(London) 16 November 2020. Insurance technology provider, Zywave, today announced the acquisition of WCL, a leading provider of business solutions designed to support the electronic placement of risks, accounting and settlement and claims functions in the insurance and reinsurance industry.
“The combination of Zywave’s existing capability at the front end of the insurance distribution chain with WCL’s process efficiency solutions will offer insurance professionals the most accurate data possible in real time,” said Jason Liu, CEO at Zywave. “The combination of the businesses will form an integrated digitised supply chain that will help build a truly interconnected insurance network.”
The acquisition allows WCL greater access to the US market and capacity to scale its operations globally.
“We are delighted to announce this partnership,” said James Willison, Managing Director of WCL. “Zywave is a leading tech provider, both in the United States and in the UK and complements our leading position as a messaging platform provider in the London and international insurance markets.”
Willison added that the partnership with Zywave gives Web Connectivity Limited the ability to pinpoint those messaging solutions and integrations that will make the biggest impact in the insurance market and scale offerings appropriately.
Significant Footprint & Tech Increase Across the UK, Europe and Asia.
Zywave plans to expand the WCL model and technology platform and will at the same time look to broaden and serve additional global markets. With the acquisition, the company will significantly increase its footprint and technology solutions in the United Kingdom, Europe and Asia.
Zywave has recently appointed a new Vice President of international operations, Jon Maury, who has extensive experience in software sales and business operations. Based in Zywave’s UK office, Maury will lead Zywave’s international growth alongside Willison.
Zywave offers a technology platform that uses cloud-based sales enablement, client delivery, content and analytics solutions. It has more than 6,000 brokerages worldwide as clients, including all of the top 100 US Brokers, as well as an expanding list of insurer clients.
Web Connectivity Limited provides the ability for firms to connect to and integrate with multiple placing platforms, implement electronic accounting and settlement and claims solutions, greatly speeding up premium and claims payments, and provides links to bank statements to automate the movement of money.
Zywave is also acquiring Advisen, WCL’s parent company based in New York, the leading provider of data, media and technology solutions for the commercial property and casualty insurance market. WCL was bought by Advisen in 2011.
WCL, owned by Zywave, provides business solutions to insurance organisations looking to transform their operations using structured data. WCL’s solutions support the placement of risks, accounting and settlement and claims.
Set up in 2003, WCL allows organisations to streamline business processes by automating the secure, electronic transfer of data and documents between brokers and insurers, using internationally-agreed ACORD standards. This improves client service, increases process efficiency, reduces operational costs and eliminates unallocated cash.
WCL client list includes over 80 insurance and reinsurance organisations globally, including the majority of Lloyd’s Managing Agents, the world’s largest broking and insurance firms, based across the UK, US, Bermuda, Continental Europe and Asia.
WCL provides the software to the majority of players engaged with the Ruschlikon Initiative, a joint industry project sponsored by insurance standards body ACORD. This project aims to connect the leading players in the insurance and reinsurance industry to advanced back office processes such as technical accounting, claims and settlement using the ACORD Global Reinsurance and Large Commercial (GRLC) Standard.