Homeowners in Tennessee Benefit From New Tech-Forward Insurance Company
Openly Inc., an insur-tech backed by Gradient Ventures, Google’s AI-focused venture fund, announces that it is now live in Tennessee. The addition of Tennessee comes on the heels of the company’s launch and funding announcement in late 2019, along with a recent expansion to other states, such as Pennsylvania. Openly offers an exclusive homeowners insurance product that was developed for customers who value broad, innovative and affordable coverage.
“We’re excited to enter Tennessee and have already experienced an outstanding response from Independent Insurance Agencies across the state. Our goal is to bring together modern technology, innovative coverage options, and advanced pricing methods to provide a unique insurance offering that benefits both consumers and agents,” said Steve Chauby, CMO of Openly.
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According to Openly, over the last five years, industry homeowners claims relative to premium were lower in TN than in most other states. This creates an opportunity for a new entrant like Openly to undercut many competitors and still earn a fair return, through the use of superior loss prediction models and advanced pricing methods. In addition, these cost savings actually come with coverage that is better, not worse. For all homes that qualify for the program, Openly offers guaranteed replacement cost on the home up to five million dollars. By comparison, most competitors offer policies that require each consumer to guess in advance how much it would cost to rebuild if their home was 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 called an HO3. 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.
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Beyond price competitiveness and better coverage, Openly’s product is also extremely easy to purchase. “Most competitors ask dozens of questions before you even get a price quote,” said Ty Harris, Co-founder and CEO of Openly. “Openly asks you three questions and within 20 seconds you have a firm quote for superior coverage which you and your agent can customize as needed. Plus, you could save thousands of dollars for better coverage in the event of a claim.”
Openly is already available in Arizona, Illinois, and Pennsylvania where it’s modernizing the businesses of insurance agents by allowing them to generate firm quotes on up-market home insurance for their customers. Under the hood, Openly uses next generation actuarial models and loads of available data. Openly believes consumers deserve choice, objective advice, and tailored coverage, so its products are offered exclusively through independent agents, rather than directly to consumers.
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