ClarionDoor's digital distribution products for carriers and managing general agencies (MGAs) complement Zywave's configure, price, quote (CPQ) solutions.
Earlier this week, Zywave announced that it has acquired ClarionDoor, a property-casualty insurance product distribution software provider. ClarionDoor, based in Santa Barbara, California, creates products built for the cloud with an application programming interface (API) architecture, including MGA Hub—a comparative rater and distribution platform for retail agents and brokers.
ClarionDoor's digital distribution products for carriers and managing general agencies (MGAs) complement Zywave's configure, price, quote (CPQ) solutions and enhance the suite of products from rating and quoting to binding and issuance, according to Zywave's press release announcing the acquisition.
“Digital quoting is one of the fastest growing categories within the insurance industry," said Jason Liu, chief executive officer of Zywave. “Zywave has doubled down in this space, becoming the first InsurTech provider to offer CPQ solutions across all lines of business. With the acquisition of ClarionDoor, we also gain an exclusive distribution technology for carriers."
Founded in 2010, ClarionDoor serves more than 70 customers across all p-c lines globally, ranging from traditional lines to emerging ones such as cannabis and cyber.
"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. "What makes this partnership so exciting for ClarionDoor and our customers is that ClarionDoor and Zywave share a more open, collaborative and tech-enabled vision for insurance distribution. Together, we will fundamentally transform the way insurance organizations do business."
InsurTech mergers & acquisitions have had a busy year. In November, Vertafore® acquired AgencyZoom™ and Lemonade announced plans to acquire Metromile shortly after Metromile expanded to offer independent agents access to their auto product.
The summer also saw a slew of acquisitions, with IVANS acquiring Ask Kodak, Liberty Mutual planning to buy State Auto, and Allstate agreeing to acquire SafeAuto while Progressive finalized its acquisition of Protective Insurance Corp.
Not all were happy endings in M&A land—Aon and Willis Towers Watson canceled their merger this summer after a U.S. Department of Justice lawsuit.
AnneMarie McPherson is IA news editor.