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.
History
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
Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...
in Australia and offering a transparent and technology driven model for consumers.
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.
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.
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
Open is a privately owned company that initially raised $6 million from investors, including
Richard Enthoven
Richard Enthoven (1937 – 2 December 2022) was a South African billionaire businessman who was the owner of the casual dining chain Nando's, the Hollard Group of insurance companies, and Spier Wine Farm.
Early life
Richard Enthoven was the so ...
, and
Hollard Insurance Group.
The company's insurance products are also underwritten by
Hollard Insurance Group.
In November 2018 the company announced
a new round of funding. Through this Series A the company secured a further $19.25 million led b
Airtree Ventures
In August 2020 the company announced 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 b
Movacvalued at $31 million.
Products and Services
Open provides pricing, claims and administration infrastructure required for insurers, brokers, and retail brands to offer service insurance online.
Open's customers include
Telstra
Telstra Group Limited is an Australian telecommunications company that builds and operates telecommunications networks and markets related products and services. It is a member of the S&P/ASX 20 stock index, and is Australia's largest telecomm ...
,
Bupa,
Polestar
Polestar is a Swedish automotive manufacturer that produces electric cars. Principally owned by Li Shufu's PSD Investment, Geely Holding and Volvo Cars, the company is headquartered in Torslanda, outside Gothenburg, Sweden. With an "asset-ligh ...
, and
Slingshot
A slingshot or catapult is a small hand-powered projectile weapon. The classic form consists of a Y-shaped frame, with two tubes or strips made from either a natural rubber or synthetic elastic material. These are attached to the upper two ends ...
.
References
{{reflist
Financial services companies established in 2016
Financial services companies of Australia