Research firm recognizes Zywave solution with top honors for Advanced Technology, Breadth of Functionality
MILWAUKEE – (May 11, 2023) – Leading insurtech provider, Zywave, announced today that its Digital Distribution Suite – powered by ClarionDoor has been recognized as a “Luminary” in Celent’s Insurer Stand-Alone Rating Engines – Global Edition 2023 report. Notably, Zywave’s rating solution ranked among the leading raters of the 18 vendors in the report, which evaluated solution providers on 15 criteria under the categories of Primary and Technical Functionality.
Utilizing Zywave’s Digital Distribution Suite, insurers are empowered to competitively price their rates in evolving market conditions, confidently cover enhanced risk through intelligent pricing, and optimize channels for distributing rates to market.
“The insurance industry is experiencing an urgent need for efficient ways to grow their businesses, and specifically, insurers are looking to differentiate themselves from competitors, get to market and distribute broadly,” said David Cartagena, vice president of product development for Zywave and general manager of ClarionDoor. “As rating algorithms become more complex, the industry is turning to predictive analytics to drive dynamic and rapid product development, manage rates more efficiently, and create even more customized and personalized products.”
According to Cartagena, these trends have led to a greater reliance on stand-alone rating engines to execute quoting, binding, and issuance services that integrate with traditional Policy Administration Systems. These capabilities provide flexible and efficient approaches to support the increasingly complex needs of the insurance industry.
Zywave’s Digital Distribution Suite provides insurers with cloud-based tools for scalability and a reduction in latency, API-first architecture for easy integration into multiple distribution channels and policy admin systems, low- and no-code solutions to aid with streamlined implementation, and configurability with individualized internal processes. The solution allows insurers to quickly configure rating and efficiently release products to distribution networks.
As the needs for insurers continue to shift, antiquated policy administration systems with built-in rating modules are not flexible or agile enough to meet the needs of rapid product development and rating. The Digital Distribution Suite has allowed many insurers the ability to quickly launch and scale products that better fit the needs of policyholders.
“Zywave’s Digital Distribution Suite was one of only two named Luminaries in the report, which is our highest designation,” said Karlyn Carnahan, Head of Insurance for Celent. “Not only does the distinction celebrate the most advanced technology in the rating space, but it also recognizes the solutions with the most expansive functionality. Zywave’s solution ranked high in both categories.”
To download the full Celent report, visit bit.ly/Zywave_Celent2023. To learn more about Zywave’s end-to-end offerings, visit www.zywave.com.
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.
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