3 minute read
Company Spotlight
Openly PREMIUM HOMEOWNERS INSURANCE
Openly is a tech-forward premium homeowners insurance provider that is now available in Tennessee and rapidly expanding to more states. The company was founded by insurance executive Ty Harris and serial entrepreneur Matt Wielbut and recently launched in late 2019 with fantastic reception from both homeowners and insurance agents alike.
Openly was created to empower rather than replace agents and simplify the home insurance buying process. Openly’s exclusive homeowners insurance product was developed for customers who value broad, innovative and affordable coverage. The company’s focus is on the mid to high end real estate market, primarily homes between $250,000 and $3,000,000 in value.
Modern Technology
Openly’s technology is fast, simple and built to make things easier for agents and their customers. With only three questions, agents can easily generate a bindable rate on a multi-million dollar home for their customers. Openly’s program uses sophisticated pricing techniques to capture multiple data points from various vendors and within 20 seconds time:
• Generates a quote • Runs loss history reports • Obtains an insurance score, and • Gathers details about the property
Top Notch Coverage
Openly offers beautiful coverage, written on an enhanced H5 contract, with higher sub-limits than their competitors, so that agents can provide the best possible product to their customers. Agents select customized and intelligent defaults for deductible and endorsement options. This allows more time for an agent to consult on coverages and tailor each policy to the customer needs. Openly’s rates are extremely competitive for those customers who qualify.
In addition to exclusive and competitive rates, Openly provides guaranteed replacement cost up to $5,000,000 on every home. This ensures that customers are adequately covered while simplifying the replacement cost estimate process. They also offer endorsements that consumers most frequently request, such as:
• Home-sharing • Full water-back up • Personal cyber • Equipment breakdown • Homes under construction, and • many more.
In the near future, Openly will offer personal umbrella and private flood as an endorsement.
Agency Support
The commissions that Openly extends to agents are extremely competitive, with added incentive based upon their predictive lifetime value on every customer. They also offer an annual profit share incentive that is based on agency book size, growth of book, and profitability.
Openly has strong financial backing with admitted, A.M. Best-rated "A-" paper and some of the largest reinsurers in the world. The company is excited to partner with agencies that embrace technology and value simple, yet comprehensive, insurance coverage.
Interested in learning more or signing up for an Openly appointment? Visit their website at www.openly.inc, contact them at marketing@openly.inc, or check out an online video overview with more detailed information at https://bit. ly/2tW9K7l u
Tennessee Contact
Steve Chauby Chief Marketing and Distribution Officer at Openly Inc. steve@openly.inc
About Openly
Based in Boston, Openly is a techenabled home insurance provider designed to empower rather than replace agents. Their cutting edge technology and products empower agents to deliver a 21st century customer experience, radically increase agency efficiency, and help more customers.
The company was founded in 2017 by Ty Harris and Matt Wielbut and is backed by Gradient Ventures, Google’s AIfocused venture fund, Greenlight Re, PJC, and Techstars Ventures, in addition to other investors and partners.
For more information, please visit them at https://openly.inc/
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