Openly leverages actuarial science, machine learning, and cutting-edge technology to provide agents with straightforward products and consumers with comprehensive coverage. As of July 2022, Openly operates as both an MGA and a licensed insurance carrier, with the Openly Insurance Company licensed in 17 states and backed by a $75M Series C funding round.
Cyborg Score Rationale
Openly demonstrates strong technology differentiation, significant venture backing, multi-state expansion, and a unique B2B2C model through independent agents. However, as a private company with limited recent public financials and emerging carrier operations, scale and profitability metrics remain opaque.
Top Insights
Openly's proprietary quoting platform delivers quotes in 15–20 seconds versus 45 minutes for competitors, providing agents measurable time savings and competitive advantage in customer interactions.
July 2022 launch of Openly Insurance Company carrier adds direct underwriting capacity across 17 states, reducing dependence on third-party carriers and improving margin control and product flexibility.
Selective geographic footprint across 8–17 states suggests disciplined expansion; however, data is current as of April 2021, limiting visibility into recent state authorizations and market share gains through July 2026.
Named Competitors
Lemonade — Direct-to-consumer AI-powered homeowners and renters insurance
Hippo — Digital homeowners insurance platform
State Farm — Largest U.S. homeowners insurer with agent and digital channels
Allstate — Major homeowners insurer with agent-based distribution
Recent Developments
(July 2022) Launched Openly Insurance Company as licensed carrier in 17 states
(July 2022) Announced $75M Series C funding round
(April 2021) Officially launched in Massachusetts, bringing operational footprint to 8 states
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