View this article online: https://www.insurancejournal.com/news/southeast/2020/02/07/557687.htm
Openly Inc., an insurtech backed by Gradient Ventures, Google’s AI-focused venture fund, has gone 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 offers an exclusive homeowners insurance product.
According to Openly, over the last five years, industry homeowners claims relative to premium were lower in Tennessee than in most other states, which the company says has created an opportunity for a new entrant like Openly to undercut many competitors and still earn a fair return. Openly uses loss prediction models and advanced pricing methods to price its risks.
In addition, homes that qualify for the program include guaranteed replacement cost on the home up to $5 million dollars, as well as an HO5 contract instead of an HO3. The contract covers more types of losses and provides higher limits of coverage for things like jewelry, art, and collectibles.
Ty Harris, co-founder and CEO of Openly said the application process asks three questions and offers a quote within 20 seconds.
Openly is already available in Arizona, Illinois, and Pennsylvania and is based in Boston.