Our investment in Openly
Zach Bratun-Glennon, November 26, 2019
Think about the last time you selected an insurance provider. You can probably remember navigating through the overload of online information, complex call operator menus, and confusing price schemes. Though new tech-enabled insurers have emerged in the market, consumers looking for premium, customizable and user-centric policies have few options available to them.
This is where Openly comes in. Openly is working to modernize and simplify insurance. Their products and services are specialized and give customers more complete protection. Openly is a premium, tech-forward insurance platform and provider that’s designed specifically to be sold through independent brokers. The company leverages data integrations and machine learning to instantly calculate a bindable premium, taking a wholesome look into the insured person, the property, the geography, and more. When looking into Openly, we were particularly impressed by:
- Founding team: The founding team of Openly consists of experienced industry leaders. CEO, Ty Harris, spent 12 years at Liberty Mutual and CTO, Matt Wielbut, co-founded Elements Insurance, one of the fastest-growing property & casualty insurance agencies in Massachusetts.
- Data integration: Openly integrates with over 30 data sources and utilizes state-of-art algorithms to calculate custom bindable quotes.
- User experience (for brokers): Openly only asks 3 questions: name, address, and date of birth as compared to the 40+ questions typically asked by insurance brokers.
Openly provides high quality, customized insurance policies that agents can quickly tailor to the needs of their homeowner clients. This significantly improves the experience and transparency for agents and homeowners alike. Openly is not only improving the tech powering their policies, but also the homeowner's insurance product itself.
Today, Openly announced its $7.5M Seed investment led by Gradient Ventures, as well as its market debut in Illinois and Arizona.