Independent study finds customers experienced benefits of £5.89m over three years
The results of a commissioned Total Economic Impact™ (TEI) study are in!
The study, conducted by Forrester Consulting, which revealed a 160% return on investment (ROI) for a composite enterprise using Zywave solutions, and a total of £5.89m* in three-year benefits.
In the study, Forrester interviewed seven representatives at six organisations that have used Zywave solutions. The study noted, “Each of the interviewees said their organisations improved the efficiency of prospecting and selling to their clients. In addition, these companies found more cross-selling opportunities and reduced marketing costs.“
A Better Understanding of the Value Zywave Brings
“We’ve consistently heard customers share how Zywave solutions significantly improve the productivity and growth of their business,” said Zywave Senior Vice President of Product Management Eric Rentsch.
“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.” added Rentsch.
About the Forrester Consulting Total Economic Impact™ Study
Based on the interviews, Forrester constructed a TEI framework, a composite company, and an ROI analysis that illustrates the areas financially affected. The composite organisation is representative of the seven interviews and is an independent insurance agency with 400 employees, located and doing business in North America.
Additional key findings listed in the study include:
- Increased prospecting effectiveness in the benefits insurance market, valued at £1.9m
- Increased prospecting effectiveness in the commercial insurance market, valued at £1.7m
- Marketing cost reduction, valued at £536,000
- Improvements in customer experience, name recognition, customer stickiness, and accelerated employee-on-boarding
Zywave’s a Global Product
Jon Maury, VP International Operations added, “Zywave is well known for having a great end-to-end insurance solution for the US market.
“Of course, Zywave’s a Global Product. We’re deeply embedded in the London Market and have a wealth of experience across Europe with our extensive Cyber Data and Loss Data products as well as unique insurance distribution options.
“The Forrester Consulting study examines the significant impact from which our global partners benefited.”
Zywave’s History Proves Itself’
As one of the study’s participants, a senior advisor, corporate services, insurance brokerage and consultant, said, “Zywave’s history proves itself. They’ve continued to constantly evolve. It’s really become a turnkey insurance solution technology.”
About Zywave
Zywave is a leading global insurtech provider with 57 out of 57 Lloyd’s Managing Agents and 1-in-3 UK brokers using Zywave products.
Globally, more than 15,000 insurers, agencies and brokerages, including all of the top 100 US insurance brokerages, use Zywave solutions.
Zywave offers an end-to-end solution that covers Loss Data, an all-in-one Quote, Rate, Bind platform, as well as unique distribution options. For details see www.zywave.co.uk
* Results are from a Forrester Consulting case study commissioned by Zywave titled: The Total Economic Impact™ of Zywave, October 2022. Financial results use the average USD/GBP conversion rate for September, 2022.