Listen to this articleBelow is our recent interview with Darren Nix, the Founder & President at Steadily:
Q: This is the first time we have spoken. Can you provide a brief overview of Steadily?
A: Steadily is an insurance startup that’s focused on getting landlords an insurance policy in minutes, entirely online. We’re serving the 25 million mom-and-pop landlords who own one to four properties, like single-family homes, duplexes, and triplexes.
Q: Can you give us more insights into your services?
A: Landlord insurance is primarily there to compensate rental property owners for catastrophic damage to a building caused by fire, tornados, or broken water pipes. Right now, we’re licensed in 45 states and will be offering insurance nationwide by the end of the year.
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Q: Can you explain the benefits of being your client?
A: Our focus is speed and simplicity. We provide quotes instantly and explain insurance using simple language so they can choose the coverage that meets their budget and risk appetite.
We try hard to make coverage understandable to the average landlord, so they can make an informed decision. We can do things online using calculators and what-if scenarios that make it a lot easier to explain.
Q: You’ve recently raised $3,800,000 in Seed funding; can you tell us something more?
A: Insurance, as you know, is highly regulated and that’s a good thing for customers. It also means that we need to hire a large and experienced team of insurance veterans early on in the life of the company. We’re hiring underwriters, claims managers, actuaries — niche roles that you wouldn’t see at a typical startup. We expect to scale to about ~20 people within the first year and that will enable us to build the long-term foundation for the company.
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Q: What are your plans and goals for the future?
A: In the short term there’s really just two goals: hire the right team and get in market in all 50 states with our basic product. Once we’re out of that initial bootup phase, our focus will turn to the long term: how do we become the first company that landlords think of for insurance?
At the end of the day, insurance companies exist for one simple reason: to pay claims. So our job is to figure out how to find good customers, charge them a fair premium to insure their risk, then pay claims quickly and fairly so they can go back to their normal life after a catastrophe.
Last Updated on January 3, 2021
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