Zinnia, a life and annuity insurance technology and digital services company, today announced it is acquiring Policygenius, a digital insurance marketplace.
The acquisition “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.”
The transaction 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.”
At the heart of Policygenius is a platform “that simplifies the process for consumers to buy insurance, and an extensive data analytics capability that, combined with Zinnia’s growing tech capabilities and well-established third-party administrator (TPA) infrastructure, lays the groundwork for exceptional experiences 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.” These capabilities will “connect with Zinnia’s new system of record to further develop the Open Insurance architecture.” 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, said:
“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, said:
“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 $170B in assets under administration and the launch of 170+ new carrier products. Together, we will expand the reach of our carrier and distribution partners, helping even more consumers achieve financial protection. The promise of Open Insurance is huge, and we are excited to embark on this journey with Zinnia together.”
KKR, through its Technology Growth strategy, “was a lead investor in Policygenius and will remain an investor in the combined company.”
As noted in the update, Sidley Austin LLP and WilmerHale served as legal counsel to Zinnia. Latham & Watkins LLP served as legal counsel to Policygenius.