Openly works only with well established carriers rated A- or better by A.M. Best. Insurance coverages are provided by Rock Ridge Insurance Company, an AM Best A - (Excellent) rated, admitted insurance carrier.
Openly’s core offering is a homeowners policy that can be used for multiple occupancy types, including primary, seasonal, secondary, and rented to others. The policy offers premium coverage, including features such as guaranteed replacement cost, open perils contents coverage, and high available water backup limits. The policy also contains optional special endorsements like personal cyber, equipment breakdown, and home-sharing.
At this time, we do not. We do, however, offer discounts for clients whose other policies are held within the agency.
Openly’s “sweet spot” tends to be homes in the $400k to $3M replacement cost range. Underwriting is tied less to traditional flags (pools, dogs, wires, etc.) and more to an overall automated assessment of the client’s loss propensity, based on dozens of factors. You will find that our pricing and underwriting is somewhat “contrarian” relative to many other carriers. For that reason, Openly will sometimes be the market you need to close a particular client.
There are four main reasons Openly would be right for a customer:
Coverage. Openly offers premium and sometimes unique contract/coverage terms that will appeal to customers who care about coverage.
Service. We are obsessed with delivering an outstanding customer experience. Real, expert, empathetic human beings are available to speak with customers and agents. Net promoter score is a critical metric for us.
Ease. Openly offers a streamlined, modern-feeling experience, from initial quote to application to payment to “my closing date changed.” It feels less like insurance.
Price. Openly’s somewhat “contrarian” pricing model means that despite our premium coverage, we will sometimes be the most competitive price for a given customer.
We’re not just technology people. Openly’s founders are an insurance person who knows technology, and a technology person who knows insurance. We’ve built and delivered sustainable, world-class insurance products at global scale before. We’ve spent many years working with or being agents. We understand that insurance is a promise—to provide outstanding service and pay claims fairly in times of need—and that our long term success is built on our ability to deliver on that promise. Technology is just one tool we use to make this happen.
Also, we hold the heretical view that independent agents are here to stay, and in fact are core to the future of insurance.