Financial & Business Metrics
The definition of EBIT
A) Every Business Interest Tool
B) Earnings Before Interest and Taxes
C) Estimated Business Income Total
D) Earnings Beyond Internal Transfers
What is: B) Earnings Before Interest and Taxes
The name of the fronting company Openly currently "rents" from to offer insurance.
A) Blue Shield
B) Clear Blue
C) Open Water
D) Sky High
What is: B) Clear Blue
The approximate amount of independent agencies that currently exist in the United States.
A) 10,000
B) 25,000
C) ~38,000
D) 55,000
What is: C ~38,000
As of 2025, this is the approximate percentage of claims handled by Openly's internal staff adjusters.
A) 50%
B) 75%
C) 88%
D) 95%
What is: D) 95%
The reason a company might use "Adjusted EBIT" instead of standard EBIT
A) To hide losses from the IRS
B) To normalize performance by removing non-cash items, like employee stock options, or one-off expenses
C) To make the math easier for non-finance teams
D) To account for the cost of office snacks and travel
What is: B) To normalize performance by removing non-cash items, like employee stock options, or one-off expenses
Personal-line insurance is regulated at the state level. This is the amount of "capital support" typically required per state for licensing.
A) $100k - $500k
B) $5M - $10M
C) $1M - $5M
D) $50M+
What is : C) $1M - $5M
This type of agency is characterized as being family-owned, community-based, and heavily reliant on carrier support.
A) National Account Agencies
B) Regional Agencies
C) Local Independent Agencies
D) Global Brokerages
What is: C (Local Independent Agencies)
This is the target "Average Wait Time" (AWT) for customers reaching out via Chat.
A) 10 seconds
B) 20 seconds
C) 45 seconds
D) 60 seconds
What is: B) 20 seconds
The major financial advantage of moving from an MGA model to a full-stack insurance carrier
A) The company no longer has to pay employee bonuses
B) It allows the company to stop paying claims entirely
C) It reduces the number of required software licenses
D) The company eliminates fronting fees and can invest premium "float" for net investment income
What is: D) The company eliminates fronting fees and can invest premium "float" for net investment income
This is the fee a reinsurer pays to the insurer for producing and managing the business in a "Quota Share" (QS) reinsurance agreement.
A) Management Fee
B) Fronting Fee
C) Ceding Commission
D) Surplus Dividend
What is : C) Ceding Commission
This is the percentage of Personal Lines (PL) premium in the U.S. accounted for by independent agencies accounts.
A) 25%
B) 40%
C) ~60%
D) 100%
What is: C) ~60%
This is an AI-powered tool used by Openly adjusters to generate call summaries from Dialpad transcripts.
A) Zendesk
B) Lessonly
C) Gemini AI Assist
D) Snapsheet
What is: C) Gemini AI Assist
The three strategic pillars that define Openly's business metrics:
A) Sales, Marketing, and Underwriting
B) Speed & Ease for Agents, Superior Risk Selection & Pricing, and Industry Leading Cost Structure
C) Customer Satisfaction, Employee Retention, and Market Share
D) Product Innovation, Digital Transformation, and Global Expansion
What is: B) Speed & Ease for Agents, Superior Risk Selection & Pricing, and Industry Leading Cost Structure
Openly’s fronted reinsurance strategy includes a "Captive QS." This is the definition of a "Captive" in this context.
A) A third-party investor group
B) An unrated reinsurer owned by Openly
C) A state-mandated emergency fund
D) A high-risk pool for hurricane coverage
What is: B) An unrated reinsurer owned by Openly
Openly's "competitive advantage"
A) Having the lowest rates in the country
B) Being the carrier agencies want to place business with
C) Having the most employees in the industry
D) Operating without any independent agents
What is: B - Being the carrier they want to place business with
This is the average years of experience for an Openly claims adjuster.
A) 10 years
B) 15 years
C) 18 years
D) 20 years
What is: C) 18 years
The metric that measures how often individual agents quote Openly in the "Speed & Ease for Agents" pillar.
A) Sales per agent
B) Agency Appointments
C) Quotes per agent
D) Eligibility Conversion Rate
What is: C) Quotes per agent
According to the "Performance KPI's," this is the target score for both Customer Satisfaction (CSAT) and Quality Improvement (QI).
A) 90%
B) 95%
C) 97%
D) 98%
What is: C) 97%