Openly Overview
Pro stress-test →Openly is a premium homeowners insurance company founded in 2017 and headquartered in Boston, Massachusetts. The company offers premium home insurance exclusively through independent agents in multiple states, differentiating itself through modern technology and rapid quoting.
Strategic Profile
Pro stress-test →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.
Competitive Landscape
Pro stress-test →Openly competes in the premium homeowners insurance space against established carriers (State Farm, Allstate, Homeowners Choice) and digital-native insurtechs (Lemonade, Hippo). Its unique positioning as an agent-empowered MGA and carrier contrasts with direct-to-consumer insurtechs but competes on product comprehensiveness, pricing sophistication, and technology speed.
Industry Context
Openly operates in Premium homeowners insurance.
Key facts
Founded: 2017 · Headquarters: Boston, Massachusetts · Employees: 501–1,000 · Revenue: Estimated $1M–$5M (as of 2024; early-stage carrier operations)