Mylo is an award-winning digital agency revolutionising insurance solutions for companies aiming to meet the coverage needs of small business owners and individuals. Its proprietary technology acts as a bridge between agents and carriers to help provide end customers with a calculated best outcome.
With over 20 years of experience in the insurance industry, President and COO Belen Tokarski has a proven track record in leading and executing strategic and operational initiatives. She is passionate about leveraging technology to enhance business processes and operations, seamlessly linking strategy with operations.
How did you enter the insurance industry, and what led you to your current role as COO of Mylo?
I didn’t set out to work in insurance from the beginning, which I think is a story you hear often. Initially, I was drawn to problem-solving, technology, and user experience. Critical thinking and problem-solving were key focuses in every role I held. I started my career in a QA role at a large insurance carrier where we were developing new technology software for agents. This required me to learn about insurance products and how to identify and fix system flaws.
I was really good at breaking things and finding ways to make them better. I ended up spending 15 years at CNA Insurance, starting in QA and ultimately leading the automation strategy. This role allowed me to travel across the US, meeting insurance agents who faced challenges in writing small commercial insurance. Our focus was on simplifying the process to make it worth their time and effort. This experience honed my skills in creating technology solutions to improve efficiency.
“I didn’t set out to work in insurance from the beginning, which I think is a story you hear often. Initially, I was drawn to problem-solving, technology, and user experience… I was really good at breaking things and finding ways to make them better.”
Belen Tokarski
How did your transition from CNA to Insurtech unfold?
After 15 years at CNA, I wanted to experience the agent side of the industry, so I joined Insureon, an insurtech in Chicago focused on small commercial products. Insureon had proprietary technology that made agents inside the agency incredibly efficient. During my four years there, I led sales, served as Chief Administrative Officer, and became President of Platform Solutions, which was their SaaS division. Our technology became something others wanted to licence, which led me to explore new opportunities.
What attracted you to Mylo?
My experience with insurtech showed me the challenges of having investors eager to disrupt an industry without fully understanding its complexities. I always thought it made the most sense to invest in both technology and deep insurance knowledge. Mylo, launched within Lockton, offered extensive insurance expertise and covered a range of lines, including personal lines, commercial lines and small group benefits.
At Mylo, I took on new products and challenges, which strengthened my expertise. Initially joining as Chief Strategy Officer, I transitioned to Chief Operating Officer after four months and later became President. My approach has involved understanding and addressing the complexities of insurance in addition to applying technology solutions. We have channel partners in multiple industries who embed our platform to provide a guided insurance shopping experience to their customers. And now we’re testing how we can take our proprietary technology to the broader market of independent agencies, which will be an exciting next step for us.
Let’s talk about Mylo’s proprietary technology. How are you leveraging automation in terms of product recommendations, quotes, and sales?
What’s unique about our technology is that it goes beyond simply streamlining the quoting process. Unlike other platforms that only aim to get quotes on the glass to avoid agents jumping between different carrier systems, our solution tackles several challenges inherent in the current systems.
First, most insurtech platforms depend on carriers’ ability to return quotes and are limited by the data inputs required by those carriers. Over the years, the focus has shifted to whom these systems are serving. Carriers are often more concerned with competing amongst themselves rather than serving the end client effectively.
Our solution acknowledges these issues and still brings value to the independent agent through a recommendation system. When completing an insurance application, there are standard questions everyone asks. We streamline this process by recognising the necessary inputs and understanding what carriers do with that information. If a certain answer means a carrier will no longer be interested, we stop asking further unnecessary questions.
“My approach at Mylo has involved understanding and addressing the complexities of insurance in addition to applying technology solutions.”
Belen Tokarski
Additionally, our system allows agency owners to make informed recommendations. We have an appetite layer and a recommendation layer. This means agency owners can direct clients to carriers they trust based on service quality, claim handling, retention rates, and pricing consistency. It’s about giving the agency control over the recommendations, ensuring clients get the best service and coverage.
Moreover, our system can make coverage recommendations, advising agents on additional necessary coverages for clients. This technology aims to help independent agents do their jobs more effectively, focusing on matching the right coverage to the client rather than just obtaining quick quotes. The goal is not just efficiency but also ensuring the right coverage, which is crucial for professional, independent insurance agents or brokers.
Why do you think this approach hasn’t been explored before?
In my opinion, it’s because it’s hard, and nobody wants to do it. It’s not considered exciting work for some. This task requires someone to sit in the middle of the two ends—agency management systems and carrier systems. Agency management systems focus more on providing good accounting systems and retaining their agent market share, while carriers invest heavily in their portals to capture more market share. Because everyone is looking out for their own interests, the client we’re supposed to be serving usually isn’t the main focus.
