- Raised $100M in Series D Funding
- Launched Inaugural State of the Independent Agent Survey
- Recognized across six awards, including Forbes' America's Best Startup Employers and Inc.'s Best Workplaces
BOSTON, MA / ACCESSWIRE / February 27, 2024 / The momentum continues to build for Openly, the premium homeowners insurance provider, as today it announced a 96% customer satisfaction rating for agent and policyholder service interactions, a 79% customer satisfaction rating for claims, and 80% growth in gross written premium YoY in 2023. These statistics are a direct result of Openly's continued commitment to create a better homeowners insurance experience for independent agents and policyholders alike.
"2023 has been a tremendous year for Openly across multiple facets of our business, including the growth of our award-winning team, and continued success in our work with independent agents," said Ty Harris, CEO and Co-Founder of Openly. "As we continue to grow, Openly's emphasis will always be placed on providing an excellent work environment for our employees, and creating a better insurance experience for both independent agents and their customers. Thank you to everyone that has made 2023 such a successful year, and we are excited to see what 2024 has to offer."
Openly's Series D Funding Amidst a Challenging Venture Capital Market
In September, Openly announced it had raised $100M in its Series D funding round, led by Eden Global Partners, with additional participation from a mix of current and new investors. This comes as funding for insurtechs had been down 50% YoY when looking at the first half of 2023.
Inaugural State of the Independent Agent Survey
2023 also marked the inaugural year for Openly's State of the Independent Agent Survey, released in October. Openly surveyed more than 1,600 independent homeowners insurance agents to determine and share the key threats to the independent agent channel, and how the industry is pushing back against these threats.
The survey found that half of the respondents noted climate change as a key threat to their business moving forward, in addition to concerns around companies exiting markets, and direct-to-consumer providers. To counter these concerns, independent agents noted three areas of focus: investing in talent, technology capabilities, and marketing.
Expansion of Partnership Network
Throughout the year, Openly announced new partnerships with key industry players across insurance. In March, Openly announced a partnership with Artigem, the leading technology-enabled contents and jewelry service provider to the Property & Casualty (P&C) insurance industry, and in May, Openly joined Trellis' Savvy platform, the leading embedded insurance solution for financial institutions, fintechs, and other consumer businesses.
Launch of API Integrations
Openly continued to invest in enhancements to benefit the independent agency channel in 2023, including the launch of a market-leading API for real-time quoting directly within agency systems. The agency API integrations provide a more seamless experience for different types of agency operating models that seek coverage for clients with Openly.
"As more agencies begin to leverage sophisticated software into their operations, Openly's Agency API creates a streamlined mechanism for these agencies to interact directly with Openly," said Matt Wielbut, CTO and Co-Founder of Openly.
Openly Recognized in Multiple Workplace and Industry Awards
Finally, Openly was recognized across six industry awards over the course of the year. In March, Openly was included on Forbes' 2023 America's Best Startup Employers, ranking 320th, and followed this up in May with inclusion on Inc.'s Best Workplaces, which recognizes companies that have excelled in creating exceptional workplaces and company culture.
Most recently, Openly was awarded three Comparably awards, highlighting the strong company culture:
- Openly ranked 37th in Comparably's 2023 Best Company Cultures list for Small/Medium-sized Companies
- Openly was ranked 34th in 2023's Best Companies for Women list under Small/Medium-sized Companies
- Ty Harris ranked 74th on the list of 2023's Best Company CEOs for Small/Medium-sized Companies
In November, Openly was also named to Quartz Best Companies for Remote Workers list, marking the second year in a row that Openly was named to this honor. Individuals in Openly's team also received recognition, with CEO Ty Harris being named as a finalist in Ernst & Young's Entrepreneur of the Year 2023 New England and John Woodworth, Complex Claims Adjuster at Openly, being named Outstanding Claims Professional by the Property & Liability Resource Bureau.
To learn more about how Openly is creating a more efficient and transparent homeowners insurance experience, visit www.openly.com.
About Openly
Openly is a remote-first premium homeowners insurance provider. Its centralized platform offers comprehensive coverage, market-leading technology, and exceptional service. Founded by industry veterans in 2017, Openly is dedicated to delivering modern and transparent homeowners insurance and empowering independent agents across America. In 2023, Openly was named a Forbes America's Best Startup Employer and Inc. Best Workplace. For more information, visit Openly.com or linkedin.com/openlyllc.
Media Contact:
Ross Stevens
Caliber Corporate Advisers for Openly
[email protected]
SOURCE: Openly