Hollard-backed insurtech gets funding for global expansion
Insurtech Open will use the $3.1 million in new capital funding from longtime backer Hollard and local venture capital firm AirTree Ventures to expand its recently launched digital broker platform in new markets including the UK and New Zealand.
Open co-founders Jason Wilby and Jonathan Buck, who started Huddle Insurance together, say the OpenBroker platform has signed up “hundreds” of brokers since its Australian launch in July.
The platform is designed to help brokers compete against direct insurers in the personal lines markets, using a range of tools that make it easier for intermediaries to sell car, home and travel insurance.
Mr Wilby told insuranceNEWS.com.au the platform “is going to be a game-changer.”
“We have already seen a huge jump in businesses with hundreds of brokers and some major brands coming on board since we launched,” he said. “We’re very excited for the rest of the year.”
Hollard declined to comment to insuranceNEWS.com.au on the new funding it has pledged to Open.
But AirTree, which led the capital top-up, says the investment reflects its confidence in the insurtech to continue challenging incumbent insurance providers.
“Insurance is a sleeping giant that's ripe for disruptive players,” AirTree Partner James Cameron told insuranceNEWS.com.au. “It’s crazy that an industry this big has seen so little digital innovation.”