What we’re doing is addressing this white space in the middle, levelling the playing field. Carriers argue internally for millions of dollars to make their portals valuable, and agents aim to maximise their revenue and maintain good relationships with carriers. But amid this competition, nobody is really putting the client first. Our approach involves people who can speak both business and insurance technology, keeping everything glued together with the client’s benefit at heart.
So, it’s a constantly evolving beast, essentially?
Absolutely, it has to be. Carriers make changes all the time as they compete with each other, so you need a solution that can adapt to those changes. People often overcomplicate this challenge, thinking it’s too difficult because carriers are always changing. But you need to create a solution that accounts for that and just move forward.
You can’t avoid taking on a challenge just because it’s hard. If we stopped every time something was hard, we wouldn’t be in business. Insurance is hard, and it’s not going to be a one-and-done automation fix. You need people to continuously manage shifts on both sides of the equation to ensure the solution remains effective, and that’s what has worked well for us.
People are sacrificing quality of coverage to fit within their budget because they are challenged on so many fronts. Why do you believe it’s important to move away from that when choosing an insurance policy, and what gaps are you seeing in coverage as a result?
This issue, ironically, isn’t new. The market remains tough, but price concerns have always existed. People need to be aware of the coverage gaps they create by prioritising price. Our approach starts with understanding the client’s priorities—do they care about price, speed, coverage, or compliance? If they prioritise price, we acknowledge that but still guide them toward carriers and policies that offer the right coverage value.
Our solution equips our insurance consultants with recommendation engine content that helps them explain to clients the trade-offs between price and coverage. For instance, if a small business client insists on just a general liability policy because their contract requires it, our agents are trained to explain why a business owner’s policy might be more appropriate, covering property and business income in addition to liability.
In homeowners insurance, which is currently seeing significant price increases, we focus on the long-term affordability of comprehensive coverage. Clients need to understand that while saving money upfront might seem appealing, it can lead to higher costs in the long run if something goes wrong.
“Clients need to understand that while saving money upfront might seem appealing, it can lead to higher costs in the long run if something goes wrong.”
Belen Tokarski
Explaining these nuances is crucial. Many first-time buyers experience sticker shock, and even seasoned policyholders can be taken aback by sudden premium increases. For example, homeowners in Illinois, like myself, have seen premiums double. These price hikes are often driven by factors like increased replacement costs, weather events, and other market dynamics.
As an industry, we must explain these realities to clients. The pricing landscape is unlikely to change soon, especially with the current hurricane season predictions. It’s essential to balance immediate affordability with long-term protection, ensuring clients understand the true value of comprehensive coverage.
In terms of the omnichannel approach that Mylo has taken, can you explain to me how this is bringing value to the customer? What’s the score with that?
Yeah, I see it as essential these days. It’s table stakes, really. We need to communicate with clients in the way they prefer—whether it’s through chat, email, phone calls, or any other means. Our goal is to engage clients effectively and consistently across these channels. For instance, we conduct A/B testing on communication subject lines to keep clients engaged and nurture those who start but don’t complete the process. These channels also help us cross-sell additional products to clients later on.
Are there any new and emerging platforms that have surprised you, like using WhatsApp or other innovative approaches?
Interestingly, despite all the technological advancements, insurance remains complex, and many clients still prefer talking over the phone. WhatsApp, for example, isn’t widely used in the U.S., but we’ve seen texting gain traction. It’s a practical approach because if I interact with a website but then get busy, texts help me keep track of ongoing conversations. When we follow up with a call from the same number, clients are more likely to answer because they recognize the context.
However, navigating communication regulations, like TCPA, remains a challenge. We must ensure compliance, which sometimes restricts our outreach strategies. But adapting to these challenges is crucial to maintaining effective client engagement.
I recently had an experience using an app to update my policy, and the chat feature initially felt like I was talking to a human. It’s an area rapidly evolving, and conferences like InsureTech Insights are buzzing with AI and chatbot discussions. I remain optimistic but cautious; there’s no one-size-fits-all solution yet.
As part of our team, I tend to be the realist cynic regarding new technologies. I’ve seen many promising ideas fall short in practical application. However, I believe incremental progress is inevitable, and we’re keenly exploring avenues that genuinely benefit our clients.
As a prominent COO, have you seen any seismic shifts in terms of women having more leadership roles? What’s your experience been?
I’ve always believed that the challenges women face aren’t fundamentally different from those faced by men. From my perspective, it’s more about how confidently and assertively women are able to voice their opinions and contribute. Personally, I’ve never shied away from speaking my mind. Those who know me would attest that I’m not one to be deferential. Whether it’s interacting with interns or speaking at universities like the University of Mississippi, where I emphasise the importance of speaking up in meetings and seizing opportunities, I stress the need to assert oneself.
