The investment round was led by Movac with Latitude and returning investor AirTree Ventures (AU). Open’s car and home insurance products are digitised from end-to-end, reportedly making insurance simple and fast for everyone, everywhere. Open’s customers reportedly benefit from an improved customer experience, with 80% of insurance tasks - from quote to claim - being completed automatically or via digital self-service experiences, the official press release states.
Having proven the model for connected insurance in Australia with over 70,000 customers, Open is now expanding internationally, first to New Zealand, launching in late 2021, and then to the UK, targeting a launch of mid-2022. Open will use the funds to expand its teams based in Australia and New Zealand, accelerate growth, and add new products for the SME segment. The funding round reportedly follows a strong year, which saw the business more than double its revenue.
Globally, insurance is one of the world’s least digitally mature industries, scoring just 47 out of 100 on BCG’s Digital Acceleration Index. Lying significantly below other financial services sectors, insurance has remained confusing, paper-based, heavily intermediated, and completely isolated from consumers’ digital worlds, the official press release concludes.
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