Business Wire IndiaSE2, an Eldridge business and leading life and annuity insurance technology and services company, today announced its evolution into Zinnia (“Zinnia” or the “Company”). Zinnia will deliver clients a modern Open Insurance experience and the tools to reimagine how life and annuities are bought, sold, serviced, and experienced.
At the heart of Zinnia is a new system of record built on smart contracts and digital ledger technology that updates in real-time and will create a trusted ‘single source’ of information that can be distributed securely and effectively across the entire insurance ecosystem.
“At Zinnia, we want to take complexity and friction out of the experience our clients and their customers have today. Simplification is at the core of the changes we are making, and Open Insurance will enable the growth of our industry at a pace that reflects the real value that these products bring to the consumer,” said Michele Trogni, Chief Executive Officer.
The life and annuities market is shifting, and consumer expectations have changed. Zinnia embraces this shift towards digitization and strives to modernize the way the industry has historically operated, enhancing how consumers experience life insurance and annuities.
Zinnia will continue to offer TPA services powered by a fully digital experience incorporating hybrid origination and distribution tools, customer engagement capabilities, and pricing and trading. These capabilities will interoperate seamlessly with its new system of record to create the Open Insurance marketplace for life and annuities.
”Zinnia is about building a passionate culture driven to positively impact our industry through innovative and transformative technology solutions,” said Brad Medd, Chief Technology Officer of Zinnia. “Fantastic experiences at every step of the end-to-end lifecycle are what we think should be expected and delivered.”
Open Insurance leverages the Company's partnership with Digital Asset to build a platform that is oriented towards transforming the life and annuity industry, standardizing best practices, and leveraging technology to create efficiencies.
“The insurance industry is hungry for change and Zinnia is laser focused on delivering innovation,” said Yuval Rooz, Co-Founder and CEO at Digital Asset. “We are excited for Zinnia to use Daml as the technology behind its new system of record. With Daml, Zinnia will be able to share real-time data updates across the insurance value chain, while keeping sensitive information private with the scalability necessary to support a growing digital marketplace.”
Ultimately, Zinnia is making life and annuities products a better deal for consumers. Zinnia’s concept of Open Insurance enables lower fees, making products more accessible and in turn, helping more consumers achieve financial security.
Welcome to the era of Open Insurance.
Zinnia, an Eldridge business combines a rich history of insurance expertise and product capabilities to create simplified and digitized outcomes that deliver better value and foster more seamless, secure, and efficient experiences for carriers, advisors, consumers, and reinsurers. The Company’s vision for Open Insurance empowers clients through intuitive technology solutions that decrease processing time, drive product innovation, and bring new products to market faster, enabling more people to protect and enrich their financial futures.
With over $100 billion in assets under administration, Zinnia companies administer 2 million active 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, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. 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.