Openly nabs $7.65m in its seed round

Home insurance provider Openly has collected $7.65m in its seed funding round led by Gradient Ventures.

Alongside the funding round, the company has launched its services in Illinois and Arizona. Openly plans to enter the Massachusetts, Pennsylvania and Tennessee markets in the coming months and another four states in the near future.

Capital from the seed round will also be used to help launch complementary product lines such as automobile insurance.

Through Openly, customers can receive a home insurance quote after answering three questions. The InsurTech offers complete coverage including several uncommon loss types including guaranteed replacement cost on the home up to $5 million, endorsements to cover home-sharing and optional coverage to insure losses arising from cyber bullying.

Its technology leverages emerging data sources, predictive models and AI so agents can generate quotes for customers in under 20 seconds.

Openly CEO and co-founder Ty Harris said, “Some people in the tech world think that the term ‘insurance agent’ refers to a relic of the past, but they’re wrong.

“At Openly, we know agents add value by delivering objective advice and options to their clients. Our goal is to help agents as they work to modernize their businesses. We let them offer their customers better, faster and more economical products with comprehensive insurance protection for a wide range of needs. We’re pleased to have the support of such heavyweight investors and reinsurers to fuel our rapid growth into 2020 and beyond.”

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