The acquired company specialises in offering a range of digital insurance solutions including phone and home contents insurance. Credit: Feelimage/Shutterstock.com.

Open, an Australian embedded insurance company, has announced the acquisition of UK-based insurtech company SO-SURE. 

Financial terms of the transaction were not revealed.  

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SO-SURE, founded in the UK in 2016, specialises in offering a range of digital insurance solutions including phone, home contents and social insurance.  

In a blog post, Open said that its integration with SO-SURE’s business will occur over the coming months and is set to serve as a “catalyst” for its growth in the UK. 

The company also indicated that further acquisitions might be pursued as a means to enter new markets. 

Insurance Edge quoted SO-SURE CEO Dylan Bourguignon as saying: “This acquisition represents an exciting opportunity for us to align with a company that shares our ambitions for the future of insurance. Open’s proven track record in securing large partnerships in the B2B2C [business-to-business-to-consumer] sector will accelerate our growth.” 

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The publication also quoted Open CEO Jason Wilby, who said: “With our strong focus on regulatory compliance, customer empowerment and technological advancement, the business is primed to spearhead innovation and redefine the insurance customer experience in the UK market, starting with embedded mobile phone insurance.” 

Open, founded in 2016, also has a presence in Australia and New Zealand, in addition to the UK.  

It provides white-label car, landlords, home and travel insurance for brands such as Bupa, Telstra, Polestar and 2degrees.  

In 2021, Open secured an investment of $31m ($47.21m), which brought the total capital raised by the company to $53m.  

The round saw participation from international investors including Latitude from the UK, Movac from New Zealand and returning investor AirTree Ventures from Australia.