Open Makes Bold Entry into UK Insurance Market with SO-SURE Acquisition to Boost Global Expansion

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

The acquisition of SO-SURE closed on Monday, 11th March 2024 and will see Open leverage the UK-based insurtech’s award winning mobile protection and contents products as a catalyst for accelerated growth within the UK.

Open partners with leading brands like Bupa and Polestar to deliver embedded car, home, travel and landlord insurance products to their customers. Open’s digital end-to-end technology delivers the highest levels of personalisation, making it easy and cost-effective for customers to buy insurance alongside other products and services. 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, asserts, “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”.

By placing a strong emphasis on customer outcomes and leveraging advanced data analytics, Open is set to reimagine insurance access and experiences in the embedded insurance market. The acquisition of SO-SURE signifies a pivotal moment in the company’s expansion journey, underscoring its commitment to pushing boundaries and setting new benchmarks for customer-centric solutions.