Insurtech Openly expands into Tennessee
Openly, an insurtech backed by Gradient Ventures, Google's AI-focused venture fund, is now live in Tennessee.
The addition of Tennessee comes on the heels of the company's launch and funding announcement in late 2019, along with a recent expansion to other states, including Pennsylvania.
Openly said its exclusive homeowners insurance product delivers broad, innovative and affordable coverage.
"We're excited to enter Tennessee and have already experienced an outstanding response from independent insurance agencies across the state,” said Steve Chauby, CMO of Openly. “Our goal is to bring together modern technology, innovative coverage options, and advanced pricing methods to provide a unique insurance offering that benefits both consumers and agents."
According to Openly, over the last five years, industry homeowners claims relative to premium were lower in Tennessee than in most other states. It said this creates an opportunity for a new entrant like Openly to undercut many competitors and still earn a fair return.
For all homes that qualify for the program, Openly offers guaranteed replacement cost on the home up to five million dollars. Openly added that while most homeowners’ insurance contracts are written on a basic contract called an HO3, it uses an enhanced version of a more comprehensive contract - an HO5. This covers more types of losses while also providing higher limits of coverage for things like jewellery, art, and collectibles.
Openly said it has also made its product easy to purchase. "Most competitors ask dozens of questions before you even get a price quote," said Ty Harris, co-founder and CEO of Openly. "Openly asks you three questions and within 20 seconds you have a firm quote for superior coverage which you and your agent can customize as needed. Plus, you could save thousands of dollars for better coverage in the event of a claim."
Openly is already available in Arizona, Illinois, and Pennsylvania.
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