Cloud-based insurance software provider Zywave Inc. has purchased Spokane, Washington-based IBQ Systems, a provider of comparative rating technology for personal insurance lines, according to a recent announcement.
The deal is the latest move in Zywave's recent acquisition spree. IBQ Systems is the seventh company that Wauwatosa-based Zywave has acquired in the last two years.
In acquiring IBQ Systems, Zywave is expanding its offerings for independent agents that sell personal insurance lines. It plans to combine IBQ's technology with its existing TurboRater product — which came from its 2020 acquisition of Insurance Technologies Corp. — to bolster quoting and proposal offering capabilities within its sales cloud product.
“Not only does Zywave’s addition of IBQ help further enhance our existing portfolio of quoting and proposal solutions for all lines of business, but it also expands our connectivity with even more carriers, particularly in the Pacific Northwest,” Zywave CEO Jason Liu said in a statement. “What this means for our customers is more options and increased quoting efficiency, which ultimately leads to better profitability.”
Zywave works with more than 15,000 insurance carriers, agencies and brokerages worldwide, including all of the top 100 U.S. brokerages, according to the company. In less than 12 months, more than 600 leading U.S. agencies have signed on to use Zywave's sales cloud, according to a statement from Zywave senior vice president of product management Eric Rentsch.
Earlier last month, Zywave announced it appointed Jeff Cohen as a senior vice president in charge of expanding its carrier business. Cohen was formerly president of Advisen, which Zywave acquired in November 2020. He will help Zywave's carrier partners expand distribution, increase profitability and facilitate communications throughout the insurance distribution and placement process, according to a June 9 press release.
Zywave plans to make two or three acquisitions a year as the company doubles within the next few years, Liu told the Milwaukee Business Journal in January 2020. The company has made the following other acquisitions recently:
- May 2021: Zywave announced it acquired Modgic, a Bend, Oregon-based provider of workers’ compensation and mod analysis software.
- April 2021: Zywave announced its acquisition of Enquiron, a Boston-based risk management solutions provider.
- November 2020: Zywave announced its acquisition of Insurance Technologies Corp., a computer software company in Carrollton, Texas.
- November 2020: Zywave announced its acquisition of Advisen, a New York City-based insurance data provider.
- December 2019: Zywave announced its acquisition of miEdge, a New Hampshire-based data analytics and lead generation company.
- June 2019: Zywave announced its acquisition of RateFactory, an Idaho-based group rating engine.
