Upmarket Homeowners Insurance Platform Openly Raises $15 Million

June 24, 2020

Boston-based Openly, a platform that sells upmarket homeowners insurance through independent agents, said it has closed a $15 million Series A investment.

The round was led by Obvious Ventures, with participation from existing investors including Gradient Ventures (Google’s AI-focused Venture Fund), PJC Ventures, and others.

Openly is a managing general agency. Its coverages are underwritten by companies that are members of Clear Blue Insurance Group including Rock Ridge, Clear Blue Insurance Co. and Clear Blue Specialty Insurance Co.

Openly promises agents technology, unique products, pricing and lead generation support. Its technology simplifies the homeowners insurance process for agents and consumers, enabling them to obtain quotes in under 15 seconds.

Insurtech Profile: Openly

Openly’s system asks agents to answer only three questions to obtain a quote for a customer and makes it easy to click to add and price coverage for second homes, flood, contents, landlords or other options. CEO Ty Harris explains more in this 2018 video interview: Home Insurer Openly Creates ‘Sophisticated’ Digital Experience for Independent Agents.

Since its launch in late 2019 by Ty Harris and Matt Wielbut, Openly has expanded and is currently on track to be live in 10 or more states by year-end. The round will be used to enter new states including Massachusetts, Indiana, Ohio, Georgia, and South Carolina. Agents are already live on its platform in Arizona, Illinois, Pennsylvania, Tennessee and Kentucky.

Openly says its “sweet spot” is homes in the $400K to $3M replacement cost range.

Last November, the firm announced a $7.65 million seed round of funding led by Gradient Ventures, Google’s AI-focused venture fund.

The company has said it also plans to launch complementary product lines, such as automobile insurance.

“We look forward to taking our offering nationwide and providing more consumers with comprehensive coverage at a really competitive price-especially at a time of financial uncertainty when consumers are understandably looking to reduce costs without sacrificing their protection against risk,” said Harris, CEO.

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