Wauwatosa-based insurance technology firm Zywave Inc. has acquired Mission Viejo, California-based startup RateFactory, the company announced today. The transaction closed June 10 for an undisclosed price.
Founded in 2014, RateFactory is a small group rating engine linked to insurance carrier quoting systems. It helps brokers quote and prepare small group presentations. It has eight employees, all of whom work remotely and will continue to do so, a Zywave spokeswoman said.
Zywave is an insurance software-as-a-service solutions provider with products targeted to sales management and client delivery that are used by more than 5,300 brokerages globally. It has about 400 employees worldwide, about 300 of whom work at its Wauwatosa headquarters.
Zywave plans to integrate RateFactory with its Code SixFour Digital Plan Marketing presentation software so brokers can quickly customize rate proposal presentations to clients. The company in October acquired Chicago-based Code SixFour, a proposal automation and advanced predictive analytics firm for employee benefits advisors.
“RateFactory’s exclusive functionality, combined with the comprehensive capabilities of Code SixFour, makes our new offering unlike any other available to brokers,” said Jason Liu, chief executive officer of Zywave. “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.”
All RateFactory employees and customers will be retained by Zywave. Steve Kutina, who co-founded and served as CEO of RateFactory, will work in business development at Zywave. The RateFactory products will continue to be supported as Zywave integrates the companies.
“Five years ago, RateFactory was founded to help brokers that were struggling to quote and prepare small group presentations,” 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 enrollment companies and agency management systems to provide a true ‘one touch’ solution with the most accurate, comprehensive carrier-direct quoting available.”