Openly Starts Openly Insurance Company, a Licensed Homeowners Insurance Carrier
Openly announced the launch of the Openly Insurance Company, a homeowners insurance carrier licensed in 17 states.
Openly had formerly operating solely as a MGA. The announcement was made only weeks after announcing its $75M Series C funding round.
“We believe strongly in our product and processes,” said Ty Harris, CEO and co-founder of Openly, “and the reception by the independent agent and customer community has been phenomenal. Becoming a carrier was the natural next step and allows us to demonstrate our confidence to all of our stakeholders-by putting our money where our mouth is, if you will.”
In the coming months, the Openly Insurance Company, acquired as a carrier shell and rebranded by Openly, will begin issuing policies directly in select states while continuing to rely on risk partners in other states. Openly sells insurance exclusively through independent agents, allowing them to offer quotes in as quick as 15 seconds using its proprietary technology.
Neptune Flood & SIAA Announce New Partnership
Neptune Flood has partnered with SIAA, the nation’s largest independent insurance agency alliance. SIAA member agencies will have access to Neptune’s instant flood solution.
“Neptune Flood makes it fast and easy for agents to obtain flood insurance for their customers while also providing superior coverage to the traditional NFIP (National Flood Insurance Program),” said Trevor Burgess, president and CEO of Neptune. “As the largest nationwide alternative to the NFIP, Neptune is uniquely positioned to meet the scale and needs of SIAA member agencies and their customers. We are honored to partner with SIAA.”
Neptune offers flood coverage with limits eight times the level of the NFIP and provides multiple additional coverage options such as temporary living expenses, unattached structures, pool repair & refill, replacement cost on contents, and basement contents for homeowners, as well as business interruption coverage to help businesses recover from a flood event. SIAA member agencies can access Neptune Flood through SIAA MarketFinder, SIAA’s online member-only portal for difficult-to-place and specialty risk markets.
“Our partnership with Neptune fulfills a growing demand for private flood insurance options, and alternatives to the coverage available through the National Flood Insurance Program,” said Jeff Holmes, SIAA chief operating officer.
New Insurtech Company MiKargo247.com Launches
MiKargo247.com, an insurtech created specifically for one-way, spot-cargo freight, has launched to provide freight brokers, 3PLs and motor carriers with instant access to the insurance they need to protect valuable cargo and move it faster through the supply chain.
Underwritten by Roanoke Insurance Group Inc with underwriting authority provided by A-Rated Munich Re Syndicate Ltd. – Syndicate 457 at Lloyd’s of London, MiKargo247 offers insurance coverage up to $1 million per load on land and rail loads in the U.S. and Canada. Coverage is all-risk, providing far broader coverage than standard cargo insurance with full claim support from Roanoke’s Schaumberg, Illinois office.
Additional features include: quote in 10 seconds, bind coverage in 90 seconds; access to commodities typically excluded by other cargo policies; no sign up or subscription; no more waiting for agent or underwriter approval.
“It’s estimated that over 60% of cargo on the road goes uninsured daily, racking up over $15 billion worth of damages that cannot be recouped. With MiKargo, not only are shippers and freight brokers protected with an all-risk policy if something goes wrong, but the truckers can now haul previously uninsurable loads, ultimately making them more money. And freight brokers can expand capacity to satisfy their customer needs as well,” said Michele McGinnis, co-founder and CEO of MiKargo247.com
Topics Carriers Flood New Markets Trucking Homeowners
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