Obie

Obie offers homeowners insurance specifically for owners of investment properties, and it specifically targets landlords of small to medium-sized apartments who own single family rentals and/or larger apartment buildings.

Obie offers an instant quote platform, where landlords and investors answer a series of questions on its site. Following this, the platform extracts a few data points from client responses, which its technology then combines with public and private data points such as the proximity of the landlord to the property. It enables investors to get landlord quotes in minutes to conduct proactive and preventative maintenance and general attentiveness to tenant issues. The company also claims to save policyholders up to 25%–30% of premiums compared to other insurance policies.

Key customers and partnerships

Obie had over 75 partnerships with PropTech and FinTech companies including Baselane, Awning, and Marketplace Homes as of May 2023.

The company partnered with Digital Partners, a Munich Re company that provides tools for digitally enabled entrepreneurs to develop innovative insurance experiences for automated insurance offerings in January 2022. Through this partnership, landlords and investors would be able to receive rental property insurance faster using Obie’s online platform. Moreover, it partnered with Sundae, Rabbu, and Nextres, to offer homeowners insurance through their respective platforms.

Funding and financials

In May 2023, the company raised USD 25.5 million in Series B funding round led by Battery Ventures. It aimed to utilize the fresh funds to expand its embedded insurance offerings through partnerships and to offer additional insurance products to clients.

Obie provided coverage for properties worth USD 20 billion as of May 2023. As of the same date, it reported that its written premiums grew 300% over the past two years with margins also increasing by 40%. Furthermore, it expects margins to increase a further 25% by the end of 2023.