TOPEKA, Kan.–(BUSINESS WIRE)–Sep 7, 2022–
SE2, an Eldridge business and a leading life insurance and annuity technology and services company, today announced its acquisition of Zinnia (“Zinnia” or the “Company”). Zinnia will provide customers with modern Open Insurance access and tools to re-evaluate how life and insurance are bought, sold, supported, and informed.
At the heart of Zinnia is a new record system built on smart contracts and digital technology that changes in real time and creates a reliable “single source” of information that can be shared securely and efficiently throughout the insurance community.
“At Zinnia, we want to remove the complexity and friction from what our customers and their customers have today. Simplification is at the core of the changes we are making, and Open Insurance supports the growth of our company at a level that reflects the true value that these products bring to consumers,” said Michele Trogni, Chief Executive Officer.
The life and annuities market is changing, and consumer expectations have changed. Zinnia embraces this digital transformation and strives to reinvent the way the industry operates, improving the way consumers access life insurance and annuities.
Zinnia will continue to provide a digitally-driven TPA service that integrates original equipment and hybrid distribution, customer capabilities, pricing and marketing. This capability will seamlessly integrate with its new portfolio system to create an Open Insurance marketplace for life and income.
“Zinnia is committed to creating a passionate culture that makes our business better through innovative technology,” said Brad Medd, Chief Technology Officer at Zinnia. “The best experiences for every stage of late life are what we think should be expected and delivered.”
Open Insurance leverages the Company’s partnership with Digital Asset to create a platform that focuses on changing lives and investments, implementing best practices, and leveraging technology for greater efficiency.
“The insurance industry is hungry for innovation and Zinnia is focused on bringing innovation,” said Yuval Rooz, Co-Founder and CEO at Digital Asset. “We are delighted that Zinnia is using Daml as the platform for its new technology. With Daml, Zinnia will be able to share real-time updates across the insurance community, while maintaining the privacy and scalability needed to support the growing digital market.”
Ultimately, Zinnia is making life products and annuities better for consumers. Zinnia’s concept of Open Insurance enables lower premiums, making products more accessible and, helping more consumers find financial security.
Welcome to the era of Open Insurance.
Zinnia, Eldridge’s business combines a long history of insurance expertise with product capabilities to create simple and digital results that deliver better value and promote a seamless, secure, and efficient experience for carriers, advisors, consumers, and recyclers. The Company’s vision for Open Insurance empowers customers through technology solutions that reduce development time, drive innovation, and bring new products to market faster, helping more people protect and enrich their financial futures.
With over $100 billion in assets under management, Zinnia companies manage over 2 million policies on behalf of its 40+ clients. To learn more about Zinnia, please visit www.zinnia.com.
Eldridge invests in businesses across the Insurance, Asset Management, Technology, Travel, Sports & Gaming, Media & Music, Real Estate, and Consumer sectors. The company aims to build and grow businesses under the leadership of proven management teams who have demonstrated leadership and business development skills. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge, please visit www.eldridge.com.
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PUB: 09/07/2022 09:00 AM/DISC: 09/07/2022 09:02 AM