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William “Bill” Haack
Former Zywave executives disperse to pursue own ventures
As Dave O’Brien took over Zywave’s chief executive officer role close to two years ago, other leaders pivotal to the company’s launch set off in their own directions with new entrepreneurial ambitions.
Among them was Bill Haack, CEO of Zywave from 1995 to the end of 2013. Haack, who had also served as owner, chairman and CEO of Zywave’s predecessor, insurance broker Frank F. Haack & Associates, exited Zywave at the time he felt was right, as O’Brien positioned himself as a strong successor.
Most of Haack’s professional focus today centers on running Haack Ventures, a Wauwatosa-based private investment company located in the same building as Zywave. Haack, chairman and CEO, said he invests in a wide range of companies but primarily skews toward software companies, since that is an industry he knows well.
Haack also remains involved with Zywave at a strategic level as vice chair, board member and shareholder. Additionally, he is a shareholder and director for Advicent, the new company that formed from Zywave’s split in 2013.
A federal judge last week approved an $11 million deal to end a proposed class action lawsuit against insurance technology provider Zywave.
The lawsuit filed in U.S. District Court for the Northern District of Texas in June 2021 alleged Insurance Technologies Corp. (ITC) – a company Zywave acquired in November 2020 – did not notify customers of a data breach in a timely manner.
Carrollton, Texas-based ITC had more than 250 insurance companies and more than 9,000 agencies as clients when it was bought by Zywave, and it claimed to be the largest provider of insurance agency websites in the U.S. ITC also supported millions of auto and home quotes through its comparative rater called TurboRater.
According to court records, ITC in February 2021 first learned of the breach that gave hackers access to names, Social Security numbers, driver’s license numbers, dates of birth, and other information belonging to thousands of ITC customers, potential customers, and other individuals. The company said it contained the data breach in early March 2021 but did not begin to notify customers and attorneys general of the breach until May 10, 2021.
The settlement approval filed January 4 included an award of more than $3 million in attorneys’ fees. Zywave agreed to the $11 million settlement in March.