Zywave's Group Benefits Quoting Solutions Achieve 300% YoY Growth in Q4 2023

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Mar 12, 2024, 08:00 ET

MILWAUKEE, March 12, 2024 /PRNewswire/ -- Zywave, an industry-leading insurtech, today announced in the fourth quarter of 2023, it tripled the number of groups quoted for employee benefits plans in comparison to Q4 2022. The unprecedented growth is driven through Zywave CPQ for Employee Benefits, the proprietary quoting and proposal interface included within Zywave Sales Cloud, and the Group Benefits Quoting API, which enables users to build embedded quoting workflows within other systems.

"Adopting a modern quoting and proposal solution is one of the most transformational business decisions a benefits brokerage can make," said Eric Rentsch, Zywave's Chief Product Officer. "The efficiency gains and improved accuracy contribute directly to the bottom line. The massive usage increases we've witnessed within Zywave's quoting solutions reflect the realization brokers are having that they can no longer compete doing business as usual."

CPQ for Employee Benefits, the industry's only complete, integrated solution to transform the quoting and renewal processes, and Zywave's Group Benefits Quoting API, are both powered by the carefully sourced, carrier-direct pricing from Zywave's vast network of benefits insurers. Over the past few years, the solution has expanded to provide carrier plans and rates for over 100,000 plans in all 50 states, representing more than 1,000 total insurers, including dental and vision plans from 19 ancillary carriers. In 2023 alone, the overall inventory of plans within CPQ for Employee Benefits increased by 40%, and that number is continuously growing.

As the largest enabler of digital quoting in the insurance industry, Zywave is uniting product development and distribution by connecting insurers with agents and brokers. Further promoting industry connectivity, Zywave's quoting and proposal solutions integrate with other large insurtech providers to enable a seamless experience for shared users.

"One of the most exciting and powerful aspects of technology is the vast opportunities we can unlock when we connect data and systems throughout an industry," added Rentsch. "At Zywave, our development philosophy has always centered on connectedness and open architecture that enable quicker innovation and genuine collaboration. Our quoting and proposal solutions across all lines of coverage are a perfect example of how insurance organizations and tech providers can work together to ensure users are getting the most value out of their tech investment."

From policy development and comparative rating, to binding, issuing, and servicing, Zywave's connected platform improves communication and maximizes efficiency for customers on both sides of the market. For more information on Zywave's revenue-generating insurtech solutions, including its quoting and proposal products, visit www.zywave.com/employee-benefits/sales-cloud.

About Zywave

Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content, and analytics solutions. Zywave's all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals. More than 18,000 carriers, agencies, and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety. Additional information can be found at www.zywave.com.

Contact:
April Larsen
[email protected]
414.918.0547

SOURCE Zywave