Selling and embedding an agency with Mylo
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What
Mylo is a MO-based digital independent broker offering business, small group, auto, health, home, and life insurance services. Using its proprietary recommendation engine, Mylo connects businesses to more than 100 carrier partners, and is licensed in all 50 states. Founded in 2015, Mylo has raised more than $39M in venture funding, including a $28M Series A in 2018, which saw participation from Guggenheim Partners.
Why
To David Embry, CEO of Mylo, high-volume lower-premium transactions face a significant gap in attention from insurtechs and distributors. Agents also look toward more lucrative and lower-volume transactions given the inefficient and incumbent way of selling insurance within this class of products.
Through partnerships with carriers that can plug Mylo’s capabilities into their ecosystem, Mylo can help customers experience a more efficient transaction, and also help agents boost their volumes, as well as their efficiency.
How
Mylo is executing a multipronged growth strategy, deploying its proprietary recommendation engine in more than one way. Its more traditional operations center around functioning as an agency. The average Mylo agent has increased monthly premium sales from $35k to $175k over the last 4 years; Mylo’s client NPS through this work is 92, Embry reported.
“Our agency is growing substantially,” Embry said. “We’ve sold to 60,000 clients across 50 states, and we have access to 100+ carriers across different product lines.”
Since Mylo can’t compete head-on with insurance companies for getting leads, it looks for partners that can use Mylo in order to find potential clients right when they need insurance.
Mylo also embeds its technology and offers it to other agencies. “We’ve been doing embedded since before it was the new, cool thing to say,” Embry commented. Mylo can inject into a different agency’s ecosystem, while ensuring that the agency’s data doesn’t overlap with Mylo’s so that they can have their own carrier prioritization. Thinking of its agency as possessing technology that can lead to positive customer experiences, Mylo sees embedded sales as a way to take Mylo’s “secret sauce” outside of its walls and offer it to other insurance players.
The engine’s versatility also helps sales. By being compatible with a range of agency management systems, Mylo can offer its engine to a range of agencies without forcing them to change more technological components from their end.
It’s tempting to chase larger clients, Embry said, but the high-volume low-premium market remains underserved. “We’ve really stayed focused on solving that,” he said. Insurtechs can continue solving the needs of clients within this space, and offer the right advice and products to ensure their appropriate coverage.
