Obie acquires Skylight Insurance

Chicago-based proptech startup Obie announced the asset acquisition of 4-year-old Skylight Insurance , an insurance brokerage specializing in commercial and multi-family coverage and risk consulting.

Established in 2017, Obie offers a free cloud-based insurance and portfolio management platform for small-to-medium size commercial real estate funds and managers. It has raised $3.1 million in funding across 5 rounds.

“We’re excited to welcome the Skylight team to Obie. We’ve worked closely with Matt and his team over the last year and have been extremely impressed with their knowledge of the space, dedication to clients, and interest in the next generation of insurance,” says Aaron Letzeiser, Co-Founder and COO of Obie. “It’s hard to find a brokerage that both specializes in what we’re working on and fits the culture we’ve built at Obie. We found that in the Skylight team.”

“Technology is going to dramatically change how insurance is bought, sold, and managed over the next decade. I’ve seen what’s possible in the personal lines space and am excited to be at the forefront of what can be done to improve and enhance the commercial property insurance vertical. We always strive to provide a fast, transparent, and consultative process for our clients and Obie’s capabilities will take that even further,” says Matthew Sutika, formerly CEO of Skylight Insurance and now Obie’s first Chief Insurance Officer.

By combining property or portfolio data with the insurance process, Obie has been able to save customers more than 15% on insurance premiums and in many cases, within 72 hours or less, compared to the industry average of 2-3 weeks, according to a statement made by the company.