Openly, Premium Home Insurance Provider, Open For Business In Kentucky

BOSTON, May 26, 2020 /PRNewswire/ -- Openly Insurance, a tech-forward company that specializes in premium homeowners insurance, announced today that it's entering Kentucky. Openly is backed by investors like Gradient Ventures, Google's AI investment fund. Kentucky makes it the fifth state to now offer Openly's exclusive homeowners insurance product, designed for customers who value broad, innovative and affordable coverage. Openly also hired its first local employee, Byron Roberts, to lead local partnership efforts as the company grows its footprint in Kentucky.

"We're excited to expand our product offering to Kentucky, already our fifth state since launch. We've received an overwhelmingly positive response from agents and customers-- homeowners who have been able to purchase a more complete and comprehensive product that provides the best coverage in the market," said Ty Harris, CEO and Co-Founder of Openly.

According to Openly, industry homeowners claims relative to premium were lower in Kentucky than the majority of other states. As a result, they can enter the market with more competitive pricing and better coverage options.  Through the use of superior loss prediction models and advanced pricing methods, Openly is able to earn target returns while allowing customers to save on homeowners insurance. In addition, these cost savings come with coverage that is better, not worse. For qualifying homes, Openly offers guaranteed replacement cost on the home in the event of a total loss. By comparison, most competitors offer policies that require each consumer to estimate in advance how much it would cost to rebuild their home if destroyed.  Openly simplifies this process and guarantees all homes that insure with Openly have adequate coverage to be fully indemnified. 

In addition, most homeowners insurance contracts are written on a basic contract that covers specific types of losses.  Openly uses an enhanced version of a more comprehensive contract referred to as an HO5. This contract covers more types of losses, while also providing higher limits of coverage for things like jewelry, art, and collectibles.

"We use technology and loads of data to simplify and modernize the insurance purchasing process," said Matt Wielbut, Co-founder and CTO of Openly.  "Through our use of sophisticated technology and new data sources, Openly asks you three questions and within 20 seconds you receive a bindable quote that includes superior coverage customized to your individual needs. Even better, you could save thousands for more complete coverage."

Openly is available in four states – Arizona, Illinois, Pennsylvania, and Tennessee – where it's modernizing the businesses of insurance agents by allowing them to generate firm quotes on up-market home insurance for their customers.  Openly uses next generation actuarial models and massive amounts of data to provide more accurate pricing. Openly believes consumers deserve choice, objective advice, and tailored coverage, so its products are offered exclusively through independent agents, rather than directly to consumers.

"Openly offers something that is extremely unique and really benefits independent agencies like mine and the customers we serve," said Greg Gibson of Greg Gibson Insurance & Financial Services based in Ashland, KY. "Openly allows me to give my customers a quote in mere seconds, and then I can focus my attention on customizing their coverage instead."

To find an agency in Kentucky that is distributing the Openly product, visit https://openly.com/get-a-quote.

About Openly
Based in Boston, Openly is a tech-enabled home insurance provider designed to empower rather than replace agents. The company was founded in 2017 by Ty Harris and Matt Wielbut and is backed by Gradient Ventures, Google's AI-focused venture fund, Greenlight Re, PJC, and Techstars Ventures, in addition to other investors and partners. For more information, visit https://openly.com.

SOURCE Openly, Inc

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