Insurance platform Openly launches its own insurance company
Homeowners insurance platform Openly has launched the Openly Insurance Company, an insurance carrier licensed in 17 states. It is a major leap forward for the firm which operated solely as an MGA before the launch.
The move comes just weeks after the platform unveiled a $75 million Series C funding round, which is part of plans to expand its presence in the insurance industry and offer its premium coverage to more agents and homeowners.
“We believe strongly in our product and processes, and the reception by the independent agent and customer community has been phenomenal,” said Ty Harris (pictured), CEO and co-founder of Openly.
“Becoming a carrier was the natural next step and allows us to demonstrate our confidence to all of our stakeholders by putting our money where our mouth is, if you will.”
Openly said it plans to use the new carrier as one part of a balanced and prudent risk capacity strategy. For example, in the coming months, the Openly Insurance Company, acquired as a carrier shell and rebranded by Openly, will begin issuing policies directly in select states while continuing to rely on risk partners in other states.
The firm sells insurance exclusively through independent agents, empowering them to offer quotes within 15 seconds using its proprietary technology.
Rob Higgins, chief product and strategy officer for Openly, added: “Today’s launch is a significant milestone as we continue our mission of delivering transparent and comprehensive homeowners insurance to customers and supporting independent agents with our technology.”
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