Leading insurtech provider, Zywave, today announced the results of a commissioned Total Economic Impact™ (TEI) study, conducted by Forrester Consulting, which revealed a 160% three-year return on investment (ROI) for a composite enterprise that deployed Zywave solutions, and a total of $6.68 million in three-year benefits.
In the study, Forrester interviewed seven representatives at six organizations with experience using Zywave solutions to obtain data with respect to costs, benefits and risks. The study noted, Each of the interviewees said their organizations improved the efficiency of prospecting and selling to their clients. In addition, these companies found more cross-selling opportunities and reduced marketing costs.
"We've consistently heard customers share how Zywave solutions significantly improve the productivity and growth of their business, But, tracking these results is often challenging for clients, because their sales and service technologies have historically been disconnected, and many firms have been unsure of the right KPIs to monitor. We're happy to have commissioned Forrester Consulting to find these unbiased, quantifiable results. This study can help existing customers and new prospects with a playbook to track the impact of digital transformation, and better understand the value Zywave can bring to their businesses."
- Zywave Senior Vice President of Product Management Eric Rentsch
Additional key findings listed in the study include:
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Increased prospecting effectiveness in the benefits insurance market, valued at $2.2 million
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Increased prospecting effectiveness in the commercial insurance market, valued at $1.9 million
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Improvements in customer experience, name recognition, customer stickiness, and accelerated employee on-boarding
Zywave's history proves itself. They've continued to constantly evolve. It's really become a turnkey insurance solution technology, said one of the study participants, a senior advisor, corporate services, insurance brokerage and consultant.
Based on the interviews, Forrester constructed a TEI framework, a composite company, and an ROI analysis that illustrates the areas financially affected. The composite organization is representative of the seven interviews and is an independent insurance agency with 400 employees, located and doing business in North America.
As an end-to-end solution, Zywave enables agencies and carriers to simplify digital transformation with robust marketing and lead generation, quoting and proposals, and agency management capabilities that allow businesses to run efficiently.
About Zywave
Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave's all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 carriers, agencies and brokerages worldwide including all of the top 100 U.S. insurance brokerages use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety.