Draft:Policygenius

Policygenius LLC., owned by Zinnia, is an online insurance comparison marketplace with headquarters in New York, New York, and Durham, North Carolina. Policygenius is a privately held company. The Policygenius division of Zinnia employed approximately 370 workers as of 2023.

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. 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.

History
Policygenius was founded by Jennifer Fitzgerald and Francois de Lame, both former management consultants of McKinsey & Company. 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. Jennifer Fitzgerald and Francois de Lame resigned from their leadership positions with Policygenius on November 30, 2023.

Modern Growth
Since 2014, Policygenius has sold an estimated $200 billion in coverage and helped nearly 30 million insurance shoppers. The insurance broker compares and sells life insurance, auto insurance, home insurance, disability insurance, and health insurance. 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. 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. Policygenius partnered with Lincoln Financial Group to launch Lincoln TermAccel, a life insurance product.

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. 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). These collaborations enabled insurance agents and advisors to direct their clients to Policygenius Pro's streamlined life insurance placement process.

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

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. The combined company would have an enterprise value of over $1 billion.

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.

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. 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. In 2017, the company raised a $30 million Series C, which was led by Norwest Venture Partners. In January 2020, the insurance platform secured a total of $100 million through a Series D round of funding, led by Kohlberg Kravis Roberts. Policygenius most recently secured $125 million in a Series E round in March 2022. As of 2022, Policygenius raised over $276 million in funding.

Leadership

 * Jennifer Fitzgerald: Co-founder and CEO (2014-2023)
 * Francois de Lame: Co-founder & Chief Product Officer (2014-2023)
 * Frank Kumpuris: Head of Policygenius (2023-)

Awards and Recognition

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