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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
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  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Clearwater Analytics: Insurance Investment Outsourcing Hits Record $4.5 Trillion as Insurers Expand Further into Private Markets

2025 Insurance Investment Outsourcing Report Shows 25% Growth as Private Market Assets Surge to $800 Billion

Clearwater Analytics (NYSE: CWAN), the most comprehensive technology platform for investment management, today released the 2025 Insurance Investment Outsourcing Report (IIOR). Produced in partnership with DCS Financial Consulting, the report reveals a record $4.5 trillion in unaffiliated general account insurance assets under management (AUM) – up 24% year-over-year. Investment consultant assets under advisement also grew significantly to $2 trillion.

The dramatic growth in insurance investment outsourcing reflects several market forces, including the need for specialized expertise in emerging asset classes, the search for yield in a challenging market environment, and structures and asset classes that address increased regulatory complexity. These factors have created an unprecedented demand for sophisticated investment management technology platforms capable of handling complex multi-asset portfolios.

“Looking back over the last decade of the report, we have seen outsourced AUM almost triple to $4.5 trillion, the number of managers more than double to 90 participants, and private asset class AUM surge from less than $50 billion to over $800 billion,” said Sandeep Sahai, CEO of Clearwater Analytics. “Clearwater recognized the significance of these trends years ago and dedicated resources to build the most comprehensive cloud-native platform for institutional investors across global public and private markets. This transformation requires investment expertise and a robust technology infrastructure to manage increasing multi-asset complexity.”

The global report reveals three key trends that are reshaping insurance investment management:

  • Private Asset Class Expansion: Private asset AUM grew 34% YoY to $800 billion. A decade ago, less than $50 billion was reported in this segment. Private asset class managers are entering the insurance space and insurers are investing. This shift toward private markets demonstrates insurers’ search for yield and portfolio diversification.
  • Multi-Asset Class: While private assets are on the rise, public assets remain the foundation of an insurer’s multi-asset class portfolio. Eighty-three percent of participating managers reported public asset class strategies, with many of them also offering private asset classes. Many now provide both, requiring enhanced operations and robust analytical capabilities.
  • Technology-Driven Solutions are Required: Over 80% of participating managers now provide customized portfolio reporting, cash flow projections, accounting analytics, and regulatory assistance—all powered by advanced technology solutions. AI-driven analytics are gaining traction as data-driven decision-making becomes essential.

Steve Doire, owner of DCS Financial Consulting and Strategic Advisor to Clearwater, highlights the growing role of insurance asset management in institutional asset management. “Insurers are increasingly leveraging external managers for both traditional fixed income and complex alternative assets, including private credit—a shift that was barely visible five years ago. The IIOR serves as a key resource for insurers to identify and research managers with the expertise, asset class strategies, and related services and technology needed to support their investment operations.”

The 2025 IIOR provides detailed profiles of over 100 investment managers and consultants, emerging investment strategies across public and private markets, and expert perspectives on the market’s evolution. This comprehensive resource helps insurers make informed decisions about their investment management strategies and technology requirements. Download the 2025 IIOR today.

About Clearwater Analytics

Clearwater Analytics (NYSE: CWAN) is transforming investment management with the industry's most comprehensive cloud-native platform for institutional investors across global public and private markets. While legacy systems create risk, inefficiency, and data fragmentation, Clearwater's single-instance, multi-tenant architecture delivers real-time data and AI-driven insights throughout the investment lifecycle. The platform eliminates information silos by integrating portfolio management, trading, investment accounting, reconciliation, regulatory reporting, performance, compliance, and risk analytics in one unified system. Serving leading insurers, asset managers, hedge funds, banks, corporations, and governments, Clearwater supports over $8.8 trillion in assets globally. Learn more at www.clearwateranalytics.com.

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