By: 19 March 2024
Embedded insurance pioneer Open acquires SO-SURE

Open, a provider of embedded insurance, is set to strengthen its foothold in the UK insurance market with its acquisition of SO-SURE, a UK-based InsurTech.

 

Open partners with brands such as Bupa and Polestar to deliver embedded car, home, travel and landlord insurance products to their customers. In 2021 the company confirmed its rapid growth as an InsurTech, securing a $31m Series B investment, and has since tripled revenues.

Embedded insurance is emerging as a high-growth distribution model driven by regulatory changes, technological advancements and shifting consumer expectations.

 

CEO of Open, Jason Wilby, commented;

“The acquisition of SO-SURE is a key step in our strategy to expand our global footprint and deliver unparalleled insurance experiences, and we’re likely to pursue further acquisitions as a route to enter new markets.

“We sought a partner with a culture that could align seamlessly with Open’s mission to deliver the best insurance experiences. We’ve been engaging with the SO-SURE team for some time now and have continued to be impressed with their focus on customer experience. We’re now looking forward to working together with the team and SO-SURE’s partners to deliver market-leading embedded insurance in the UK and Europe.

“With our strong focus on regulatory compliance, customer empowerment and technological advancement, the business is primed to spearhead innovation and redefine the insurance customer experience in the UK market, starting with embedded mobile phone insurance.”

 

“We are delighted to join forces with Open,” said Dylan Bourguignon, CEO of SO-SURE. “Open’s commitment to customer-centricity and innovation aligns seamlessly with SO-SURE’s core values, making the acquisition a natural fit for both companies. This acquisition represents an exciting opportunity for us to align with a company that shares our ambitions for the future of insurance. Open’s proven track record in securing large partnerships in the B2B2C sector will accelerate our growth”.

 

Image: Sam Hoppe, Jason Wilby and Dylan Bourguignon from Open.
Emma Cockings
Emma is a content editor for Claims Media.