Insurtech provider Zywave has announced enhancements to its CPQ for Employee Benefits product. The enhancements include the expansion of carrier data with new lines of coverage across the US.
Continued carrier expansion has contributed to a 144% increase in the number of plans available over the past year, Zywave said.
The company offers a complete suite of configure, price, quote (CPQ) services for insurance carriers and distributors, from rating and quoting to presentation, binding and issuance, across all lines of business. In the last year, more than 18,000 users have run more than 30 million quotes using the company’s CPQ technology for employee benefits, commercial lines and personal lines. The number of quotes created in Zywave’s CPQ for Employee Benefits platform has increased 114% year over year, making it the fastest-growing quoting and proposal platform in the company’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, senior vice president of product management at Zywave. “The evolution and growth of our quoting and proposal solutions plays a key role in Zywave’s mission to power digital transformation at every stage of the insurance life cycle.”
First in the market with a recent integration is United Healthcare’s rating API, Zywave said. The API allows users to access rates immediately and directly from the carrier quoting system. Quoting is mirrored within the United Healthcare system, saving brokers additional time. More than 50% of the plan data within Zywave’s platform is fed via carrier-direct API, with the remaining plan data sourced through direct relationships with carriers.
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“Zywave is working hard to expand our partnership with a number of new carriers,” said Harrison Hahn, director of carrier relationships at Zywave. “As we move through 2022, we are looking to build new relationships and add even more carriers to this already robust list.”
Carriers in the recent expansion of Zywave CPQ for Employee Benefits include: United Healthcare, Blue Cross and Blue Shield of Texas, Blue Cross and Blue Shield of Illinois, Blue Cross and Blue Shield of Oklahoma, Blue Cross and Blue Shield of New Mexico, Blue Cross and Blue Shield of Montana, Renaissance Benefits, VSP Vision Care, and Kansas City Life Insurance Company.