Profile of a Founder - David Embry of Mylo
Interviews

David Embry of Mylo

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An exclusive Tech Tribune Q&A with David Embry (founder and CEO) of Mylo, which was honored in our:
Tell us the origin story of Mylo – what problem were you trying to solve and why?

We launched Mylo in 2015 as an independent digital broker, funded by a major global insurance agency. Our goal was to bring the underserved market better insurance outcomes. Our thesis was that individuals and small business owners were underserved by the brokers because it was unprofitable to offer lower-premium insurance products using their business model.

We believed that technology would allow us to find a better way for agents to profitably sell and service these accounts. Ultimately, we wanted to provide a user-friendly way to shop online or talk with an expert agent, get a personalized recommendation for the right coverage and carrier, and purchase a policy with the best value – and do all this at scale.

When we launched, we believed that we could own distribution and carrier management but could outsource product development and the tech build. We quickly realized we would need to build our own tech in-house so we could handle a high volume of accounts efficiently. Today, our patented insurance intelligence engine, the Mind of Mylo™, connects customers with top-rated insurance products from 100+ carriers, across business, auto, home, small group benefits, life, and individual health.

One of the big buzzwords in our industry today is “embedded insurance”. From the beginning our distribution model has been to enable channel partners in other industries to offer insurance to their customers through Mylo. And over time, we’ve also found that independent agencies outside of Mylo can use our technology to transform what was previously a side business into a core, profitable part of their operations.

What was the biggest hurdle you encountered in your journey?

Over the last decade, we’ve faced various hurdles, and some of our key realizations are:

  • Everything takes longer and costs more than your initial expectations.
  • Our experience is that Insurance carriers tend to be more risk-averse when adopting transformative technology, so insurtech leaders who are passionate about innovation should know implementation can take years. That said, the best time to start is now. We’ve seen carriers who were initially resistant become the leading providers in the space.
  • There is an expectation that technology like AI or machine learning would replace agents. We believe that technology enhances agents’ ability, allowing them to be more efficient at providing personalized recommendations.
  • COVID-19 accelerated the adoption of shopping for everything online, insurance included. Mylo was, and is, well positioned to capitalize on this continuing trend and we’re excited that we have many innovative partners who are helping us succeed.
What does the future hold for Mylo?

We’re doubling down on developing our technology offerings to provide a great experience for our partners and customers. We’re continuing to optimize our Mind of Mylo insurance intelligence engine by layering on machine learning to make even more precise recommendations for our clients. This will let us continue embedding Mylo into broader ecosystems like other agencies who are trying to solve the same issues. Overall, we’re focusing on more of the same, but being smarter about scaling our business.

What are your thoughts on the local tech startup scene in Missouri?

I’m really excited and proud of the local Kansas City startup scene. Over a decade ago, Google came in, and now we’ve had a series of incredible startups such as PayIt, Balto, BalancePoint, OPENLANE, and many others who are really taking advantage of the infrastructure and skill sets we have here.

The startup scene in Kansas City, Missouri and the Midwest overall are on track to scale because there is a lot to build, and the cost of living is lower.

What’s your best advice for aspiring entrepreneurs?

During my time as a founder and CEO, Mylo has achieved some success and overcome many challenges. My main advice for aspiring entrepreneurs would be to:

  • Expect things to take longer and cost more than you initially plan
  • Stay in the game and don’t give up because perseverance is crucial
  • Continuously adapt, refine your team and enhance what you bring to your business
  • Be honest with yourself about what is and what isn’t working, even though this can be challenging
  • Find supportive investors who believe in you because not everything will always go smoothly.

 

For more exclusive interviews, see our full Profile of a Founder series