Openly

Openly is a Boston-based, remote-first homeowners insurance provider that sells premium home insurance exclusively through independent insurance agents. The company combines actuarial expertise with data and machine learning in a proprietary platform intended to speed quoting, broaden coverage, improve risk underwriting and streamline claims for agents and their clients.

Its core product is an up-market homeowners policy offering features such as guaranteed replacement cost coverage of up to $5 million (subject to policy conditions in certain states), up to $1 million in liability, up to $100,000 in blanket coverage for personal property categories, water backup and equipment breakdown, plus endorsements including flood, umbrella liability, home-sharing and cyberbullying coverage. Policies cover primary residences, vacation homes and other properties. Coverage is available in 24 states, with further state expansion planned.

Openly also provides supporting services around the policy, including a dedicated in-house claims team and integrated contractor partners for post-loss repairs, and it supplies agents with technology, pricing tools and lead-generation support.

Founding story

Openly was founded in Boston in 2017 by Ty Harris and Matt Wielbut to address a gap for premium home insurance made simple. Harris, an MIT alum and credentialed actuary, previously served as Chief Product Officer at Liberty Mutual; Wielbut, the company's CTO, was VP of Technology at Goldman Sachs, ran a retail insurance agency and was a founding partner of two insurtech ventures. The pair participated in the Techstars Boston accelerator in 2018 and launched the first product the following year.

Business model

Openly underwrites and services premium homeowners insurance that is distributed exclusively through independent insurance agents rather than sold direct to consumers. Policies are written with carrier partners — Openly has worked with a unit of Clear Blue Financial Holdings, Rock Ridge Insurance Company and MS Transverse Insurance Company — and the company also operates its own carrier subsidiary, Openly Insurance Company. Beyond the policy itself, Openly runs a dedicated claims team and works with contractor partners who assess and perform repairs after a claim is accepted.

Revenue derives from premiums on homeowners insurance policies written through independent agents, with business placed via carrier partners and through its own subsidiary, Openly Insurance Company. In 2023 Openly generated $301m in written premiums for carrier partner Rock Ridge Insurance Company; Openly Insurance Company reported $16m in earned premiums and an $11m net underwriting loss in the first nine months of 2024.

Traction

Openly launched in Illinois and Arizona in 2019, worked with more than 400 independent agencies by 2020, and had scaled to more than 30,000 independent agents across 21 states by September 2023 with a reported 90%-plus customer retention rate. It produced $301m in written premiums for carrier partner Rock Ridge Insurance Company in 2023 and operates in 24 states as of 2025.

Latest developments

In February 2025 Openly announced a $193m growth financing round led by Eden Global Partners and Allianz X, made up of $123m in equity and a $70m senior note from Allianz X, building on an existing strategic partnership with Allianz Re. Existing investors Advance Venture Partners, Obvious Ventures, Clocktower Technology Ventures and Point Judith Capital also participated. The company said proceeds would fund expansion of its homeowners offering nationwide, new product development, and strengthened technology and underwriting capabilities, with investors citing potential to extend its approach to additional lines of insurance.