Open secures $3.1 million capital boost

Open secures $3.1 million capital boost | Insurance Business

Open secures $3.1 million capital boost

New digital insurance platform Open, which comes from the same duo behind industry disruptor Huddle, has received $3.1 million in capital top-up.

Led by top-tier venture capital firm AirTree Ventures, alongside previous backer Hollard Insurance, the investment will go towards the continued development of the insurtech as well as its global growth.

Open, which allows brokers to create tailored insurance products for their customers, currently operates in Australia and has plans to expand not only in New Zealand but also in the UK and even across Europe. Its broker platform was launched in beta last month.

In addition, a new offering will also be rolled out by co-founders and joint CEOs Jason Wilby (pictured) and Jonathan Buck, catering to the likes of telcos and online retailers who wish to create their own branded insurance product using the white-labelled technology of Open.

“Today, much of the industry is overly reliant on traditional human-based processes, often resulting in complex and undesirable customer experiences,” said Wilby. “By using tech to automate insurance, from quote to claim, we’ve significantly improved the product experience, simplifying insurance for brokers, brands, and customers.”

According to the joint chief executive, Open’s product architecture has been built for easy deployment in international markets and creates what he called an “enormous opportunity” overseas to bag white-label insurance deals.

Wilby asserted: “We’re an insurance business with the unfair advantage of our proprietary technology enabling us to scale rapidly with reduced administration costs.” Meanwhile AirTree partner James Cameron believes Open has the team, experience, and ability to disrupt insurance.