Zinnia, a life and annuity insurance technology and digital services company, is acquiring digital insurance marketplace Policygenius.
Zinnia’s mission is to deliver a modern open insurance experience to its clients and equip them with the tools to reimagine how life and annuities are bought, sold, serviced and experienced.
According to Zinnia, the life and annuities market is shifting and consumer expectations have changed. As such, the company has positioned itself at the forefront of the shift towards digitisation and is on a mission to modernise the way the industry has historically operated, enhancing how consumers experience life insurance and annuities.
The acquisition of the digital insurance marketplace lays the foundation for the industry’s first front-to-back architecture to power the entire insurance value chain and better serve carriers, advisors, and policyholders.
Zinnia will continue to offer Policygenius’ full suite of online services under the Policygenius brand. These capabilities will connect with Zinnia’s new system of record to further develop the Open Insurance architecture.
Michele Trogni, Zinnia chief executive officer, “At Zinnia, we want to provide solutions that simplify the process of buying insurance and deliver an exceptional experience for consumers from purchase to claim.
“Policygenius has always put consumer experience at the heart of their business, and their capabilities will accelerate our journey. We look forward to welcoming Policygenius clients, an experienced leadership team, and approximately 450 new team members to Zinnia, and are excited to power growth in our industry.”
Jennifer Fitzgerald, Policygenius co-founder and CEO and newly appointed Zinnia board member, added, “We are thrilled to have a partner in Zinnia, that shares in our vision to transform the industry through technology and a consumer-first approach. Their depth of insurance expertise and entrepreneurship has resulted in more than $170bn in assets under administration and the launch of 170+ new carrier products.”
Last year, SE2, an Eldridge business and life and annuity InsurTech, life.io, Breathe Life and Convergent, evolved into Zinnia to power open insurance.
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