Draft:Policygenius
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Submission declined on 21 June 2024 by SafariScribe (talk).
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| Industry | Insurance |
|---|---|
| Founded | 2014 U.S. |
| Founder | Jennifer Fitzgerald and Francois de Lame |
| Headquarters | Topeka, Kansas , U.S. |
Area served | United States |
Key people | Jennifer Fitzgerald (Founder) Francois de Lame (Founder) Frank Kumpuris (CEO) |
| Products | Insurance |
| Website | www |
Policygenius LLC., owned by Zinnia, is a privately held online insurance marketplace. The licensed insurance broker provides free life, home, renters, auto, health, and disability insurance to help consumers compare and purchase insurance coverage. Consumers can see prices using real-time technology and work with licensed Policygenius insurance agents across the United States.[1][2][3][4]
The Policygenius division of Zinnia employed approximately 370 workers as of 2023 and maintains headquarters in Topeka, Kansas.[5]
History
[edit]Policygenius was founded by Jennifer Fitzgerald and Francois de Lame, both former management consultants of McKinsey & Company.[6][7][8]. The pair launched a New York City-based startup, KnowItOwl, in 2013 to modernize the process of shopping for and buying insurance.
In 2014, KnowItOwl rebranded as Policygenius.[citation needed]
Modern Growth
[edit]Since 2014, Policygenius has sold an estimated $200 billion in coverage and helped nearly 30 million shoppers compare insurance policies.[9][10]
In addition to the original headquarters in New York City, Policygenius opened a second headquarters in downtown Durham, North Carolina after receiving an package worth $5 million from the state in 2019.[11][12][13]
In the height of COVID-19, Brighthouse Financial and Policygenius launched Brighthouse SimplySelect, a data-driven accelerated underwriting (AU) level term life insurance product, in June 2020. [14] Policygenius partnered with Lincoln Financial Group to launch Lincoln TermAccel, a life insurance product. [15]
Jennifer Fitzgerald and Francois de Lame resigned from their leadership positions with Policygenius on November 30, 2023.[16]
Policygenius Pro
[edit]Policygenius Pro was launched in February 2022. This B2B platform helps independent agents and financial advisors accelerate and streamline term life insurance sales.[17] In the summer of 2022, Policygenius began to form partnerships with various financial groups, such as Impact (June 2022), Facet Wealth (July 2022), and Barnum Financial Group (September 2022).[18][19] These collaborations enabled insurance agents and advisors to direct their clients to Policygenius Pro's streamlined life insurance placement process. [20]
Zinnia Acquisition
[edit]Policygenius was acquired by Zinnia, an insurance technology and digital services company, in April 2023 for an undisclosed sum. [21]
The deal was supported by an estimated $200 million of new capital coming from Eldridge Industries, Zinnia’s parent company, as well as existing Policygenius investors. [22] The combined company would have an enterprise value of over $1 billion. [23]
Funding
[edit]Prior to the Zinnia acquisition, Policygenius had multiple investors, including Kohlberg Kravis Roberts, Norwest Venture Partners, Pacific Life, MassMutual, Lincoln Financial Group, and Revolution Ventures. [24][25]
The first round of funding took place in 2014 for a total of $750,000 from six investors, followed by a $5.3 million Series A funding round from Karlin Ventures and Susa Ventures in 2015.[citation needed] In January 2016, Policygenius raised another $15 million in funding with a Series B round, led by Revolution Ventures with participation from Karlin Ventures, Susa Ventures, AXA Strategic Ventures, Transamerica Ventures, and MassMutual Ventures.[citation needed] In 2017, the company raised a $30 million Series C, which was led by Norwest Venture Partners.[citation needed] In January 2020, the insurance platform secured a total of $100 million through a Series D round of funding, led by Kohlberg Kravis Roberts. [26] Policygenius most recently secured $125 million in a Series E round in March 2022. [27]
As of 2022, Policygenius raised over $276 million in funding. [28]
Leadership
[edit]- Jennifer Fitzgerald: Co-founder and CEO (2014-2023) [29]
- Francois de Lame: Co-founder & Chief Product Officer (2014-2023) [30]
- Frank Kumpuris: Head of Policygenius (2023-)[31]
Awards and Recognition
[edit]- 2019: Named “One of the Best Places to Work” by Inc. Magazine [32]
- 2019: Ranked #9 in Crain's New York Business Fast 50 [33]
- 2020: Ranked #9 in Forbes “America's 10 Best Startup Employers” [34]
- 2021: Named “One of the Best Places to Work” by Inc. Magazine [35]
- 2021: 2021 Top 25 Companies Where Women Want to Work [36]
- 2021: Ranked in Forbes Fintech 50 [37]
- 2022: Ranked #214 in Forbes “America's Best Startup Employers” [38]
- 2023: Ranked #42 in 100 Best Midsize Companies to Work NYC [39]
- 2024: Named in CNBC’s list of The World’s Top 150 Insurtech Companies: 2024[40]
References
[edit]- ^ "Policygenius | Company Overview & News". Forbes.
