Insuranceciooutlook

Zywave Enhances Its CPQ Solution For Employee Benefits

Insurance CIO Outlook | Tuesday, May 17, 2022

Fremont, CA: Insurance analytics is the process of gathering, analyzing, and extracting insights from data sources to reduce the risks associated with insurance policy underwriting, pricing, rating, claims, and marketing. To create leads and discover market trends, it employs a software platform coupled with data analysis tools, artificial intelligence (AI), and big data solutions.

Zywave, a leading insurtech supplier, upgraded its CPQ for Employee Benefits solution, including the extension of carrier data with additional lines of coverage introduced across the United States. Carriers' continued expansion has resulted in a 144 percent increase in the number of plans available last year. To accelerate that expansion, Zywave is always introducing new carrier rating APIs, additional carriers, and lines of coverage.

Zywave provides a comprehensive suite of configure, price, and quote (CPQ) solutions for insurance carriers and distributors across all lines of business, from rating and quoting to presentation, binding, and issuance. Over 18,000 users have generated over 30 million quotations for employee benefits, commercial, and personal lines utilizing Zywave's CPQ platform over the last year.

Zywave CPQ for Employee Benefits streamlines quoting for small group clients by allowing brokers to create, price, and quote benefit programs with a single census upload. As a result, the number of quotations made inside the platform has climbed by 114 percent year over year due to increasing use and uptake, making it the fastest-growing quoting & proposal solution in Zywave's portfolio.

"As Zywave continues to grow, the expansion of Zywave CPQ for Employee Benefits was a natural development to enable us to better serve both brokers and carriers," said Eric Rentsch, Zywave's senior vice president of product management. "The evolution and growth of our quoting and proposal solutions play a key role in Zywave's mission to power digital transformation at every stage in the insurance lifecycle."

United Healthcare's rating API was the first to enter the market with a recent integration, allowing users to access rates directly from the carrier quoting system. This assures perfect correctness, and the quotation is reflected in United Healthcare's quoting system, saving brokers time. Approximately half of the plan data in Zywave's platform gets provided via carrier-direct API, with the remainder received through direct contacts with carriers.

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