Independent digital insurance broker Mylo has announced a $28 million investment led by Guggenheim Partners.
Kansas City-based Mylo intends to leverage the investment and its partnerships to scale and expand its influence in the insurance marketplace.
The company has enjoyed steady revenue growth since it’s launch by Global professional services firm Lockton in 2015. The investment deal with Guggenheim Partners will help accelerate Mylo’s continued disruption of an industry that is notoriously difficult to navigate for both businesses and individuals.
“The Mylo team has done amazing work in building a foundation for growth over the past three years,” said David Embry, Mylo CEO, in a press release. “Guggenheim’s investment will allow us to take Mylo to the next level through new strategic partnerships and innovative product and service offerings that help us reach more customers and offer smarter coverage.”
Mylo’s brokerage offering is geared at radically improving and simplifying the purchase of insurance products by providing insurance recommendations to buyers and other tools using AI and consumer insights. Consumers can compare carriers, rates, and products online or on the phone with licensed agents.
Micky Hervitz, a director at Guggenheim Partners, elaborated on the deal in a press release. “The combination of Mylo’s technological capabilities, its unique distribution strategy and Lockton’s legacy of excellence in insurance distribution, led us to make this investment in Mylo,” said Hervitz. “We view this investment as a long-term commitment to Mylo as Lockton works to bring digital solutions to improve the personal and small business insurance purchasing process.”
Visit https://choosemylo.com to learn more about this company.