Acquisition marks Zywave’s fourth in six months, further consolidating insurtech marketplace
Insurance technology provider, Zywave, today announced the acquisition of Bend, Oregon-based Modgic, a provider of workers’ comp and mod analysis software for the commercial insurance industry. Combined with Zywave’s existing commercial solutions, the acquisition strengthens Zywave’s portfolio of offerings in that market.
“The acquisition of Modgic is an exciting step as Zywave continues to consolidate the insurtech marketplace and expands its footprint, both in the U.S. and internationally,” said Jason Liu, chief executive officer of Zywave. “By combining the best aspects of the two solutions together, we look forward to bringing a superior product to our shared customers.”
Founded in 2013, Modgic provides a unique insurance application and tool on a nationwide platform to agents, brokers, carriers and policy holders. Its mission is to provide software that bridges the gap between the novice and educated, simplify the complex and allow for educated decisions, ultimately invoking change.
Zywave plans to incorporate Modgic’s streamlined and sophisticated reporting and analysis features into its Analytics Cloud and existing mod analysis tool, ModMaster, offering an enhanced user experience for its customers.
“We are thrilled about the opportunity to work with a successful, established player in the industry to further enhance our solutions and bring a truly unsurpassed, robust offering to the marketplace,” said Scott Knowles, chief executive officer of Modgic.
The Modgic acquisition marks Zywave’s sixth in less than two years, reinforcing the company’s ongoing commitment to the insurance industry. In April 2021, Zywave acquired Enquiron, a leading provider of risk management and consultative business solutions. In November 2020, Zywave announced the acquisition of both Advisen, the foremost provider of data, media and technology solutions for the commercial property and casualty insurance market, and ITC, a leading provider of marketing, rating, and management software and services for the insurance industry.
“Zywave continues to invest in growth—both in our product portfolio and in our service and support team—to help ensure our customers have the best technology available, are using it to their full potential and feel empowered with the tools they need to grow their business,” added Liu.
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