool of skilled talent, competitive pricing and a strong ecosystem. Analytics India Magazine contacted Anurag Singh, Managing Director, India, Clearwater Analytics, to learn more about the SaaS industry, its challenges and growth opportunities.
AIM: What do you think of the explosive growth of the SaaS industry in India?
Anurag Singh: SaaS trends including ML, AI, vertical SaaS and provision of API interfaces have enabled Indian SaaS companies to develop and grow rapidly. If Indian startups can show leadership and get top-tier business solutions enabled on SaaS platforms, there is ample room for business and growth. According to a report by NASSCOM, India’s total SaaS revenue surpassed the $ 3.5 billion mark in March 2020, with a CAGR of 30%. The report also states that SaaS funding in India has increased by 15% CAGR over the past three years.
Over the past decade, the SaaS industry has seen remarkable growth globally, including in India, and there are leading growth indicators in terms of creating SaaS solution startups. Previously there was a reluctance to abandon on-premise models, but now the market is ready to massively adopt SaaS solutions, and we are near a tipping point for many functional areas.
AIM: What are the factors that have contributed to the growth of SaaS, especially in India?
Anurag Singh: Our industry is well aligned with key SaaS trends in AI, data security and analytics, which goes a long way towards ensuring that our solutions are ready for the market. In addition, consider what is required for customer success and get the best functionality delivered in agile delivery models using cutting edge SaaS technologies. In addition, India is fortunate to have an excellent and reasonably flexible talent pool, well versed in the right technology stack to help create cutting-edge products.
Some of the key segments that are currently contributing to the growth of SaaS in India include:
- Integrated Management Software
- Content Communication Collaboration
- Business intelligence
- Customer relationship management
The point is, this is the start. All non-differentiating functional areas will migrate to a SaaS model in the near future.
GOAL: Tell us about your main products and solutions
Anurag Singh: At Clearwater, we provide industry-specific tools and products to solve data challenges and help organizations establish operational best practices for data management and reporting. The web-based solution allows clients to view their investment portfolio data from anywhere with an internet connection. Investment data challenges vary based on regulatory requirements and business models – this is where Clearwater tools come in handy, specifically designed for a variety of unique needs.
Here are some of our tools:
- Legal accounting assistance to insurance companies
- Tools for investment managers
- Regulatory reports for a variety of business types
- Analysis and impairment of assets
- General ledger and cash flow forecast
Clearwater’s intuitive and easy-to-use web-based solution enables accountants and investment professionals to view high-level portfolio information and quickly explore portfolio specifics. We also create automated flows to other systems for better system integration.
AIM: Could you expand on Clearwater’s risk analysis solutions?
Anurag Singh: The insightful risk analysis we provide is to ensure investors have access to their portfolios’ exposure every day and not just at the end of the month. Second, our web-based risk monitoring solution provides access to critical information about the risks of financial and investment portfolios. This allows our users to have quick answers to their urgent risk-related questions, including exposures by issuer, currency, country, duration, credit ratings, etc.
Users can also view benchmark comparisons and analyze other risk factors, including cash flow forecasts, credit events, shock analysis, value at risk (VaR), and historical trends and exposures. .
AIM: What sets Clearwater apart in accounting and investment analysis?
Anurag Singh: The reliable and innovative SaaS technology platform provided to our clients helps bring transparency to the world of accounting and investment analysis, which remains largely opaque in nature. Comprehensive analyzes of global assets are available every day instead of weeks and months on a highly customizable reporting platform, giving our clients confidence that they make the most informed decisions about performance, risk and regulations.
Clearwater’s single-instance, multi-tenant business model enables clients to radically simplify their current solution, and the resulting transparency has the power to revolutionize the world of investing.
AIM: What do you think of the changing landscape of the FinTech industry in the post-pandemic world?
Anurag Singh: The increased use of digital finance solutions has reduced the use of ATMs and physical cash transactions, bank branches are closed or operate at reduced hours, and attendance may never return to its previous levels in the post period. -pandemic. Here, the digital and fintech industry promised an inclusive economic recovery. Fintech companies rely on AI, ML, and big data to improve customer offerings, eliminate redundant operations, and deliver rapid turnaround time. At some point, solutions using blockchain and asset tokenization will start to gain traction.
On the other hand, caution should be exercised, as digital finance solutions will increase the risk of fraud, thereby threatening data integrity and privacy. Companies offering technological solutions in this space would also thrive after the pandemic.
GOAL: How can cloud and SaaS technologies help ensure business continuity in these troubled times?
Anurag Singh: SaaS combined with cloud infrastructure is the perfect way to deliver a resilient, highly available and scalable solution. With additional benefits such as multi-region / multi-zone deployments, several cloud providers claim 99.99% of their service uptime. This provides the gateway to serve region-specific businesses in terms of service, latency and availability, thus contributing to business continuity by eliminating downtime. It also offers better network and security management, avoiding or eliminating disruption to operations, increased service availability and DoS attack prevention.
AIM: Could you share one of your use cases with us?
Anurag Singh: Delphi Financial Group is a North American-based financial holding company whose subsidiaries hold core deductibles in life and property and casualty insurance operations. Delphi is a member of the Tokio Marine Group, Japan’s non-life insurer and one of the world’s leading insurers. Faced with the unique challenges of managing a complex global portfolio across multiple legal entities, Delphi’s investment services team needed a scalable solution to support the rapid growth and increasing complexity of asset classes. new and existing assets. They also wanted to solve process inefficiencies by reducing the amount of manual work to be done, especially around accounting and reporting for the more complex and manual asset classes.
In 2019, Delphi commissioned Clearwater’s SaaS solution for validated portfolio data, investment ledger accounting, and transparent, real-time portfolio reporting. Clearwater’s multi-base, multi-currency accounting platform is designed to manage the complexity of the Delphi portfolio. In 2020, we added a number of services for Delphi, such as automating position reconciliation (with over 15 additional broker, manager and server feeds), Asset Class Support – Residential Mortgages, Derivatives, General Ledger Automation & Compliance Implementation, Annex A (Real Estate) NAIC Statement Automation, Tax Base Implementation, NAIC Home Report Improvements, and Wait Allowance Tool cash.
AIM: What’s next for Clearwater?
Anurag Singh: Clearwater aggregates, reconciles and reports over $ 5.5 trillion in assets across thousands of accounts daily. We have customers headquartered in the United States and Europe, and we established a sales office in Singapore last year to focus on APAC, including India. As the need for and use of complex financial instruments increases in India, we expect to see substantial traction for our solution in India and Asia in the years to come.
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