CORE INSURANCE, INSURANCE TECHNOLOGY
Businesswire | April 28, 2023
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.
“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,” said Michele Trogni, Zinnia Chief Executive Officer. “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.”
“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,” said Jennifer Fitzgerald, Policygenius Co-founder and CEO and newly appointed Zinnia board member. “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.”
“This strategic combination positions Zinnia and Policygenius to deliver great benefits for carriers and consumers, and we believe there is enormous unmet demand in the market for a seamless digital experience underpinned by a compelling, 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 these talented teams in their next chapter of growth.”
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. Latham & Watkins LLP served as legal counsel to Policygenius.
About Zinnia
Zinnia, an Eldridge business, combines a rich history of 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’s vision for Open Insurance empowers clients through intuitive technology solutions that decrease processing time, drive product innovation, and bring new products to market faster, enabling more people to protect and enrich their financial futures.
About Policygenius
Founded in 2014 by Francois de Lame and Jennifer Fitzgerald, Policygenius transforms the insurance journey for today’s consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $200 billion in coverage.
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CORE INSURANCE, RISK MANAGEMENT
PRnewswire | March 31, 2023
HawkSoft announces that CoverRight is now participating in its Solution Partner program. CoverRight.com is a digital-first concierge platform designed to empower retirees and their families to easily learn about and navigate Medicare health insurance online. The US-based insurtech collaborates with experienced Insurance, Banking, and Healthcare Provider partners nationwide to create new revenue opportunities through a digitally-driven and personalized Medicare navigation and enrollment experience for their clients. HawkSoft is a leading agency management system for independent insurance agencies that serve communities throughout the US.
Given the uncertain economic landscape, many independent agencies are seeking options to capture missed revenue opportunities and protect retention rates in 2023. Adding CoverRight as a Solution Partner will provide Property & Casualty (P&C) focused agencies an option to generate new revenue at no additional cost.
America's workforce continues to age with over 10,000 Americans retiring each day, affecting more personal lines clients than insurance agencies may realize. In fact, 1 in 5 Americans is a silent caregiver and may have to make complex Medicare decisions on behalf of an aging parent. Instinctively, clients turn to trusted channels such as personal insurance, banking, or healthcare providers for advice when transitioning to Medicare but require the additional expert help that CoverRight provides. CoverRight's digital-first concierge-style platform has helped over 14,000 Americans learn about Medicare and offers its partners clients a dedicated licensed Medicare advisor end-to-end – 100% free.
"HawkSoft is built by industry veterans who are exceptionally positioned to understand and help deliver what agencies will require to thrive on an evolving basis," said Karan Narang, Head of Partnerships at CoverRight. "As a Solutions Partner, CoverRight uniquely offers HawkSoft agencies the ability to cultivate a new revenue stream from their existing client portfolios while driving value back to their business. We're excited to grow our alliance with HawkSoft and help enable P&C focused agencies to capture missed opportunities with Medicare."
"Our customers often describe their jobs as 'protecting their community,' which is not limited to just covering their insureds' P&C risks," says Rushang Shah, VP of Marketing at HawkSoft. "They are resources in their communities, offering advice and guidance through some of the hardest situations a person will encounter. CoverRight feels like a natural fit for our efforts to support that pillar position agents find themselves in."
About HawkSoft
Since 1995, HawkSoft is a leader in management systems for independent insurance agencies that want effective workflows and a delightful experience for staff and policyholders. Created by independent agents, HawkSoft continues to evolve as a cutting-edge system that powers thousands of agencies. HawkSoft offers the following promise to insurance agents: your investment in HawkSoft will pay for itself in the first year. Learn more about HawkSoft's story at www.hawksoft.com/story.
About CoverRight
CoverRight.com is the first digital concierge platform designed to empower retirees and their families to easily learn about and navigate Medicare online. The company collaborates with experienced Insurance, Banking, and Healthcare Provider partners nationwide to create a digitally-driven and personalized Medicare enrollment experience for eligible clients. The CoverRight platform pairs technology with human support to simplify a traditionally confusing and complex decision by delivering a concierge-style experience that provides consumers with a delightful and comprehensive Medicare plan selection and enrollment experience. The company's vision is to become the go-to retirement concierge platform to help retirees manage and navigate health and finance in retirement.
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CLAIMS, RISK MANAGEMENT
PRnewswire | April 24, 2023
Oakbridge Insurance Agency LLC (Oakbridge), one of the largest independent insurance and risk management agencies in the Southeast, announces the addition of Wilson Insurance to its team in Waycross, Georgia.
This addition increases Oakbridge's significant position in the state of Georgia and supports the agency's continued growth across the Southeast.
"The combination of Oakbridge (formerly McNeal, Sports and Wilson) with Wilson Insurance provides clients access to expanded insurance carrier and risk management solutions," said Robbie Smith, Chief Executive Officer at Oakbridge Insurance. "This is an exciting combination that makes both organizations better equipped and more responsive to our clients."
Wilson Insurance, founded in 1956, specializes in personal and commercial property and casualty, including surety solutions, and group and individual life and health in Southeast Georgia and Northeast Florida.
"Our partnership with Wilson Insurance further enhances our already dominant position in Southeast Georgia and adds several key client relationships to our firm," said Matt James, Chief Financial Officer at Oakbridge Insurance. "We are excited to partner with the talented team at Wilson Insurance and look forward to our expanded presence in the region."
"The Wilson Insurance partnership is a great addition to our Waycross footprint for Oakbridge," said Will Wilson, Principal at Oakbridge Insurance. "It is a unique opportunity to continue the Wilson family legacy and enhance the presence of Oakbridge in our local community."
About Oakbridge Insurance Agency
Founded in 2020 through the merger of four leading insurance and risk management firms in the Southeast, Oakbridge Insurance Agency LLC is a rapidly growing partnership model for firms seeking accelerated growth, access to capital and an expanded suite of resources with which to serve clients. Ranked a "Top 100" insurance brokerage by Business Insurance and Insurance Journal magazines, Oakbridge is now one of the largest privately owned insurance, risk management and employee benefits agencies in the region. The agency has specific experience in the agriculture, bond/surety, construction, financial, health care, manufacturing, municipalities, non-profit, senior living and transportation industries. Learn more: oakbridgeinsurance.com
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