The Voices of Risk Management Insurance Is a Stable Industry During Market Uncertainty and Recessions With Matt Sutika
Matt Sutika is the Chief Insurance Officer at Obie, an insurtech company that focuses on quick insurance quotes for multifamily rentals. Matt talks about how more professionals are entering the insurance industry with more intentionality than ever before, what it means to brokers when there are more insurance purchasing options available online, and why insurance tends to be a more stable industry than any other industry out there during recessions and bear markets.
Key Takeaways:
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A little bit about Matt and the type of work he does.
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Where does the name Obie come from?
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You have to meet people where they’re at and then leverage technology to service them to bigger heights.
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Matt shares his thoughts on being around the “gold rush” of VC capital when they were heavily investing in insurtech a few years ago.
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Matt talks about his biggest hero; his father.
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For the longest time, insurance used to be a fallback for so many people, but this is not the case today.
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The great thing about insurance is that it always renews and people have to have it.
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You can build a lot in a bear market in insurance. Market uncertainty doesn’t seem to affect insurance as badly compared to other industries.
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Will the need for insurance brokers go extinct as more people purchase online?
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A lot of brokers were limited by their own state. This is no longer the case.
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What percentage of Matt’s business involves Airbnb rentals?
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What are some best practices to insure a rental property?
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A lot of businesses unfortunately have to make that tough decision between what they can cover vs. what they can afford.
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Matt doesn’t believe in insurance scare tactics. It’s about sitting down and asking honest questions.
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Matt isn’t the best when it comes to reading full-fledged books, but he loves the Blinkist app.
Mentioned in This Episode: