Google’s AI-focused fund gives insurer Openly significant seed money
Home insurer Openly has received $7.65 million in seed funding from Gradient Ventures, Google’s AI-focused venture fund.
The tech-enabled home insurance provider has also made its market debut in Illinois and Arizona. It is backed by a diverse coalition of investors and reinsurers, such as Greenlight Re, PJC, Techstars Ventures, and The Hanover Insurance Group.
Openly said its products are sold via independent insurance agents, and the firm cited recent research, from the Independent Insurance Agents and Brokers of America, showing that more than a third of consumers buy insurance through such agents.
The firm also said that by leveraging emerging data sources, next generation predictive models, and artificial intelligence, it enables agents “to generate firm quotes for their customers in less than 20 seconds”.
Ty Harris, CEO and co-founder of Openly, said: “Some people in the tech world think that the term ‘insurance agent’ refers to a relic of the past, but they’re wrong.
“We know agents add value by delivering objective advice and options to their clients. Our goal is to help agents as they work to modernise their businesses. We let them offer their customers better, faster and more economical products with comprehensive insurance protection for a wide range of needs. We’re pleased to have the support of such heavyweight investors and reinsurers to fuel our rapid growth into 2020 and beyond.”
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