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About Openly
Industries
Data & Analytics
Financial Services
Company Size
201-500
Company Stage
Debt Financing
Total Funding
$350.8M
Headquarters
Boston, Massachusetts
Founded
2017
Overview
Openly modernizes the home and landlord insurance market by providing premium insurance products through independent agents. Their policies, underwritten by a financially stable carrier, focus on comprehensive coverage for homeowners and landlords. Openly uses advanced data analytics to offer accurate pricing and better risk assessment, ensuring fairer premiums for clients. The company emphasizes a streamlined quoting and claims process, enhancing customer satisfaction. By prioritizing simplicity and transparency, Openly distinguishes itself from competitors and aims to deliver high-quality insurance solutions tailored to individual needs.
Simplify's Take
What believers are saying
- Openly secured $193M in financing to expand offerings and strengthen market position.
- The launch of Openly Insurance Company allows better control over underwriting and risk management.
- Expansion into Virginia and new carrier partners enhance distribution network and customer base.
What critics are saying
- Increased competition from insurtech companies like Lemonade and Hippo.
- Rapid expansion may strain operational resources and affect service quality.
- Reliance on independent agents could be a vulnerability if they partner with competitors.
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
$350.8M
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
↑ 1%1 year growth
↑ 2%2 year growth
↑ 18%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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Based on insurance filing data, home insurance startup. Openly <i class="fa fa-info-circle company-popover" data-content="h3Openly/h3. div
Openly, a Boston, MA-based premium homeowners insurance provider, raised $100m in Series D funding. The round was led by Eden Global Partners, with participation from a mix of current and new investors including Gradient Ventures, Clocktower Technology Ventures, Trinity Capital, and others. As part of the transaction, David Dwek, Eden Global Partner’s Chief Executive Officer, has joined Openly’s Board of Directors. The company intends to use the funds to expand operations and its business reach. Co-founded by Ty Harris and Matt Wielbut, Openly provides independent insurance agents with a tech platform to offer coverage and streamline agency processes, expand coverage, improve risk underwriting, and enhance the claims experience. The company now serves 30,000 independent agents across 21 states in the U.S. FinSMEs21/09/2023
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About Openly
Industries
Data & Analytics
Financial Services
Company Size
201-500
Company Stage
Debt Financing
Total Funding
$350.8M
Headquarters
Boston, Massachusetts
Founded
2017
There are no jobs for Openly right now.
Find jobs on Simplify and start your career today