Regarding leadership roles, I have observed some trends. It seems that while there are women in prominent positions, there hasn’t been a significant increase in new faces in leadership roles. It might be that the same women are consistently visible, or perhaps those who naturally speak up are the ones who are noticed more. I think it is all about how we position ourselves.
Recently, at a conference, I heard a statistic suggesting a decline in women in leadership within insurance, which intrigued me. I haven’t verified it yet, but it raises questions about the industry’s progress in gender parity. In my own journey, I’ve focused on enhancing my business acumen, especially in areas like finance and technology, which are critical in insurance. Confidence in discussing these aspects has been crucial for me, as it helps in making compelling business cases and driving innovation.
Can you talk about your involvement with the Ole Miss Risk Management and Insurance program and your mentorship role, guiding those pursuing careers in insurance?
Certainly! My involvement with the program is relatively new, but I’m enthusiastic about it. I’ve guest lectured across various courses, ranging from basic insurance operations to senior-level RMI Capstone projects. My goal is to broaden students’ perspectives on insurance beyond traditional roles like agents. I emphasise that insurance offers opportunities across disciplines—from marketing and law to finance and data analytics.
“It’s important for young people to see that graduating college doesn’t mean being confined to a single career path, unable to pursue their dreams. I aim to be an example of someone well-rounded, balancing work and personal life, and learning from any mistakes along the way.“
Belen Tokarski
What excites me most is seeing students who initially had no interest in insurance become intrigued after my classes or during job fairs. Many perceive insurance as dull, but I enjoy dispelling that notion and showing how dynamic and essential it is. Engaging with these students, who bring fresh perspectives and enthusiasm, is refreshing. We also host interns, including from Ole Miss, fostering a pipeline of young talent for the industry.
Moving forward, I plan to continue my involvement with the programme, conducting more classes and mentoring sessions. It’s fulfilling to nurture interest in insurance among students who are yet to be shaped by workforce experiences. We need these young minds to invigorate and innovate the insurance industry.
How can we attract more young talent into the industry – especially at a time when the insurance industry is facing a silver exodus?
I’m 50, with three children, and I’ve lived a full life. It’s important for young people to see that graduating college doesn’t mean being confined to a single career path, unable to pursue their dreams. I aim to be an example of someone well-rounded, balancing work and personal life, and learning from any mistakes along the way. It’s essential to be genuine with them and talk about being confident yet humble.
While I can speak confidently about my experiences, I also recognise that things change and new technologies emerge. While core insurance principles remain stable, advancements in technology, data science, and AI help us rethink traditional practices. This is how our recommendation engine was developed, providing real-time, meaningful recommendations for the right insurance coverage by leveraging technology and predictive analytics. It’s incredibly exciting.
What are the technological advancements that insurers, brokers, and insurtechs need to embrace to retain top talent?
There’s no single solution. Retaining top talent depends on how you define it. For insurers, investing in AI, data science, and portfolio management is crucial. They must balance technology investments with keeping humans involved in decision-making. On the agency side, top talent often means producers handling large clients. Agencies focused on smaller segments need to invest in technology for efficiency and better client management. They should engage with user groups and provide feedback to improve their systems continuously.
What’s Mylo’s approach to fostering a technological culture within the insurtech itself? How do you create an environment where everyone embraces technology?
It’s challenging. Insurance consultants often rely on familiar carriers and methods. They might prefer sticking to a carrier they’ve used for years because it’s familiar and has invested in its technology platform. We encourage our agents to leverage Mylo’s data-driven insights to ensure the best outcomes for customers.
To achieve this, we demonstrate how our technology can help them sell more insurance efficiently. We use incentives, solicit feedback, and create user groups to improve our systems based on their input. By showing that we’re listening and implementing their suggestions, we foster a collaborative culture. This approach validates our data and ensures our technology meets their needs, making them more receptive to using it.
Our culture is built on collaboration and recognizing contributions. We learn a lot from our insurance consultants about improving our technology, which helps us validate our data and maintain a strong, unified approach.
Finally, what are Mylo’s key strategic goals for the next 12 to 18 months?
Sure. Our primary focus is on enhancing efficiency for our agents. We’re conducting market tests with our technology to explore opportunities for wider application. We’re working with a few pilot agencies to see how our successful strategies can benefit others. A significant goal is to double down on our technology investments to improve agent efficiency.
We’re also aiming to expand our channel partners. By embedding our technology within companies that have a membership base needing insurance, we can identify optimal insurance buying opportunities and integrate seamlessly. Essentially, our strategy revolves around growth in distribution and efficiency.
Interview by Joanna England
