Homeowners Insurtech Openly Expands into Kentucky

June 1, 2020

Openly Insurance, a tech-forward company that specializes in premium homeowners insurance, is expanding into Kentucky, the fifth state it is offering its product in to date.

Kentucky makes it the fifth state to now offer Openly’s exclusive homeowners insurance product, designed for customers who value broad, innovative and affordable coverage.

The company, backed by investors like Gradient Ventures, Google’s AI investment fund, also hired its first local employee, Byron Roberts, to lead local partnership efforts as the company grows its footprint in Kentucky.

According to Openly, industry homeowners claims relative to premium were lower in Kentucky than the majority of other states. As a result, they can enter the market with more competitive pricing and better coverage options.

Through the use of loss prediction models and advanced pricing methods, Openly is able to earn target returns while allowing customers to save on homeowners insurance. For qualifying homes, Openly offers guaranteed replacement cost on the home in the event of a total loss. Openly also uses an HO5 contract to cover more types of losses, while also providing higher limits of coverage for things like jewelry, art, and collectibles.

Openly is available in four states – Arizona, Illinois, Pennsylvania, and Tennessee – where it allows insurance agents to generate firm quotes on home insurance for their customers. Openly uses actuarial models and data to provide more accurate pricing. Openly’s products are offered exclusively through independent agents.

Based in Boston, Openly is a tech-enabled home insurance provider designed to empower rather than replace agents. The company was founded in 2017 by Ty Harris and Matt Wielbut and is backed by Gradient Ventures, Google’s AI-focused venture fund, Greenlight Re, PJC, and Techstars Ventures, in addition to other investors and partners.

Was this article valuable?

Here are more articles you may enjoy.