Zinnia, a company specializing in life and annuity insurance technology and digital services, has announced its acquisition of Policygenius, a digital insurance marketplace.
The acquisition paves the way for the first front-to-back architecture in the insurance industry, allowing for better service to carriers, advisors, and policyholders.
The acquisition expands Zinnia’s reach into digital distribution solutions, creating new opportunities to service carriers and distribution partners.
Together, Zinnia and Policygenius will offer products and services spanning life and annuities, disability, and property and casualty insurance.
Policygenius is known for its platform that simplifies the process of buying insurance and its extensive data analytics capabilities.
The platform, combined with Zinnia’s growing tech capabilities and third-party administrator (TPA) infrastructure, will provide an exceptional experience for those who buy, sell, manufacture, or administer insurance policies.
Zinnia will continue to offer Policygenius’ full suite of online services under the Policygenius brand. The acquisition opens growth opportunities for Zinnia’s and Policygenius’ combined 60+ carrier clients, 350 distributors and partners, and 2M+ policyholders.
Michele Trogni, Zinnia Chief Executive Officer, stated that Zinnia’s goal is to provide solutions that simplify the process of buying insurance and deliver an exceptional experience for consumers.
Jennifer Fitzgerald, Policygenius Co-founder and CEO, said that the partnership with Zinnia shares her company’s vision to transform the industry through technology and a consumer-first approach.
KKR, through its Technology Growth strategy, was a lead investor in Policygenius and will remain an investor in the combined company.
Sidley Austin LLP and WilmerHale served as legal counsel to Zinnia, while Latham & Watkins LLP served as legal counsel to Policygenius.
Zinnia, an Eldridge business, combines insurance expertise and product capabilities to create simplified and digitized outcomes that deliver better value and foster more seamless, secure, and efficient experiences for carriers, advisors, consumers, and reinsurers.
The company has over $173.7 billion in assets under administration across 40+ clients. – InsuranceNewsAsia.com