How AI is Transforming Small Business Insurance with David Embry of Mylo

Live from the Latest Episode of Brick by Brick, host Jason Reichl sits down with David Embry, CEO of Mylo, to discuss the intersection of technology and insurance. Mylo, a technology-driven insurance brokerage, is revolutionizing how small businesses access coverage, leveraging AI and automation to streamline the insurance process.

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The Shift in Small Business Insurance

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Insurance has long been an industry resistant to change, but the landscape is shifting. Traditionally, small business owners faced numerous challenges when securing the right coverage: confusing policies, high costs, and a lack of access to tailored recommendations. Embry and his team at Mylo are tackling these pain points head-on by integrating AI and automation into the insurance process.

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"The thesis was, and is, that ultimately technology allows us to provide a good, if not great, insurance transaction solution for the underserved market." - David Embry

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For small business owners who lack in-depth insurance knowledge, Mylo serves as a guide, offering AI-powered recommendations tailored to their unique needs. By removing inefficiencies and reducing administrative burdens, Mylo ensures small businesses can focus on growth rather than navigating insurance complexities.

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Technology as the Key Enabler

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AI and machine learning are at the core of Mylo's success. Instead of requiring agents to manually gather and analyze client information, technology streamlines the process, making insurance accessible and efficient.

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Key innovations include:

• AI-driven recommendation engines that match small businesses with the most suitable insurance policies.
• Integration with carrier APIs to offer instant, bindable quotes and seamless transactions.
• Automated compliance tracking to ensure policies remain up to date.

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"Our goal is to provide the best recommendation in the smallest amount of time. Nobody starts a bakery because they want to buy insurance." - David Embry

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By leveraging these advancements, Mylo eliminates redundant data entry, ensuring that business owners receive accurate, customized policy suggestions without the usual hassle.

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Challenges in Insurance Automation

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While technology has propelled insurance forward, data fragmentation remains a significant hurdle. The industry still grapples with inconsistent data formats, siloed information, and outdated processes.

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"Carriers and capabilities are evolving, but the biggest challenge is consolidation. Insurance data is disjointed and spread across multiple systems." - David Embry

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Mylo's solution? A centralized system that aggregates data, enhances transparency, and streamlines decision-making. Their AI-driven approach ensures that even complex policies, such as excess and surplus lines, are manageable and scalable.

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The Future of Insurance and Small Business Risk Management

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Looking ahead, Embry predicts a continued push toward automation and data-driven decision-making in insurance. As businesses increasingly demand efficiency, AI-powered platforms like Mylo will become essential.

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Future trends include:

• Greater reliance on predictive analytics to assess risk and optimize coverage options.
• Increased transparency in insurance pricing and policy structures.
• AI-driven automation reduces the need for excessive manual intervention.

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"If you're not using technology to improve efficiency, you're going to struggle to compete on price and service." - David Embry

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As the industry evolves, insurers and brokers who fail to adopt technology risk falling behind. Mylo’s approach proves that innovation isn’t just a luxury, it's a necessity.

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Final Thoughts

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Technology is reshaping small business insurance, making it more accessible, efficient, and cost-effective. Mylo's AI-powered platform is bridging the gap between complex policies and underserved businesses, ensuring that owners can secure the right coverage with minimal friction.

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To learn more about how AI is transforming risk management in insurance, tune in to this episode of Brick by Brick.

👉 Spotify: https://spoti.fi/4b69RgY
👉 Apple Podcasts: https://apple.co/4hJuPoq

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Podcast Host: Jason Reichl
Executive Producer: Don Halliwell

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