US-based homeowners insurance platform Openly , which previously operated as a managing general agent (MGA), has launched an Openly Insurance Company, an insurance carrier licensed in 17 states.
The launch follows the firm’s $75m Series C funding round announced recently.
Openly seeks to expand its presence in the insurance space and will provide coverage options to more agents and homeowners.
Openly CEO and co-founder Ty Harris 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.”
Openly plans to use Openly Insurance Company, which was acquired as a carrier shell and rebranded by the firm, as part of its “balanced and prudent risk capacity strategy”.
The carrier is expected to start issuing policies directly in select states in the coming months while continuing to depend on risk partners in some states.
Openly provides insurance exclusively through independent agents and supports them to provide quotes in as quick as 15 seconds using its proprietary technology.
Openly chief product and strategy officer Rob Higgins commented: “Today is 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.”
In 2020, Openly raised $40m in Series B investment round led by Advance Venture Partners.