Draft:Policygenius
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|  |
| Industry | Insurance |
|---|---|
| Founded | 2014 U.S. |
| Founder | Jennifer Fitzgerald and Francois de Lame |
| Headquarters | New York, New York and Durham, North Carolina , 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 an online insurance comparison marketplace with headquarters in New York, New York, and Durham, North Carolina.[1] [2] Policygenius is a privately held company. The Policygenius division of Zinnia employed approximately 370 workers as of 2023.[3][4][5]
The licensed insurance broker provides free life, home, renters, auto, health, and disability insurance quotes to customers by comparing insurance policies and prices using real-time technology. Policygenius’ licensed insurance agents support customers through the purchase process.[6] [2] American insurance companies offered on the platform include Brighthouse Financial, Corebridge Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential Financial, Symetra, and Transamerica Corporation. [7]
History[edit]
Policygenius was founded by Jennifer Fitzgerald and Francois de Lame, both former management consultants of McKinsey & Company. [4] The pair launched a New York City-based startup, KnowItOwl, in 2013 to modernize the process of shopping for and buying insurance. [8] In 2014, KnowItOwl rebranded as Policygenius.[citation needed] Jennifer Fitzgerald and Francois de Lame resigned from their leadership positions with Policygenius on November 30, 2023. [5]
Modern Growth[edit]
Since 2014, Policygenius has sold an estimated $200 billion in coverage and helped nearly 30 million insurance shoppers.[9] The insurance broker compares and sells life insurance, auto insurance, home insurance, disability insurance, and health insurance. [10] In 2019, Policygenius opened a second headquarters in downtown Durham, North Carolina after receiving an incentive package worth up to $5 million from the state.[11][12] 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.[13] Policygenius partnered with Lincoln Financial Group to launch Lincoln TermAccel, a life insurance product. [14]
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.[15] 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).[16][17] These collaborations enabled insurance agents and advisors to direct their clients to Policygenius Pro's streamlined life insurance placement process. [18]
Zinnia Acquisition[edit]
Policygenius was acquired by Zinnia, an insurance technology and digital services company, in April 2023 for an undisclosed sum.[19]
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. [20] The combined company would have an enterprise value of over $1 billion. [20]
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.[1][21]
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.[22] Policygenius most recently secured $125 million in a Series E round in March 2022. [23] As of 2022, Policygenius raised over $276 million in funding.[24]
Leadership[edit]
- Jennifer Fitzgerald: Co-founder and CEO (2014-2023) [4]
- Francois de Lame: Co-founder & Chief Product Officer (2014-2023) [4]
- Frank Kumpuris: Head of Policygenius (2023-)[25]
Awards and Recognition[edit]
- 2019: Named “One of the Best Places to Work” by Inc. Magazine[26]
- 2019: Ranked #9 in Crain's New York Business Fast 50[27]
- 2020: Ranked #9 in Forbes “America's 10 Best Startup Employers”[28]
- 2021: Named “One of the Best Places to Work” by Inc. Magazine[29]
- 2021: 2021 Top 25 Companies Where Women Want to Work[30]
- 2021: Ranked in Forbes Fintech 50[31]
- 2022: Ranked #214 in Forbes “America's Best Startup Employers”[32]
- 2023: Ranked #42 in 100 Best Midsize Companies to Work NYC[33]
References[edit]
- ^ a b "Policygenius | Company Overview & News". Forbes.
- ^ a b "Jennifer Fitzgerald '08 Disrupts the Insurance Industry". www.law.columbia.edu.
- ^ "Policygenius Inc. | Better Business Bureau® Profile". www.bbb.org.
- ^ a b c d https://www.inc.com/maria-aspan/policygenius-insurance-jennifer-fitzgerald-raising-money.html
- ^ a b Ben-Hutta, Shefi (December 9, 2023). "Policygenius cofounders step down".
- ^ www.bloomberg.com https://www.bloomberg.com/profile/company/1288605D:US.
{{cite web}}: Missing or empty|title=(help) - ^ "Policygenius Life Insurance Review". JRC Insurance Group™.
- ^ Feifer, Jason (May 16, 2018). "How to Name (Or In Some Cases, Rename) Your Company". Entrepreneur.
- ^ "Policygenius Car Insurance Reviews: How it Works and How to Save (2024)". Insurify.
- ^ "NY-based Policygenius Now Offers Home and Auto Insurance". insurtechnews.com.
- ^ "Policygenius lays off 170 employees months after massive funding round - Axios Raleigh".
- ^ https://www.newsobserver.com/news/business/article259777320.html
- ^ "How Policygenius and Brighthouse worked together on digital life insurance". Digital Insurance. June 29, 2020.
- ^ "Policygenius launches with Lincoln TermAccel". September 15, 2020.
- ^ "Policygenius unveils B2B insurance platform". February 22, 2022.
- ^ "Policygenius, Impact partner to ease term life fulfillment". www.insurancebusinessmag.com.
- ^ "Policygenius partners with Facet Wealth for "more secure financial futures"". July 15, 2022.
- ^ "Policygenius and Barnum Financial team up for term life insurance". September 16, 2022.
- ^ Clere, Alex (April 26, 2023). "Zinnia to acquire digital insurance marketplace Policygenius". insurtechdigital.com.
- ^ a b https://www.reuters.com/markets/deals/digital-insurance-market-policygenius-be-acquired-by-eldridges-zinnia-2023-04-25/
- ^ "How Much Has Policygenius Raised In Funding?". July 1, 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". March 17, 2022.
- ^ https://www.cbinsights.com/company/policygenius/financials
- ^ "10 InsureTech Companies Changing Life Insurance [Reviews]". BestCompany.com.
- ^ "Policygenius named to Inc. Magazine's Best Workplaces for second year in a row". markets.businessinsider.com.
- ^ "2019 Fast 50 | Crain's New York Business".
- ^ "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".
- ^ Bisnoff, Jason. "The Future Of Insurance: Fintech 50 2021". Forbes.
- ^ PEACHMAN", "RACHEL RABKIN. "America's Best Startup Employers 2024". Forbes.
- ^ "100 Best Midsize Companies to Work For in NYC 2023 | Built In". builtin.com. January 1, 2014.
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