The Boston-based insurtech has officially launched in the Commonwealth
Openly is finally open for business in Massachusetts. The announcement made on April 21st means that independent agents across the Commonwealth are now able to access and offer Openly’s premium homeowner’s insurance.
Openly currently offers comprehensive coverage that is unique in the space, including features like Coverage A up to $3 million, guaranteed replacement costs up to $5 million, and very limited coastal restrictions.
“We’re beyond excited to now serve our neighbors in Massachusetts the premium homeowners insurance they need,” said Ty Harris, Co-founder and CEO of Openly. “Massachusetts has always been a hub for innovation, with a drive to find simple solutions to complex problems. We are honored to add the Openly name to the rich history of problem-solvers in this state.”
“Openly is what forward thinking agencies have been waiting for. It’s where innovation meets expertise without sacrificing what’s most important- coverage!,” said Erik Muschette, CEO of Asset Insurance Agency based in Peabody, Massachusetts.
Four years finetuning its product
Founded in 2017 by insurance industry veterans Ty Harris and Matt Wielbut, the Boston-based insurtech first came to Agency Checklists’ attention in early 2018, when we became the first online publication to interview the company. For those interested in reading that initial interview, please refer to our March 6, 2018 profile, entitled “‘Openly’ For Business: A Massachusetts Insurtech Betting On Independent Agents As The Future.
Since then, the company has gone from strength-to-strength, completing the TechStars program and raising over $62 million in various funding rounds from investors such as Google’s Venture Fund.
Unlike other insurtechs, Openly’s co-founders bring a deep knowledge of insurance and a commitment to selling their insurance products exclusively through independent agents. The company says it has “rebuilt the entire technology and operations stack to create an intuitive and stress-free quoting process”. As such, all the information an agent needs is presented “at the point of sale in real-time” compiling and processing over 50 data points in seconds as compared to the 45 minutes it may take many other insurance companies to do the same task.
Now in nine states and counting
With the addition of Massachusetts to its roster, Openly is now fully operational in eight states including in Arizona, Illinois, Pennsylvania, Tennessee, Kentucky, Ohio, Indiana and Wisconsin.
The company also has filed for licenses in an additional nine states, with plans to continue to provide broad and transparent coverage options nationally. As of April 2021, Openly estimates more than 1,500 independent insurance agencies are now offering Openly’s product to homeowners and boasts a 91% retention rate among homeowners to renew policies.
