Generali Deutschland AG has selected Clearwater Analytics to modernise and scale investment operations for its €40 billion unit-linked fund (ULF) life insurance business, unifying processes across four subsidiaries as the group positions for accelerated growth in one of Europe’s fastest-expanding insurance segments.

Under a multi-year agreement, Generali Deutschland will deploy Clearwater’s front-to-back investment management platform across its ULF operations, consolidating portfolio management, order execution, investment accounting, reconciliation, and regulatory reporting into a single, standardised operating model.

The move comes as the global unit-linked insurance market continues to expand rapidly. The sector reached $906.9 billion in 2023 and is projected to grow at 10.9% annually through 2032, reaching $2.3 trillion, according to Allied Market Research. Insurers with fragmented legacy systems face increasing pressure to modernise as capital inflows and regulatory complexity rise across European jurisdictions.

Clearwater’s platform will provide Generali Deutschland with real-time data visibility, automated controls, and standardised workflows across its ULF subsidiaries, replacing historically fragmented systems with an infrastructure designed for scalability, transparency, and operational efficiency.

The solution is designed to support compliance with evolving European regulatory requirements, including the Digital Operational Resilience Act (DORA) and multiple accounting standards, while delivering automatic platform upgrades that remove the need for costly system migrations. Clearwater said this approach enables insurers to adapt more efficiently to regulatory change while managing higher transaction volumes and growing assets under management.

Commenting on the partnership, Toralf Moller, Head of Investment Accounting at Generali Deutschland AG, 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.”

Josef Sommeregger, Head of Insurance, EMEA at Clearwater Analytics, added:

“The European ULF market is growing quickly, and insurers need infrastructure that can keep pace with that level of expansion. CWAN gives Generali a unified operating model across all subsidiaries, 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.”

The deployment is expected to strengthen Generali Deutschland’s ability to scale its unit-linked fund business while maintaining operational resilience and regulatory compliance across multiple European markets.