Zywave Acquires Insurance Distribution, Quoting Software Firm ClarionDoor
Milwaukee-based Insurance technology firm Zywave reports it has acquired Santa Barbara, Calif.-based ClarionDoor, a seller of insurance product distribution software for the property/casualty market.
Zywave said ClarionDoor’s digital distribution products for carriers and managing general agencies complement its own configure, price. quote programs for insurance agencies and brokers, creating a complete suite of products for insurance carriers and distributors, from rating and quoting through presentation to binding and issuance.
“Digital quoting is one of the fastest growing categories within the insurance industry,” said Jason Liu, chief executive officer of Zywave. Liu said Zywave has “doubled down” in this space, becoming the first offer configure, price, quote across all lines of business.
Terms of the transaction were not disclosed.
Founded in 2010, ClarionDoor said it serves more than 75 customers globally across all P/C lines ranging from traditional lines to emerging markets such as cannabis and cyber insurance.
“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.
He said ClarionDoor and Zywave share an “open, collaborative and tech-enabled vision for insurance distribution.”
ClarionDoor’s products are built for the cloud with an API-first architecture. Among ClarionDoor’s products is MGA Hub, which started out serving excess and surplus markets for managing general agents. The company recently expanded this to support retail agents and brokers in both the specialty and standard insurance markets.
The company has offices in Santa Barbara and Philadelphia.
The ClarionDoor acquisition is the latest by Zywave in the insurance distribution process. Previous acquisitions in this space include IBQ Systems (2021), Insurance Technologies Corp. (2020), RateFactory (2019), and Code SixFour (2018).