This strategic move sets the stage for the industry’s first front-to-back architecture, revolutionizing the way insurance is bought, sold, and administered, and providing enhanced services to carriers, advisors, and policyholders.
The acquisition expands Zinnia’s reach into digital distribution solutions, opening up new opportunities to serve carriers and distribution partners. Together, Zinnia and Policygenius will offer a wide range of products and services covering life and annuities, disability, and property and casualty insurance. At the heart of Policygenius is a platform that simplifies the insurance purchasing process for consumers, along with robust data analytics capabilities. When combined with Zinnia’s growing tech capabilities and well-established third-party administrator (TPA) infrastructure, this sets the stage for exceptional experiences for all stakeholders in the insurance industry.
Zinnia will continue to offer Policygenius’ full suite of online services under the Policygenius brand, which will connect with Zinnia’s new system of record to further develop the Open Insurance architecture. This acquisition also opens up growth opportunities for Zinnia and Policygenius’ combined client base of over 60 carriers, 350 distributors and partners, and more than 2 million policyholders.
Policygenius capabilities will enhance Zinnia’s expertise
“We are committed to simplifying the insurance buying process and delivering exceptional experiences for consumers, from purchase to claim,” said Michele Trogni, Chief Executive Officer of Zinnia. “Policygenius has always prioritised consumer experience, and their capabilities will accelerate our journey. We are excited to welcome Policygenius clients, their experienced leadership team, and approximately 450 new team members to Zinnia, and we look forward to driving growth in our industry.”
“We are thrilled to have Zinnia as our partner, as they share our vision of transforming the insurance industry through technology and a consumer-first approach,” said Jennifer Fitzgerald, Co-founder and CEO of Policygenius, and newly appointed Zinnia board member. “Their deep expertise in insurance and entrepreneurship has resulted in impressive achievements, including over $170 billion in assets under administration and the launch of more than 170 new carrier products. Together, we will expand the reach of our carrier and distribution partners, helping even more consumers achieve financial protection. The potential of Open Insurance is enormous, and we are excited to embark on this journey with Zinnia.”
“This strategic combination positions Zinnia and Policygenius to deliver significant benefits for carriers and consumers, and we believe there is immense untapped demand in the market for a seamless digital experience underpinned by a comprehensive, end-to-end insurance offering,” said Jake Heller, Partner at KKR, and newly appointed Zinnia board member. “We look forward to serving as an investor in the combined business alongside Eldridge and supporting Michele, Jennifer, and their talented teams in their next chapter of growth.”
KKR, through its Technology Growth strategy, was a lead investor in Policygenius and will continue to be an investor in the combined company.
Legal counsel for Zinnia was provided by Sidley Austin LLP and WilmerHale, while Latham & Watkins LLP served as legal counsel for Policygenius in this acquisition. The industry is eagerly anticipating the future developments resulting from this groundbreaking acquisition and the possibilities it presents for the insurance value chain.
