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Online Insurance Marketplace Agrees Digital Insurance Platform Acquisition
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.
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