The combined entity will serve more than 60 carrier clients. Credit: Zinnia.

Life and annuity insurance technology provider Zinnia has reached a deal to purchase digital insurance marketplace Policygenius for an undisclosed sum.

Policygenius helps consumers with a simplified process to buy insurance.

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The platform also features data analytics capability, which combines the firm’s tech knowhow and third-party administrator (TPA) infrastructure to serve clients who buy, sell, produce or administer insurance policies.

The latest deal allows Zinnia to enhance its footprint in the digital distribution solutions, thereby offering new options to carriers and distribution partners.

Following the completion of the deal, Zinnia and Policygenius will deliver products and services in the fields of life and annuities, disability as well as property and casualty insurance.

Zinnia will continue to provide Policygenius’ online services under the name of Policygenius.

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These services will connect with Zinnia’s record system to further develop the open insurance architecture, according to Zinnia.

The combined entity will serve more than 60 carrier clients, 350 distributors and partners along with over two million policyholders.

KKR, a lead investor in Policygenius, will continue to invest in the combined firm.

It will also join the board of Zinnia, which is backed by Eldridge.

Zinnia CEO Michele Trogni said: “At Zinnia, we want to provide solutions that simplify the process of buying insurance and deliver an exceptional experience for consumers from purchase to claim.

“Policygenius has always put consumer experience at the heart of their business, and their capabilities will accelerate our journey.

“We look forward to welcoming Policygenius clients, an experienced leadership team, and approximately 450 new team members to Zinnia, and are excited to power growth in our industry.”