Orchid Insurance will be working with platform company Openly.
A statement from the former says that the relationship will enable it to deliver added capacity to its national network of retail agents and strategic distribution partners and broaden its range of high-net-worth customers who seek solutions for hard-to-place risks.
Charlie Graham, head of specialty high net worth at Orchid Insurance, said: “We are thrilled to partner with Openly. Building upon our select carrier roster means Orchid will strengthen its position in the specialty high-net-worth market and better serve our independent agent partners, who can now take advantage of a seamless and streamlined insurance experience for both their agencies and clients.”
Founded by insurance industry veterans, Openly uses next-generation data and technology to offer home insurance policies. Openly rebuilt the entire technology and operations stack of insurance to create a quoting process. All information is presented at the point of sale in real-time, pulling from over 50 data points allowing for quick quote turnaround.
Orchid, meanwhile, is set to be acquired, along with CrossCover, by Brown & Brown. That deal will see Orchid will continue to operate under the leadership of Steve Carlsen, Kathy Cody, and Ross Bowie from offices in Vero Beach and Tampa, Florida. CrossCover, meanwhile, will continue to operate under the direction of Scott Hanson from offices in Cypress, Texas.
Graham added: “A standard homeowner insurance policy may not provide enough coverage for homes at this value as well as their contents within,” said Graham. “High-value home policies will often go above and beyond a standard policy by offering extended replacement cost coverage for your dwelling and other structures.”
