Frequently Asked Questions
Below you'll find some common agent questions.
Who is backing Openly’s ability to pay claims, and are they A.M. Best rated?
Openly works only with well established carriers rated A- or better by A.M. Best.
What commission does Openly pay?
Openly pays competitive market rates of commission as a baseline. We also pay automatic “kickers” for policies we believe to be high value. And we offer profit sharing for qualifying agencies.
What products does Openly offer?
Openly’s core offering is a homeowners policy that can be used for multiple occupancy types, including primary, seasonal, secondary, and rented to others. The policy offers premium coverage, including features such as guaranteed replacement cost, open perils contents coverage, and high available water backup limits. The policy also includes an available personal umbrella endorsement. Flood can be added as peril with one click, and often for $150 or less in low risk areas.
Does Openly offer auto insurance? Life insurance? Commercial?
At this time, we do not. We do, however, offer discounts for clients whose other policies are held within the agency. And we do offer personal umbrella as an endorsement to the home policy.
What is Openly’s target market?
Openly’s “sweet spot” tends to be homes in the $400k to $5M replacement cost range. Underwriting is tied less to traditional flags (pools, dogs, wires, etc.) and more to an overall automated assessment of the client’s loss propensity, based on dozens of factors. You will find that our pricing and underwriting is somewhat “contrarian” relative to many other carriers. For that reason, Openly will sometimes be the market you need to close a particular client.
What’s the value proposition for a customer?
There are four main reasons Openly would be right for a customer:
- Coverage. Openly offers premium and sometimes unique contract/coverage terms that will appeal to customers who care about coverage.
- Service. We are obsessed with delivering an outstanding customer experience. Real, expert, empathetic human beings are available to speak with customers and agents. Net promoter score is a critical metric for us.
- Ease. Openly offers a streamlined, modern-feeling experience, from initial quote to application to payment to “my closing date changed.” It feels less like insurance.
- Price. Openly’s somewhat “contrarian” pricing model means that despite our premium coverage, we will sometimes be the most competitive price for a given customer.
What’s the value proposition for an agent?
First, see all the reasons Openly is great for customers. Beyond those reasons, though, Openly offers agents these benefits:
- Efficiency. We have blown up existing insurance underwriting processes and started over. Less than 30 seconds to a bindable rate in most cases. Easily customizable coverage. Simple electronic “check out” rather than pdf application. Quick endorsement changes effective date without the need to re-write.
- Close more sales. Our unique coverage features and contrarian view of risk will help you sell to customers you otherwise wouldn’t.
- Present a modern experience. Your clients want your advice but don’t want hassles that make insurance feel like it’s still 1970. Working with us underscores your agency’s commitment to meeting their evolving needs on their terms.
- Increase referrals. Openly’s unique coverage features, modern experience, and customer focus will cause customers to recommend you to others.
- Zero training required. Interface is so simple, and coverage is described in such plain English, that you won’t need to go through lengthy staff training sessions. (But we’ll be there anyway in case you need us.)
How do I learn more or get an appointment?
How are you different from other insurance startups?
We’re not just technology people. Openly’s founders are an insurance person who knows technology and a technology person who knows insurance. We’ve built and delivered sustainable, world-class insurance products at global scale before. We’ve spent many years working with or being agents. We understand that insurance is a promise—to provide outstanding service and pay claims fairly in times of need—and that our long term success is built on our ability to deliver on that promise. Technology is just one tool we use to make this happen.
Also, we hold the heretical view that independent agents are here to stay and in fact are core to the future of insurance.