With its official entrance into the Kentucky homeowners’ marketplace, Openly is now live in five states
Openly is now available in Kentucky. With its entrance into the Kentucky, homeowners’ market, the Boston-based insurtech specializing in premium homeowners insurance is now live in five states.
“We’re excited to expand our product offering to Kentucky, already our fifth state since launch. We’ve received an overwhelmingly positive response from agents and customers– homeowners who have been able to purchase a more complete and comprehensive product that provides the best coverage in the market,” said Ty Harris, CEO and Co-Founder of Openly.
According to the company, Kentucky is a strategic market with many opportunities for the online platform due to the fact that homeowners claims relative to premium are lower in Kentucky than the majority of other states. As a result, the company says that it can make a strong entrance into the marketplace there with more competitive pricing and better coverage options.
The company also notes that while most homeowners insurance contracts are written on a basic contract that covers specific types of losses, it employs an enhanced version of a more comprehensive contract referred to as an HO5. This contract covers more types of losses, while also providing higher limits of coverage for things like jewelry, art, and collectibles.
“We use technology and loads of data to simplify and modernize the insurance purchasing process,” said Matt Wielbut, Co-founder and CTO of Openly. “Through our use of sophisticated technology and new data sources, Openly asks you three questions and within 20 seconds you receive a bindable quote that includes superior coverage customized to your individual needs. Even better, you could save thousands for more complete coverage.”
With its official launch, Openly is now available in these states: Kentucky, Arizona, Illinois, Pennsylvania, and Tennessee – with the next state on its list being its hometown of Massachusetts.