Zywave, a provider of insurance tech of sales management and client delivery solutions, has purchased insurance rating engine RateFactory, for an undisclosed sum.
Idaho-headquartered RateFactory operates as an easy-to-use small group rating engine that is straight linked to insurance carrier quoting systems.
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Upon completion of the transaction, Zywave will integrate RateFactory’s small group quoting into its product suite, including integration with the Code SixFour Digital Plan Marketing presentation software and within Zywave’s Sales Cloud.
As a result, Zywave will be able to offer accurate and efficient small group quoting engine in the insurance industry. It will allow insurance brokers to generate fully bespoke rate proposals for clients.
Zywave CEO Jason Liu said: “RateFactory’s exclusive functionality, combined with the comprehensive capabilities of Code SixFour, makes our new offering unlike any other available to brokers.
“This acquisition provides our partners with an industry-exclusive solution—accurate, multi-line small group quoting, directly linked to insurance carriers across the country. We are positioned for the next phase of quoting, including level-funded and ancillary lines.”
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By GlobalDataOnce the deal is closed, RateFactory customers will be served by Zywave. Further, RateFactory’s staff will be absorbed by Zywave.
Until integration of business operations in the coming months, RateFactory will continue to sell, service and support its products.
RateFactory CEO and co-founder Steve Kutina said: “Joining Zywave will enable us to better serve our customers with additional resources and an even more valuable offering.
“We also look forward to expanding Zywave’s new open partnership strategy by continuing to invest in integrations with enrolment companies and agency management systems to provide a true ‘one touch’ solution with the most accurate, comprehensive carrier-direct quoting available.”