- ^ https://www.bloomberg.com/profile/company/1288605D:US
- ^ "Jennifer Fitzgerald '08 Disrupts the Insurance Industry".
- ^ "Jennifer Fitzgerald '08 Disrupts the Insurance Industry".
- ^ "Policygenius Inc. | Better Business Bureau® Profile".
- ^ "Policygenius Inc. | Better Business Bureau® Profile".
- ^ https://www.inc.com/maria-aspan/policygenius-insurance-jennifer-fitzgerald-raising-money.html
- ^ "Jennifer Fitzgerald '08 Disrupts the Insurance Industry".
- ^ "Policygenius Car Insurance Reviews: How it Works and How to Save (2024)".
- ^ https://insurtechnews.com/insights/nybased-policygenius-now-offers-home-and-auto-insurance
- ^ https://www.axios.com/local/raleigh/2022/06/06/policygenius-lays-off-workers-durham-office
- ^ https://www.newsobserver.com/news/business/article259777320.html
- ^ https://www.inc.com/maria-aspan/policygenius-insurance-jennifer-fitzgerald-raising-money.html
- ^ "How Policygenius and Brighthouse worked together on digital life insurance". 29 June 2020.
- ^ "Policygenius launches with Lincoln TermAccel". 15 September 2020.
- ^ "Policygenius cofounders step down". 9 December 2023.
- ^ "Policygenius unveils B2B insurance platform". 22 February 2022.
- ^ "Policygenius, Impact partner to ease term life fulfillment".
- ^ "Policygenius partners with Facet Wealth for "more secure financial futures"". 15 July 2022.
- ^ "Policygenius and Barnum Financial team up for term life insurance". 16 September 2022.
- ^ https://www.bloomberg.com/news/videos/2023-04-25/eldridge-backed-tech-firm-zinnia-to-buy-policygenius-video
- ^ https://www.reuters.com/markets/deals/digital-insurance-market-policygenius-be-acquired-by-eldridges-zinnia-2023-04-25/
- ^ https://www.reuters.com/markets/deals/digital-insurance-market-policygenius-be-acquired-by-eldridges-zinnia-2023-04-25/
- ^ "Policygenius | Company Overview & News". Forbes.
- ^ "How Much Has Policygenius Raised in Funding?". July 2021.
- ^ https://www.bloomberg.com/news/articles/2020-01-30/kkr-led-funding-round-gives-100-million-to-startup-policygenius
- ^ "InsurTech Firm Policygenius Raises $125M". 17 March 2022.
- ^ "PolicyGenius Stock Price, Funding, Valuation, Revenue & Financial Statements".
- ^ https://www.inc.com/maria-aspan/policygenius-insurance-jennifer-fitzgerald-raising-money.html
- ^ https://www.inc.com/maria-aspan/policygenius-insurance-jennifer-fitzgerald-raising-money.html
- ^ "10 InsureTech Companies Changing Life Insurance [Reviews]".
- ^ "Policygenius named to Inc. Magazine's Best Workplaces for second year in a row".
- ^ https://www.crainsnewyork.com/awards/2019-fast-50
- ^ "9. Policygenius - 2020-03-10 - America's 10 Best Startup Employers 2020". Forbes.
- ^ https://www.inc.com/profile/policygenius
- ^ "Top 25 Companies That Support Female Employees | #GirlsClub".
- ^ "The Future of Insurance: Fintech 50 2021". Forbes.
- ^ "America's Best Startup Employers 2024". Forbes.
- ^ "100 Best Midsize Companies to Work for in NYC 2023 | Built in". January 2014.
- ^ "The world's top 150 insurtech companies: 2024". CNBC. 6 August 2024.
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