Open Insurance

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Open
TypePrivate
IndustryInsurance
FoundedJuly 2016; 6 years ago (July 2016)
Sydney, Australia
FoundersJason Wilby (CEO) & Jonathan Buck(CEO)
Headquarters,
Area served
Australia and New Zealand
ProductsHome, Car & Travel Insurance
SubsidiariesHuddle huddle.com.au
Websitebeopen.com

Open is an embedded finance company that builds and manages infrastructure for the global insurance industry. It is based in Sydney, Australia and Auckland, New Zealand.

The company primarily offers embedded insurance products that are managed with application programming interfaces (APIs). These products are embedded and offered to the customers of telecommunication, energy, travel, banking and retail companies.[1]


History[edit]

Open (Open Insurance Pty Ltd) was founded in Australia during June 2016 by British expats Jonathan Buck and Jason Wilby. The pair initially launched a consumer brand Huddle with the aim of challenging traditional financial services in Australia and offering a transparent and technology driven model for consumers.[2][3]

Early products were based on the concept of the peer economy, with the aim of reducing the cost of financial products such as loans and insurance in Australia.[4][5]

In April 2017 the company became a certified B Corporation, to verify that the company is meeting obligations that benefit all stakeholders not just shareholders.

Two years after its founding the company secured a $19.25 million Series B investment led by Airtree Ventures.[6][7]

In 2020 the company launched the Open Insurance stack, a collection of applications and infrastructure used by global insurance companies to embed car, home and travel insurance.

Funding[edit]

Open is a privately owned company that initially raised $6 million from investors, including Richard Enthoven, and Hollard Insurance Group.[5] The company's insurance products are also underwritten by Hollard Insurance Group.

In November 2018 the company announced[6][7] a new round of funding. Through this Series A the company secured a further $19.25 million led by Airtree Ventures.

In August 2020 the company announced[8] a follow-on round for their current investors. This raised $3.1m and was again led by Airtree Ventures.

In August 2021, Open announced a Series B, led by Movac valued at $31 million.[9][10]

Funding History
Date Funding Type Number of Investors Money Raised Lead Investor Valuation
May, 2016 Seed Round 2 $500k -
June, 2016 Seed Round 3 $5.5m The Hollard Insurance Company (Australia)
Nov, 2018 Series A 7 $19.25M Airtree Ventures
Aug, 2020 Series A.1 4 $3.1m Airtree Ventures
Aug, 2021 Series B 12 $31m Movac

Products and Services[edit]

Open provides pricing, claims and administration infrastructure required for insurers, brokers, and retail brands to offer service insurance online.

Open's customers include Telstra, Bupa, Polestar, and Slingshot.[11]

References[edit]

  1. ^ Slade, Maria. "The rise of the insurance bots". NBR. NBR.
  2. ^ Business, Insurance. "Is insurtech the best way to bring trust back to insurance?". Insurance Business. Retrieved 2018-04-22. {{cite web}}: |last= has generic name (help)
  3. ^ "Huddle Money raises $6m to create peer-to-peer bank". 2016-06-20. Retrieved 2016-07-04.
  4. ^ Wilby, Jason (2016-06-16). "Building the world's first peer-to-peer bank — Huddle Money". Retrieved 2016-07-04.
  5. ^ a b "Huddle Money raises $6m to create peer-to-peer bank". 2016-06-20. Retrieved 2016-07-04.
  6. ^ a b "Huddle Insurance, an AI-powered Suncorp rival, raises $24m". Financial Review. 2018-11-28. Retrieved 2018-11-28.
  7. ^ a b Kimmorley, Sarah (2018-11-28). "Insuretech startup Huddle has raised $19.2 million in funding to take on industry heavyweights". Business Insider Australia. Retrieved 2018-11-28.
  8. ^ Waters, Cara (2020-08-10). "Airtree leads $3.1 million investment in insurance platform Open". The Sydney Morning Herald. Retrieved 2020-10-02.
  9. ^ "Insurance disruptor plots global push after banking $31m". Australian Financial Review. 2021-08-30. Retrieved 2021-08-31.
  10. ^ "Queenstown-based fintech Open raises $30m in round led by Movac". NZ Herald. Retrieved 2021-08-31.
  11. ^ "Meet our embedded insurance partners | Open". beopen.com. Retrieved 2022-10-26.