September 06, 2022

Open Insurance: What is it?

Open Insurance: What is it? It’s human nature to define, categorize, and compare — even when it’s not necessary. For example, many of us are familiar with the idea of open banking, but we can’t tell you exactly what it means. We only know that banking is much easier and more convenient as a result. […]

Open Insurance: What is it?

It’s human nature to define, categorize, and compare — even when it’s not necessary. For example, many of us are familiar with the idea of open banking, but we can’t tell you exactly what it means. We only know that banking is much easier and more convenient as a result. At Zinnia, we believe that Open Insurance will make the insurance industry easier and more convenient as well, and not just for consumers. 

In some ways, Open Insurance reimagines how life and annuities are created and enforced from end to end. In other ways, Open Insurance doesn’t change anything about how insurance works, it just makes the business of insurance work much more effectively. 

Our goal with Zinnia Open Insurance is to seamlessly connect people, data, and technology to create a more intuitive, collaborative, and enjoyable journey from end to end in the life insurance and annuities lifecycle. It’s about empowering exceptional experiences and outcomes for everyone.

What does Open Insurance Mean for Carriers?

For many years, the gap between what modern consumers expect and the experience that life and annuity carriers deliver has continued to grow. Legacy systems, complex offerings, push distribution models, and paper processes no longer serve the consumer effectively, or any other stakeholders for that matter.

At Zinnia, we’ve combined our rich heritage of insurance expertise and pioneering technology to help carriers close the gap and deliver exceptional risk-based outcomes for life and annuity customers and other stakeholders. As a result, Zinnia Open Insurance will enable carriers to dramatically accelerate product innovation and speed-to-market: from lead to origination and distribution, from pricing to trading to administration, from customer service to a deeper, more meaningful level of consumer engagement.

What does Open Insurance Mean for Advisors?

Advisors continue to play an important role in life and annuities sales but may lack the digital tools needed to deliver a modern and easy buying experience that meets consumers when, where, and how they want to be met. 

Zinnia Open Insurance will empower advisors with a 3600 view of the entire sales process. It will empower advisors with data to enable secure engagement with authenticated stakeholders, including carriers and consumers, at any time.

What does Open Insurance Mean for Consumers?

Simply put, Zinnia Open Insurance powers exceptional insurance experiences. At Zinnia, one of our top goals with Open Insurance is to deliver transparency for everyone, but especially for consumers who depend on life and annuities for the protection, security, and financial wellness of their families.

Why Zinnia Open Insurance?

We have deep knowledge and expertise in insurance and technology and never accept the status quo. We are bold, courageous, and think differently. And we collaborate as partners with each other and our clients.