StageAcquired | Acquired
PolicyGenius is an online insurance platform. The company provides a place to shop online for life, long-term disability, renters, and pet insurance through its quoting engines that offer comparisons of tailored policies. The company was founded in 2014 and is based in New York, New York. In April 2023, PolicyGenius was acquired by Zinnia. The terms of the transaction were not disclosed.
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Research containing PolicyGenius
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CB Insights Intelligence Analysts have mentioned PolicyGenius in 5 CB Insights research briefs, most recently on Mar 20, 2023.
Expert Collections containing PolicyGenius
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
PolicyGenius is included in 5 Expert Collections, including Fintech 250.
250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.
Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience
Health Plans & Benefits Management
Companies developing or offering digital platforms and services, including online insurance marketplaces, data analytics for claims adjustment, benefits administration, and payments systems, that help make private health insurance more affordable, navigable, or transparent.
Latest PolicyGenius News
May 16, 2023
Share Zinnia acquires Policygenius, merging front-end and back-end insurance software solutions for streamlined processes. The acquisition brings growth opportunities and improved customer experiences. Both companies prioritize digital transformation to enhance the insurance industry. Guildford, United Kingdom - May 16, 2023 /PressCable/ — Insurance software offerings are available in two forms: back-end tools and front-end solutions. The front-end solution is for the customers to compare prices or view various products offered by insurance providers. A back-end product, on the other hand, enables insurance providers to manage their services. However, when two such solutions come together, one ends up with a front-to-back architecture that streamlines the complete process for everyone involved. Surprisingly, these types of solutions aren’t readily available. That makes Zinnia’s acquisition of Policygenius a unique opportunity. Zinnia is a life and annuity insurance technology and digital services company backed by Eldridge. Its range of solutions provides end-to-end administration, funds management, enhanced digital buying experiences, improved engagement and loyalty, and third-party administrator services. The company provides everything an insurance company might need to deliver its services in a customer-friendly manner. Policygenius is a digital insurance marketplace. With its services added to Zinnia’s portfolio, the company will be able to further develop its Open Insurance architecture. Between the two companies, they have a combined 60+ carrier clients, 350 distributors and partners, and over two million policyholders. This acquisition has opened doors for growth opportunities for both. Zinnia’s initial interest in Policygenius stems from the value the company delivers to its consumers. By adopting the solutions that the digital insurance marketplace provides, Zinnia hopes to accelerate its own growth and improve its customer experience. Under the terms of the acquisition, Zinnia will take on all Policygenius customers, its leadership team, and around 450 team members. Both companies are excited about this merger as they share common values and visions, which they are confident will transform the industry. One of the biggest hurdles the insurance industry faces is ensuring a good customer experience. In fact, whilst CX is being talked about a lot, most insurance providers are not making any substantial effort towards it. According to an article by Diginomica , insurance companies are eyeing artificial intelligence (AI) as a means of transforming the industry, but not with a focus on CX. However, AI has the potential to make the insurance customer’s journey smoother. Whilst the AI/ML model can help insurance businesses reduce costs and prevent fraud, it also can be harnessed to provide a better communication experience for policyholders. The insurance industry has historically been resistant to technology, however, Zinnia’s acquisition of Policygenius seems to be a sign of good things to come. In this case, the focus seems to be on creating a better experience for consumers, through a user-friendly interface backed by an equally powerful architecture. This might be the first step towards a more empathetic insurance industry , geared towards giving customers better service through digital transformation. Contact Info:
PolicyGenius Frequently Asked Questions (FAQ)
When was PolicyGenius founded?
PolicyGenius was founded in 2014.
Where is PolicyGenius's headquarters?
PolicyGenius's headquarters is located at 32 Old Slip, 30th Fl, New York.
What is PolicyGenius's latest funding round?
PolicyGenius's latest funding round is Acquired.
How much did PolicyGenius raise?
PolicyGenius raised a total of $276.05M.
Who are the investors of PolicyGenius?
Investors of PolicyGenius include Zinnia, AXA Venture Partners, MassMutual Ventures, Norwest Venture Partners, KKR and 19 more.
Who are PolicyGenius's competitors?
Competitors of PolicyGenius include Digit Insurance, Groundspeed, Metromile, Alan, Covr Financial Technologies, Health IQ, Ethos, PolicyBazaar, Ladder, Sproutt and 16 more.
Compare PolicyGenius to Competitors
Digit Insurance is a digital insurance company. It offers an online platform for users to avail of various types of insurance services, including car insurance, life insurance, health insurance, and property insurance. The company was formerly known as Oben General Insurance. It was founded in 2016 and is based in Bengaluru, India.
Snapsheet offers a cloud-based digital claims management software platform. It helps in automating and managing appraisals, claims, and payments. The company was founded in 2011 and is based in Chicago, Illinois.
Collective Health is a health insurance service company. It provides employers with an integrated software platform that allows them to administer benefits plans and optimize investment all in one place. The company was founded in 2013 and is based in San Mateo, California.
Groundspeed offers software-as-a-service (SaaS) based application submission and data services. The company uses machine learning for commercial insurance data automation to help brokers and carriers improve financial performance. The company was founded in 2016 and is based in Ann Arbor, Michigan.
Spruce provides real estate transactions. The company offers a digital dashboard for transaction management, a digital closing experience, application programming interface (API) integrations, and more. It offers its solutions to lenders, investors, relocation management, and more. The company was founded in 2016 and is based in New York, New York.
BIMA provides mobile-delivered insurance to mobile operators and insurance companies. The company also provides product development expertise, a distribution force, customer service with claims payment, and a mobile insurance platform. It was founded in 2010 and is based in Stockholm, Sweden.
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