(Image source: Zywave homepage.)
Zywave, a Milwaukee, Wisc.-based InsurTech provider of sales management and client delivery solutions, has announced the acquisition of RateFactory (Mission Viejo, Calif.), which it describes as an easy-to-use small group rating engine that is directly linked to insurance carrier quoting systems. In combination with its existing tools, Zywave asserts that the acquisition equips the vendor with the industry’s only carrier-direct, multi-line small group quoting system serving brokers.
Zywave says it will incorporate RateFactory’s small group quoting into its product suite, including integration with the Code SixFour Digital Plan Marketing presentation software and within Zywave’s Sales Cloud. The vendor asserts the integration will strengthen the product’s position as the industry’s most accurate and efficient small group quoting engine available. The enhanced offering, which provides market representation of available carrier plans across the United States, enables brokers to quickly create fully customized rate proposal presentations for clients, according to Zywave.
“RateFactory’s exclusive functionality, combined with the comprehensive capabilities of Code SixFour, makes our new offering unlike any other available to brokers,” comments Jason Liu, CEO, Zywave. “This acquisition provides our partners with an industry-exclusive solution—accurate, multi-line small group quoting, directly linked to insurance carriers across the country. We are positioned for the next phase of quoting, including level-funded and ancillary lines.”
By the terms of the acquisition deal, RateFactory customers will become Zywave customers and RateFactory employees will become Zywave employees. RateFactory will continue to sell, service and support its products as Zywave begins working through integration of business operations in the coming months. Steve Kutina, CEO and co-founder of RateFactory, will also focus on expanding Zywave’s partnerships with insurance carriers, according to a Zywave statement.
Even More Valuable Offering
“Five years ago, RateFactory was founded to help brokers that were struggling to quote and prepare small group presentations,” comments Kutina. “Joining Zywave will enable us to better serve our customers with additional resources and an even more valuable offering. We also look forward to expanding Zywave’s new open partnership strategy by continuing to invest in integrations with enrollment companies and agency management systems to provide a true ‘one touch’ solution with the most accurate, comprehensive carrier-direct quoting available.”