Draft:Policygenius
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.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
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
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
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
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
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
- 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
- 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
- ^ https://www.forbes.com/companies/policygenius/?sh=174a37a3571b
- ^ https://www.law.columbia.edu/news/archive/jennifer-fitzgerald-08-disrupts-insurance-industry
- ^ https://www.bbb.org/us/ny/new-york-city/profile/insurance-services-office/policygenius-inc-0121-147942
- ^ https://www.inc.com/maria-aspan/policygenius-insurance-jennifer-fitzgerald-raising-money.html
- ^ https://coverager.com/policygenius-cofounders-step-down/
- ^ https://www.bloomberg.com/profile/company/1288605D:US
- ^ https://www.law.columbia.edu/news/archive/jennifer-fitzgerald-08-disrupts-insurance-industry
- ^ https://www.jrcinsurancegroup.com/policygenius-life-insurance-review/
- ^ https://www.inc.com/maria-aspan/policygenius-insurance-jennifer-fitzgerald-raising-money.html
- ^ https://www.entrepreneur.com/starting-a-business/how-to-name-or-in-some-cases-rename-your-company/311857
- ^ https://coverager.com/policygenius-cofounders-step-down/
- ^ https://insurify.com/car-insurance/policygenius-review/
- ^ 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.dig-in.com/news/policygenius-and-brighthouse-partner-on-automated-underwriting
- ^ https://coverager.com/policygenius-launches-with-lincoln-termaccel/
- ^ https://fintech.global/2022/02/22/policygenius-unveils-b2b-insurance-platform/
- ^ https://www.insurancebusinessmag.com/us/news/breaking-news/policygenius-impact-partner-to-ease-term-life-fulfillment-410822.aspx
- ^ https://fintech.global/2022/07/15/policygenius-partners-with-face-wealth-for-more-secure-financial-futures/
- ^ https://fintech.global/2022/09/16/policygenius-and-barnum-financial-team-up-for-term-life-insurance/
- ^ https://insurtechdigital.com/articles/zinnia-to-acquire-digital-insurance-marketplace-policygenius
- ^ 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/
- ^ https://www.forbes.com/companies/policygenius/?sh=174a37a3571b
- ^ https://www.financialsamurai.com/how-much-has-policygenius-raised-in-funding/
- ^ https://www.bloomberg.com/news/articles/2020-01-30/kkr-led-funding-round-gives-100-million-to-startup-policygenius
- ^ https://www.pymnts.com/news/investment-tracker/2022/insurtech-firm-policygenius-raises-125m/
- ^ https://www.cbinsights.com/company/policygenius/financials
- ^ 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
- ^ https://bestcompany.com/life-insurance/blog/insuretech-companies-change-life-insurance-reviews
- ^ https://markets.businessinsider.com/news/stocks/policygenius-named-to-inc-magazine-s-best-workplaces-for-second-year-in-a-row-1028208353
- ^ https://www.crainsnewyork.com/awards/2019-fast-50
- ^ https://www.forbes.com/pictures/5e617e4044b78400068c200e/9-policygenius/?sh=45cd1a4947f4
- ^ https://www.inc.com/profile/policygenius
- ^ https://wearegirlsclub.com/2021-top-25-companies-where-women-want-to-work/
- ^ https://www.forbes.com/sites/jasonbisnoff/2021/06/08/the-future-of-insurance-fintech-50-2021/?sh=1abedeb074be
- ^ https://www.forbes.com/lists/americas-best-startup-employers/?sh=72c4df0c2ad7
- ^ https://builtin.com/awards/new-york-city/2023/best-midsize-places-to-work