How does an online insurtech broker acquire new business without spending money on paid or organic search, advertising or leads? By leveraging other firms’ relationships with their customers. On this installment we hear from David Embry, CEO of Mylo, an intelligence platform connecting small business owners and individuals with coverage from 100 carriers. Mylo’s model “takes advantage of the trusted advisor relationship our channel partners have with their clients,” David says. Such clients are startup bookkeepers and other consultancies, bakeries, flower shops, restaurants and the gamut of small commercial businesses. Mylo has 60,000 individual small business clients in 48 states and $160 million in premium. Regarding the platform experience, David says: “The question we ask is not what coverage you want. That is our job; we should have that answer. We need to ask what risk they want to cover. And bring the insurance together efficiently for a good price.” Mylo also provides risk and coverage knowledge — and carrier access — to independent agencies.
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