Insurance technology benefits provider Zywave has acquired Insurance Technologies Corporation — for an undisclosed amount — a provider of marketing, rating and management software and services to the insurance industry.
The acquisition is meant to strengthen Zywave’s position as a leader in providing solutions for carriers and independent insurance agencies, helping them drive business efficiency and accelerate growth.
“ITC brings to Zywave solutions that complement and expand Zywave’s current offerings,” says Jason Liu, CEO of Zywave. “ITC brings an account management system solution for personal and commercial lines, which really rounds out our offering in that space.”
The joint entity will serve over 15,000 insurance organizations globally. This latest acquisition marks Zywave’s largest to date and fifth in just over two years.
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“Overall, our combined offering is the most expansive and innovative technology suite for selling any type of coverage – benefits, commercial or personal lines,” Liu says.
Earlier in November, Zywave announced the acquisition of Advisen, a provider of data, media and technology solutions for the commercial property and casualty insurance market. That acquisition coincided with the announcement of Zywave’s new investor relationship with Clearlake Capital Group, which was done as a way to invest in the long-term strategic growth of the company, both organically and through M&A.
Zywave’s 2020 M&A activity matches up with the deals done in 2019. The company acquired two businesses last year: miEdge, provider of lead generation, data analytics and prospecting solutions specifically designed for the insurance industry; and RateFactory, a small group rating engine that is directly linked to insurance carrier quoting systems.
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While many businesses have been negatively impacted by the COVID-19 pandemic, Liu says the crisis has resulted in greater demand for Zywave’s products.
“Since the purpose of Zywave’s solutions is to help streamline processes, automate and keep insurance professionals connected both internally and with their customers, COVID-19 has actually increased the positive impact of our offerings,” Liu says. “With the shift to remote workforces, the pandemic has accelerated the need for insurance agencies to digitize their processes. Overall, Zywave has seen a strong year in terms of sales. From an M&A perspective, our strategy to achieve growth via acquisitions has remained unchanged.”
