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Zinnia, a life and annuity insurance coverage expertise companies firm, has agreed to amass the L&A property of software program firm Ebix.
This transfer is anticipated to place Zinnia as a number one expertise associate within the L&A business, enhancing its portfolio with a variety of insurance-focused instruments and platforms.
Zinnia stated the deal will develop its choices together with buyer relationship administration (CRM) and company administration, analysis, quoting, illustration and order entry instruments, alongside a complete underwriting platform.
These additions purpose to streamline the expertise for advisors and their shoppers, simplifying the insurance coverage course of from product improvement to distribution and claims.
The deal, which secured courtroom approval on 15 February 2024, is anticipated to finish in early March upon the fulfilment of customary closing situations.
The acquisition will see the mixing of Ebix’s AnnuityNet, LifeSpeed, SmartOffice, TPP (The Coverage Processor), Important Gross sales Suite, Winflex, and numerous consulting companies into Zinnia’s current choices.
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By GlobalData
Ash Sawhney, president of Ebix Insurance coverage Options North America, will lead the brand new life and annuity alternate options enterprise inside Zinnia, reporting to Zinnia CEO Michele Trogni.
He can be joined by the senior management crew of Ebix life and annuity and all international L&A staff.
Trogni stated: “The acquisition of the Ebix Life and Annuity Property is transformative for Zinnia. The complementary nature of our options will allow us to raised serve carriers, distributors and customers, increasing our attain as we construct the fashionable rails of the insurance coverage business.”
Sawhney stated: “Zinnia’s dedication to put money into our merchandise, individuals and buyer options will considerably advance our product street maps, which can solely serve to learn your entire business. Zinnia has a transparent imaginative and prescient for the longer term, and collectively, we’ll digitise the end-to-end processing of life and annuity merchandise.”
This acquisition follows Zinnia’s deal in April 2023 to buy the digital insurance coverage market Policygenius, which is understood for simplifying the insurance coverage shopping for course of and leveraging information analytics to serve a variety of insurance coverage shoppers.
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