We take a loot at how Mylo is using technology to helo provide customers with the right insurance products from them
Mylo, a digital insurance shopping platform that launched in 2015, connects businesses and individuals with top-rated insurance products from a variety of carriers, including business, small group benefits, home, auto, life, and individual health.
The firm is an independent broker, which means it does not offer its own policies. Instead, it compares various A-rated carrier partners to locate the best insurance at the best price. They are A-rated because their financial strength and ability to pay claims are among the best in the business.
Mylo, backed by the world’s largest independent broker Lockton and global investor Guggenheim Partners, offers insurance recommendations online or in person with licenced agents, drawing on Lockton’s 50+ years of insurance expertise.
Using technology to deliver recommendations
The Mind of Mylo system, which is hosted in the cloud, provides coverage recommendations, connects needs to carrier appetites, and then quotes the most cost-effective policies.
Mylo was recently selected “Best InsurTech Company” by FinTech Breakthrough, an independent market intelligence organisation, in its sixth annual FinTech Breakthrough Awards programme.
Mylo took home the “InsurTech Innovation Award” from FinTech Breakthrough in 2021.
Mylo CEO David Embry commented, “We’re honoured to receive our second outstanding award from FinTech Breakthrough.” “This is significant acknowledgment for the technological platform we built to make professional advise and highly personalised solutions accessible to small business owners and individuals.”
Providing customers with insurance
Mylo was chosen from 3,950 nominations from all across the world. The FinTech Breakthrough Awards were created to honour the world’s FinTech innovators, leaders, and visionaries in a variety of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech, and more.
“Many insurtechs specialise in a single product or provide technology but not significant insurance knowledge,” stated James Johnson, Managing Director of FinTech Breakthrough. “With their breadth of coverage and revolutionary technology, Mylo is revolutionising the space, delivering the best of both worlds.” Thank you to the entire Mylo team for being named the ‘Best InsurTech Company’ for 2022.”