A big part of Kansas City-based Mylo’s growth plan has been to place its digital insurance brokerage services on outside platforms, but when a local partnership gets the deed done, it’s even more special.
That’s the case with Mylo’s latest deal, an agreement with NBKC Bank. Mylo now is the official digital insurance partner for the bank, which has a nationwide mortgage operation at its headquarters in Overland Park. NBKC Bank will embed Mylo’s tech-enabled insurance shopping platform into its digital mortgage platform.
“When you apply for a mortgage, you need to have insurance in place before you can close,” Mylo CEO David Embry said. “It’s a win-win-win situation. It gives NBKC an insurance solution for their clients which helps make sure the mortgage gets closed on time. It helps their clients ensure they have proper coverage and it helps us get new clients.”
Embry said data integration between the two companies gives clients a streamlined experience. Mylo gets all the customer information that was already entered with NBKC Bank, so it knows when a house was built, the sale price, when the roof was last replaced and everything else needed to gain insurance coverage. Then NBKC gets the certificate of insurance without a bunch of handoffs between the two organizations.
“We really view this as a partnership with Mylo as an enhancement of our overall customer experience,” NBKC Senior Vice President of Customer Acquisition Dan Stevens said. “By giving our customers an option to look at competitive insurance quotes early in the home loan application process, we can speed up their loan approval as well as give them access to nationally competitive rates. It’s really a win for everyone.”
Founded in 2015, Mylo is backed by Lockton Cos. Inc., the world’s largest privately owned independent insurance broker, and its investment partner Guggenheim Partners. Mylo has its own headquarters at 8880 Ward Parkway.
NBKC Bank was founded in 1999 and has grown to $1.09 billion in assets. About half of its $533 million loan portfolio comes from residential mortgages.
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