New Insurance Carrier is Based in South Carolina
Openly, the Boston-based insurance platform has announced the launch of its new insurance company. Openly Insurance Company has formally opened its door for business and will be used as part of the company’s plan to create a balance approach to offering its homeowner insurance product through independent agents.
“We believe strongly in our product and processes,” said Ty Harris, CEO and co-founder of Openly, “and the reception by the independent agent and customer community has been phenomenal. Becoming a carrier was the natural next step and allows us to demonstrate our confidence to all of our stakeholders-by putting our money where our mouth is, if you will.”
For example, in the coming months, the company saw that the Openly Insurance Company, acquired as a carrier shell and rebranded by Openly, will begin issuing policies directly in select states while continuing to rely on risk partners in other states.
“Today’s launch is a significant milestone as we continue our mission of delivering transparent and comprehensive homeowners’ insurance to customers and supporting independent agents with our technology,” added Rob Higgins, Chief Product and Strategy Officer.
The company, originally operating as an MGA, says that the carrier is already licensed in 17 states and will be based in South Carolina instead of Massachusetts. This latest announcement follows the platform announcement that it had raised $75M during its Series C funding round earlier this year.