How Openly Is Betting on Independent Agents

At ITC Vegas, Brad Stoub, Vice President of Sales and Marketing at Openly explains how the company was built around a clear vision for the homeowners market. Founded in 2017 by an insurance product actuary, Openly focused on better serving the independent agency channel at a time when most insurers were chasing direct-to-consumer models. Staub says agents could be better served, and Openly saw an opportunity to combine better technology, stronger engagement, as well as more sophisticated underwriting and pricing to support them.

Stoub notes that this bet has been validated as the independent agency channel has grown. Openly has concentrated on improving the agent experience and, through them, the experience of end customers. As a smaller, tech-led company, Openly can move faster than many traditional carriers, which has been a real advantage in a difficult homeowners market over the last few years. While much of the industry is still adjusting, Stoub says Openly is already back in growth mode.

From the consumer side, Stoub points out that rising rates and more frequent, severe events have made things tough. In that environment, he believes independent agents have an edge because they can offer multiple options and tailor coverage. As the market slowly softens, he expects customers to keep asking what they’re really getting for the premiums they pay, and says the winners will be the companies that can price better, underwrite smarter and meet both agents and customers where they want to be.

On AI, Stoub is realistic: it’s a big buzzword, but the real value comes from clearly defining the problem and choosing the right tools to solve it. He also underlines the importance of networking at events like ITC Vegas, using them to meet carriers, insurtechs and partners who can help drive business impact and build collaborations that move the industry forward.