In a new study commissioned by Zywave, The Total Economic Impact ™ (TEI) of Zywave, Forrester Consulting found that customers experienced benefits of $6.68M over three years.
As the insurance industry evolves, so does the role of the agency, and the needs and wants of clients. Whether your challenges center around scaling your business, differentiating yourself from the competition or improving your own internal sales processes, the abundance of pressure and forces against the insurance industry are growing.
There is a quest for efficiency and effectiveness. Companies have been relying on inefficient manual processes and basic software to manage prospecting, selling, and customer support. Clients struggle to keep up with frequent regulation changes and legislative actions that impact the industry. Zywave customers are overcoming these challenges with our insurtech tools and solutions.
We knew our current clients’ results could help others with similar challenges. To help demonstrate the value of Zywave solutions, we commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study.
For the study, Forrester interviewed seven representatives from organizations using Zywave products. These customers created the basis for the composite organization that presents the financial analysis and results. The research revealed a 160% three-year return on investment (ROI) for a composite enterprise that deployed Zywave solutions, and a total of $6.68 million in three-year benefits. Forrester reported:
- Increased prospecting effectiveness in the benefits insurance market, valued at $2.2 million
- Increased prospecting effectiveness in the commercial insurance market, valued at $1.9 million
- Increased cross-selling opportunities, valued at $858K
- Improvements in customer experience, name recognition, customer stickiness, and accelerated employee onboarding
WHAT DOES IT ALL MEAN
Prior to using Zywave, these interviewees noted how their organizations lacked efficient ways to prospect, had difficulty keeping up with legislative changes, used many manual and error-prone processes, and struggled to show value.
Adopting Zywave’s tools helped the interviewees organizations’ successfully address these challenges. Each of the interviewees’ said their organizations improved the efficiency of prospecting and selling to their clients. In addition, these companies found more cross-selling opportunities and reduced marketing costs. The interviewees said that Zywave differentiated their companies and increased customer retention by providing value-adding services and access to informational guidance.
MAKING A DIFFERENCE
Let’s take a deeper look at the benefits and why they are important. Quantified Benefits include:
Prospecting effectiveness – A three-year value of $2.2M in the benefits insurance market. Interviewees cited Zywave tools as the way to efficiently identify prospects and complete needed research for proposals.
Cross-selling – A three-year value of $858K. Interviewees noted that using Zywave helps producers across commercial and benefit lines better anticipate coverage needs of clients and prospects.
Marketing and admin productivity – A three-year value of $423K. Resources available through Zywave’s cloud platforms increase the productivity of the marketing and administrative staff, particular by using Zywave-curated content to efficiently support clients in managing compliance, mitigating risk, and assisting with HR responsibilities.
Marketing cost reduction –A three-year value of $698K. Zywave tools helped reduce manual efforts previously used to develop content as well as allowing customers to reallocate resources to other value-adding tasks.
In addition to the hard numbers that Forrester noted, companies using Zywave also realized some additional benefits such as better name recognition, increased customer stickiness, keeping the lights on during shutdowns, and accelerated employee ramp up.
WHY IT MATTERS
Building a tech stack is in your control. These results are real. These are the results our customers can achieve by using Zywave solutions. We help our customers address the areas of concern they need to work on. By offering a modular approach to build and maximize your tech stack. Zywave can help in the following areas:
Content – Your solutions for content, content management and distribution
Data – Your way to research, benchmark and provide value through analytics
Marketing Automation – Automate and simplify your marketing and email campaign activities and workflows – ultimately driving to build client engagement and internal efficiencies
Customer Relationship Management – Your revenue tracking, pipeline management and forecasting solution
Configure, Price, Quote (CPQ) – Service prospects and clients with professional, high-quality quotes
Client Software – The unique services you provide directly to your customers to use internally with their employees
Agency Management System – Your customer tracking mechanism and system of record
The pieces for powerful tech stack are at your fingertips. Let Zywave show you how to maximize your tech impact both internally – in areas such as operational efficiency and reduced prospecting time – and externally – through increased customer engagement and satisfaction. Let the TEI report sink in and let the results inspire action.
This infographic illustrates the key findings from the Total Economic Impact™ (TEI) study.
Want the full report? Read it here.
Want even more? Watch the replay of the webinar, ROI Revealed: Learn The Total Economic Impact™ of Zywave Solutions.