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About Openly
Industries
Data & Analytics
Financial Services
Company Size
201-500
Company Stage
Growth Equity (Venture Capital)
Total Funding
$430.7M
Headquarters
Boston, Massachusetts
Founded
2017
Overview
Openly modernizes the home and landlord insurance market by providing premium insurance products primarily in the United States. The company offers comprehensive policies underwritten by Rock Ridge Insurance Company, known for its strong financial stability. Targeting homeowners and landlords, Openly partners with independent agents to deliver personalized service and expert advice. Its business model focuses on high-quality, easy-to-manage insurance products, with a streamlined quoting and claims process to enhance customer satisfaction. Openly stands out from competitors by utilizing advanced data analytics and technology for accurate pricing and risk assessment, ensuring fairer premiums and comprehensive coverage. The goal is to simplify the insurance experience while maintaining transparency and high customer satisfaction.
Simplify's Take
What believers are saying
- Openly secured $193M to expand U.S. coverage and introduce new solutions.
- The company operates in 24 states with nearly 50,000 agents, enhancing market reach.
- Partnerships with smart home tech providers can reduce risk and claims.
What critics are saying
- Increased competition from similar insurtech companies could erode Openly's market share.
- Rapid expansion may strain operational capabilities and affect service quality.
- Dependence on independent agents could be a vulnerability if they shift focus.
What makes Openly unique
- Openly uses advanced data analytics for accurate pricing and risk assessment.
- The company partners with independent agents for personalized service and expert advice.
- Openly offers a streamlined quoting and claims process for enhanced customer satisfaction.
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Funding
Total Funding
$430.6M
Above
Industry Average
Funded Over
7 Rounds
Benefits
Health Insurance
Dental Insurance
Vision Insurance
Life Insurance
Disability Insurance
Paid Vacation
Paid Holidays
Parental Leave
401(k) Company Match
Home Office Stipend
Professional Development Budget
Wellness Program
Growth & Insights and Company News
6 month growth
↑ 4%1 year growth
↑ 5%2 year growth
↑ 4%Openly, a home insurance provider, secured $193 million in growth financing led by Eden Global Partners and Allianz X, comprising $123 million in equity and a $70 million senior note. This follows a $100 million Series D in 2023. The funds will enhance services, expand U.S. coverage, and introduce new solutions. Openly now operates in 24 states with nearly 50,000 agents. The investment strengthens its reinsurance partnership with Allianz Re and reinforces its insurtech sector position.
Openly, a home insurance startup, announced a $193 million growth financing round led by Eden Global Partners and Allianz X. The funding includes $123 million in equity and a $70 million senior note. Openly operates through independent agents and is available in 24 states. The company generated $301 million in written premiums in 2023. The investment aims to expand Openly's offerings and strengthen its market position.
Allianz X has invested in the US insurtech company Openly. The details of the investment are not disclosed in the provided content. The article is intended for premium subscribers of Versicherungsmonitor and sharing it without authorization is prohibited.
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Openly is Hiring for 4 Jobs on Simplify!
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About Openly
Industries
Data & Analytics
Financial Services
Company Size
201-500
Company Stage
Growth Equity (Venture Capital)
Total Funding
$430.7M
Headquarters
Boston, Massachusetts
Founded
2017
Openly is Hiring for 4 Jobs on Simplify!
Find jobs on Simplify and start your career today
People Also Viewed
Discover companies similar to Openly