Openly, ClaimTouch Partner on Property Claims

Boston-based Openly, founded in 2017 by Ty Harris and Matt Wielbut, operates by offering premium home insurance exclusively through independent agents. The company has seen significant growth, backed by a total of $368M in funding over 8 rounds. This strategy of combining modern tech with traditional agent channels has allowed it to expand into 24 states, partnering with over 44,000 independent agents. ClaimTouch, founded in 2023 by Mick Noland, is an AI-native InsurTech startup focused on leveraging artificial intelligence and big data to streamline the property and content claim process. The company's platform is designed to automate the entire workflow, from inventory submission and data import to pricing, depreciation, and settlement letter generation. This focus on automating repetitive tasks aims to increase accuracy and efficiency for adjusters. The integration of ClaimTouch's platform into Openly's claims management system is designed to replace manual valuation with automated, data-driven pricing. For Openly's VP of Claims, Gina Reyes, the partnership is about setting a new standard for efficient and accurate claims processing, ensuring customers receive fair pricing for damaged property. Mick Noland, President and Co-Founder of ClaimTouch, emphasizes the shared vision of using data and AI to enhance both the speed and accuracy of the claims journey. This collaboration reflects a broader industry shift where AI is a strategic priority for managing claims. Insurers are increasingly adopting AI to handle tasks like data extraction, automated triaging, and fraud detection. The goal is to allow human adjusters to focus on more complex, judgment-intensive cases rather than manual processing. Automated valuation models (AVMs) provide a significant competitive advantage by offering speed, consistency, and cost-effectiveness compared to traditional appraisals. These systems can analyze vast amounts of data, including recent sales and property characteristics, to generate objective valuations almost instantly. This not only streamlines the process but also reduces the potential for human error and bias. The impact of AI on claims processing is quantifiable, with some insurers reporting up to 80% faster processing times and a 20-25% reduction in loss-adjusting expenses. By automating routine decisions, some systems can handle thousands of applications per hour with 99% accuracy. This level of efficiency directly addresses customer dissatisfaction, where 60% of complaints are related to the speed of settlement.