Wauwatosa-based insurtech company Zywave announced that is has acquired Santa Barbara, California-based ClarionDoor, a provider of insurance product distribution software for rating, quoting and issuance.
Founded in 2010, ClarionDoor serves more than 70 customers globally across all property and casualty insurance lines.
Terms of the deal were not disclosed.
"Digital quoting is one of the fastest growing categories within the insurance industry," said Jason Liu, chief executive officer of Zywave. "Zywave has doubled down in this space, becoming the first insurtech provider to offer CPQ solutions across all lines of business. With the acquisition of ClarionDoor, we also gain an exclusive distribution technology for carriers."
"The distribution space has seen increasingly significant changes driving growth as digital innovation is adopted. Astute carriers are becoming more adept at evaluating distributors and integrating with agency management systems, comparative raters and stand-alone rating engines to help drive the next evolution of digital products and distribution strategies," said Karlyn Carnahan, head of North America Property Casualty for research and advisory firm Celent. "The acquisition of ClarionDoor by Zywave puts them front and center in the digital distribution space with an opportunity to better connect carriers and distributors."
"For far too long, typical insurance systems focused entirely on the back office and neglected the insurer's needs of developing innovative products and getting them out to the marketplace," said Michael DeGusta, ClarionDoor's chief executive officer. "What makes this partnership so exciting for ClarionDoor and our customers is that ClarionDoor and Zywave share a more open, collaborative and tech-enabled vision for insurance distribution. Together, we will fundamentally transform the way insurance organizations do business."
The ClarionDoor acquisition is the latest in a series of several by Zywave over the last few years that demonstrate the company's investment in the insurance distribution, quoting and proposal process. Previous acquisitions in the space include IBQ Systems (2021), Insurance Technologies Corporation (2020), RateFactory (2019), and Code SixFour (2018).
Zywave has now made eight acquisitions during the last two years. Earlier this year, Liu spoke with BizTimes Milwaukee about the company’s acquisition activity.