(The Three Sisters, stratovolcanoes in the Cascade Range, near Bend, Ore. USGS Photograph by Lyn Topinka.)
Zywave (Milwaukee, Wisc.), a provider of distribution-related SaaS solutions to the insurance industry, has acquired Bend, Oregon-based Modgic, a provider of workers’ comp and mod analysis software for the commercial insurance industry. Zywave says that, combined with its existing commercial solutions, the acquisition strengthens Zywave’s portfolio of offerings in that market. The news follows Zywave’s April 2021 announcement that it acquired Enquiron, a Boston-based provider of risk management and consultative business solutions. Modgic is Zywave’s sixth acquisition within the last two years.
“The acquisition of Modgic is an exciting step as Zywave continues to consolidate the InsurTech marketplace and expands its footprint, both in the U.S. and internationally,” comment Jason Liu, chief executive officer of Zywave. “By combining the best aspects of the two solutions together, we look forward to bringing a superior product to our shared customers.”
Founded in 2013, Modgic provides an insurance application and tool on a nationwide platform to agents, brokers, carriers and policy holders. The company’s stated mission is to provide software that bridges the gap between the novice and educated, simplify the complex and allow for educated decisions, ultimately invoking change.
Zywave says it plans to incorporate Modgic’s streamlined and sophisticated reporting and analysis features into its Analytics Cloud and existing mod analysis tool, ModMaster, offering an enhanced user experience for its customers.
“We are thrilled about the opportunity to work with a successful, established player in the industry to further enhance our solutions and bring a truly unsurpassed, robust offering to the marketplace,” comments Scott Knowles, CEO, Modgic.
Six Acquisitions within Two Years
As its sixth acquisition in less than two years, Zywave says the Modgic deal reinforces its ongoing commitment to the insurance industry. In April 2021, Zywave acquired Enquiron, a leading provider of risk management and consultative business solutions. In November 2020, Zywave announced the acquisition of both Advisen, a provider of data, media and technology solutions for the commercial property and casualty insurance market, and ITC, a leading provider of marketing, rating, and management software and services for the insurance industry.
“Zywave continues to invest in growth—both in our product portfolio and in our service and support team—to help ensure our customers have the best technology available, are using it to their full potential and feel empowered with the tools they need to grow their business,” adds Liu.