Openly, a homeowners insurance platform, formerly operating solely as a MGA, has launched Openly Insurance Company, an insurance carrier licensed in 17 states.
Openly said it plans to use the new carrier as one part of a balanced and prudent risk capacity strategy.
Launched two and a half years ago, Openly sells insurance exclusively through independent agents, empowering them to offer quotes in as quick as 15 seconds using its proprietary technology.
The Openly Insurance Company, acquired as a carrier shell and rebranded by Openly, will begin issuing policies directly in select states in the coming months, while continuing to rely on risk partners in other states.
This follows a $75m Series C raise earlier this month.
Ty Harris, CEO and co-founder of Openly, said, “We believe strongly in our product and processes…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.”
Rob Higgins, chief product and strategy officer for Openly added, “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.”
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