Tech-enabled home insurance provider Openly has announced a $7.65 million seed round of funding led by Gradient Ventures, Google’s AI-focused venture fund, while also announcing its market debut in Arizona and Illinois. The company is backed by a coalition of investors and reinsurers that includes Greenlight Re, PJC, Techstars Ventures, and The Hanover Insurance Group.
Thirty-five per cent (35%) of insurance consumers choose to shop through independent agents, according to a 2019 report by the Independent Insurance Agents & Brokers of America. Unlike many insurtech start-ups – which sell insurance directly to consumers without agents – Openly sells its home insurance exclusively through independent agents. Openly enables agents to generate quotes for their customers in less than 20 seconds.
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