Enhanced solutions and continuous transformation fueled growth in 2023
Leading insurtech provider, Zywave, today released its 2023 Stewardship Report detailing the company’s most substantial achievements over the past year. Highlights from 2023 include:
- More than 400 product releases and enhancements
- The addition of over 50 new carriers offering insurance coverages across personal lines, commercial lines, and employee benefits
- 20% increase in quoting volume within CPQ solutions across all lines of business, resulting in an estimated $76B in facilitated premium
- Expansion of 15+ new REST API capabilities to seamlessly deliver even more data to customers serving all lines of business
- Launch of the industry’s first in-product, generative AI functionality
- Introduction of new proprietary personal lines and full-service sales and lead generation solutions
“We continue to focus our product development on ways we can maximize value for our customers,” said Jason Liu, CEO of Zywave. “In 2023, we worked on smart initiatives and product upgrades that not only improved our customer experience, but ultimately will bolster our customers’ productivity and bottom line. I’m extremely proud of the work we delivered over the past year, and the significant impact it has had on our customers’ operations.”
Zywave has become well-known in the insurance industry for making significant investments to continuously enhance its portfolio of solutions, fostering ways to improve customer experience, as well as its progressive philosophy on open architecture and AI initiatives. Following are a few of the company’s highlights from the past year:
Product Innovation – Zywave reaffirmed its commitment to investing in AI-driven solutions, focusing development efforts on its industry-leading data and content assets. In June 2023, the company rolled out the industry’s first generative AI solution to amplify data and content efficiency, while maximizing user experience. In addition to enhancements already launched, Zywave is working on more than 50 AI-enabled use cases.
Beyond AI, Zywave is also laser-focused on the expansion of API capabilities that enable insurance organizations to further maximize their data-driven opportunities throughout the entire prospect-to-client journey. Through these multiple solutions, Zywave will provide users access to insightful, new data sets, empower organizations to optimize their technology workflows, and enable them to use their existing data in meaningful, new ways.
Market Expansion & Connectivity – Within its quoting and proposal solutions, Zywave continues to grow its network, significantly increasing the number of carriers and plans available to producers across employee benefits, personal lines including home, standard and non-standard auto, commercial lines, and excess & surplus.
In 2023, increases in quote activity across Zywave’s CPQ network included 74% for Zywave CPQ – Employee Benefits, 25% increase for Personal Lines, and 80% increase for ClarionDoor – Commercial Lines. For carriers looking to grow their products or industry footprint, Zywave also continues to expand its robust data offerings, which deliver actionable insights into ideal market areas and risk assessment.
Service Excellence – Zywave was presented with two prestigious Stevie® Awards in the 17th annual Stevie Awards for Sales & Customer Service—one of which was centered around the insurtech’s adoption of AI/NLP technology. The award-winning program leverages automation solutions for ticketing, has improved the tracking of customer data and support cases, and leverages an advanced self-service portal, all of which contributed to faster response times and improved customer satisfaction.
Industry Expertise – Delivered five impactful thought leadership events on property, casualty, and cyber insurance, and hosted over 70 educational events and webinars on today’s most pressing industry topics.
“We’re going to keep pushing the envelope with new developments in 2024, including a charge to deliver solutions that help our customers thrive in this dynamic world of tech. Zywave’s customers can expect more value and innovation in 2024,” added Liu. “We’ll deliver that through additional AI-driven capabilities and applications as well as solutions that continue to drive digital distribution in our space.”
To view Zywave’s 2023 Stewardship Report, visit go.zywave.com/WR-2023-Stewardship-Report.html. For more information on Zywave, visit www.zywave.com.
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—their own Modern RevOps Machine. More than 15,000 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.