Award-winning InsurTech, Open, has been announced as Australia’s 7th fastest growing company in the prestigious AFR Fast 100 List for 2021.
To be eligible for entry into the Fast 100, a business must have started trading on or before 1 July 2016, and have had turnover greater than $500,000 in 2016-17. Entrants must provide three full years of revenue data, and are ranked according to the compound annual growth rate achieved over that period.
Open achieved a CAGR of 170% over FY19 to FY21, and is the only InsurTech company recognised in the AFR Fast 100 this year.
“We started Open in 2016 to change how consumers purchase and experience insurance - providing them with simpler and more powerful options,” says Jonathan Buck, Co-founder and Joint Chief Executive at Open. “More than 85,000 customers have purchased car, home or travel insurance with Open, and have experienced the difference.”
Open’s consumer brand, Huddle, offers innovative and flexible products including Pay As You Drive car insurance, and can be bought directly from huddle.com.au, or via Open’s partners, such as Telstra Plus, Plenti and WeMoney.
Additionally, Open provides white-labelled insurance, partnering with leading brands such as Medibank/ahm and On by EnergyAustralia. Open’s partners are able to simply embed insurance into their app or website via APIs, providing a market-leading insurance experience for their customers, and generating new revenue streams in the process.
“Embedded insurance allows brands to offer insurance policies when and where it makes sense to customers. What makes Open’s offering unique is our ability to digitally manage the entire insurance experience from quote to claim,” says Jason Wilby, Co-founder and Joint Chief Executive at Open. “It means our partners can offer an insurance product knowing that their customers are taken care of, saving them money, time and stress.”
Featuring in the AFR Fast 100 is one of many recognitions Open has achieved this year. In October, Open won Excellence in InsurTech at the FinTech Australia Finnie Awards. Following this, Open ranked in FinTech Global’s InsurTech 100. Huddle was also named one of Australia’s best car insurance policies of 2021 by Mozo.
“We’re on a mission to provide the fastest insurance, at the best price, for the world. Being named one of Australia’s fastest-growing companies is great validation that we’re building insurance products and services both consumers and brands want to see,” says Wilby.
Earlier this year, Open raised AUD$31 million in a Series B round to fund their expansion to New Zealand and the UK, bringing their total capital raised to AUD$53 million. In the past 6 months alone, the company has more than doubled their team, welcoming 43 new people in their Sunshine Coast, Sydney, Auckland, Queenstown and London hubs.
About Open
Open is on a mission to offer the fastest insurance, at the best price, for the world. Businesses of all sizes embed Open’s car and home insurance into their digital experiences.
Our flagship products are available under the Huddle brand, and also as a bespoke white-label solution. We work with many large brands and leading tech companies such as Telstra Plus, Plenti, ahm, and On by EnergyAustralia.
Open operates across Australia and New Zealand today and soon will expand to the UK and Europe. We are proud to count Airtree Ventures (AU), Movac (NZ), Latitude (UK), Hollard Insurance (AU), Seven West Media (AU) and Five V (AU) amongst our investors. Open products are underwritten by Hollard Insurance in Australia and Tower in New Zealand.
We believe in using business as a force for good and are a certified B Corporation.
For more information visit beopen.com or contact media@beopen.com
