Draft:Policygenius

Policygenius LLC.
Industry	Insurance
Founded	2014; 10 years ago; 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.com

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] ^[7] 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. ^[8]

History edit

Policygenius was founded by Jennifer Fitzgerald and Francois de Lame, both former management consultants of McKinsey & Company. ^[9] The pair launched a New York City-based startup, KnowItOwl, in 2013 to modernize the process of shopping for and buying insurance. ^[10] 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. ^[11]

Modern Growth edit

Since 2014, Policygenius has sold an estimated $200 billion in coverage and helped nearly 30 million insurance shoppers. ^[12] The insurance broker compares and sells life insurance, auto insurance, home insurance, disability insurance, and health insurance. ^[13] 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. ^[14]^[15] 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. ^[16] Policygenius partnered with Lincoln Financial Group to launch Lincoln TermAccel, a life insurance product. ^[17]

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. ^[18] 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).^[19]^[20] These collaborations enabled insurance agents and advisors to direct their clients to Policygenius Pro's streamlined life insurance placement process. ^[21]

Zinnia Acquisition edit

Policygenius was acquired by Zinnia, an insurance technology and digital services company, in April 2023 for an undisclosed sum. ^[22]

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. ^[23] The combined company would have an enterprise value of over $1 billion. ^[24]

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. ^[25]^[26]

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. ^[27] Policygenius most recently secured $125 million in a Series E round in March 2022. ^[28] As of 2022, Policygenius raised over $276 million in funding.^[29]

Leadership edit

Jennifer Fitzgerald: Co-founder and CEO (2014-2023) ^[30]
Francois de Lame: Co-founder & Chief Product Officer (2014-2023) ^[31]
Frank Kumpuris: Head of Policygenius (2023-)^[32]

Awards and Recognition edit

2019: Named “One of the Best Places to Work” by Inc. Magazine ^[33]
2019: Ranked #9 in Crain's New York Business Fast 50 ^[34]
2020: Ranked #9 in Forbes “America's 10 Best Startup Employers” ^[35]
2021: Named “One of the Best Places to Work” by Inc. Magazine ^[36]
2021: 2021 Top 25 Companies Where Women Want to Work ^[37]
2021: Ranked in Forbes Fintech 50 ^[38]
2022: Ranked #214 in Forbes “America's Best Startup Employers” ^[39]
2023: Ranked #42 in 100 Best Midsize Companies to Work NYC ^[40]

References edit

[1] ttps://www.forbes.com/companies/policygenius/?sh=174a37a3571b

[2] ttps://www.law.columbia.edu/news/archive/jennifer-fitzgerald-08-disrupts-insurance-industry

[3] ttps://www.bbb.org/us/ny/new-york-city/profile/insurance-services-office/policygenius-inc-0121-147942

[4] ttps://www.inc.com/maria-aspan/policygenius-insurance-jennifer-fitzgerald-raising-money.html

[5] ttps://coverager.com/policygenius-cofounders-step-down/

[6] ttps://www.bloomberg.com/profile/company/1288605D:US

[7] ttps://www.law.columbia.edu/news/archive/jennifer-fitzgerald-08-disrupts-insurance-industry

[8] ttps://www.jrcinsurancegroup.com/policygenius-life-insurance-review/

[9] ttps://www.inc.com/maria-aspan/policygenius-insurance-jennifer-fitzgerald-raising-money.html

[10] ttps://www.entrepreneur.com/starting-a-business/how-to-name-or-in-some-cases-rename-your-company/311857

[11] ttps://coverager.com/policygenius-cofounders-step-down/

[12] ttps://insurify.com/car-insurance/policygenius-review/

[13] ttps://insurtechnews.com/insights/nybased-policygenius-now-offers-home-and-auto-insurance

[14] ttps://www.axios.com/local/raleigh/2022/06/06/policygenius-lays-off-workers-durham-office

[15] ttps://www.newsobserver.com/news/business/article259777320.html

[16] ttps://www.dig-in.com/news/policygenius-and-brighthouse-partner-on-automated-underwriting

[17] ttps://coverager.com/policygenius-launches-with-lincoln-termaccel/

[18] ttps://fintech.global/2022/02/22/policygenius-unveils-b2b-insurance-platform/

[19] ttps://www.insurancebusinessmag.com/us/news/breaking-news/policygenius-impact-partner-to-ease-term-life-fulfillment-410822.aspx

[20] ttps://fintech.global/2022/07/15/policygenius-partners-with-face-wealth-for-more-secure-financial-futures/

[21] ttps://fintech.global/2022/09/16/policygenius-and-barnum-financial-team-up-for-term-life-insurance/

[22] ttps://insurtechdigital.com/articles/zinnia-to-acquire-digital-insurance-marketplace-policygenius

[23] ttps://www.reuters.com/markets/deals/digital-insurance-market-policygenius-be-acquired-by-eldridges-zinnia-2023-04-25/

[24] ttps://www.reuters.com/markets/deals/digital-insurance-market-policygenius-be-acquired-by-eldridges-zinnia-2023-04-25/

[25] ttps://www.forbes.com/companies/policygenius/?sh=174a37a3571b

[26] ttps://www.financialsamurai.com/how-much-has-policygenius-raised-in-funding/

[27] ttps://www.bloomberg.com/news/articles/2020-01-30/kkr-led-funding-round-gives-100-million-to-startup-policygenius

[28] ttps://www.pymnts.com/news/investment-tracker/2022/insurtech-firm-policygenius-raises-125m/

[29] ttps://www.cbinsights.com/company/policygenius/financials

[30] ttps://www.inc.com/maria-aspan/policygenius-insurance-jennifer-fitzgerald-raising-money.html

[31] ttps://www.inc.com/maria-aspan/policygenius-insurance-jennifer-fitzgerald-raising-money.html

[32] ttps://bestcompany.com/life-insurance/blog/insuretech-companies-change-life-insurance-reviews

[33] ttps://markets.businessinsider.com/news/stocks/policygenius-named-to-inc-magazine-s-best-workplaces-for-second-year-in-a-row-1028208353

[34] ttps://www.crainsnewyork.com/awards/2019-fast-50

[35] ttps://www.forbes.com/pictures/5e617e4044b78400068c200e/9-policygenius/?sh=45cd1a4947f4

[36] ttps://www.inc.com/profile/policygenius

[37] ttps://wearegirlsclub.com/2021-top-25-companies-where-women-want-to-work/

[38] ttps://www.forbes.com/sites/jasonbisnoff/2021/06/08/the-future-of-insurance-fintech-50-2021/?sh=1abedeb074be

[39] ttps://www.forbes.com/lists/americas-best-startup-employers/?sh=72c4df0c2ad7

[40] ttps://builtin.com/awards/new-york-city/2023/best-midsize-places-to-work

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