MediaAlpha, Inc. operates a technology platform that brings together insurance carriers agents and high intent consumers in a real time programmatic transparent marketplace. The company’s mission is to help insurers target and acquire consumers more efficiently and at greater scale. It enables buyers to purchase consumer referrals through clicks calls or leads while sellers monetize their web traffic. In 2025 the platform facilitated 2.2 billion dollars of Transaction Value which represents the total gross dollars transacted by partners on the system. The company believes it is the leading customer acquisition infrastructure for insurance carriers supporting activity across property and casualty health and life insurance lines.

MediaAlpha generates revenue by charging a fee for each consumer referral sold on its platform. A referral becomes billable when the consumer completes a qualifying action such as a click a call or a lead submission and the fee is not dependent on whether an insurance policy is ultimately sold. Revenue is recognized at the moment the referral is delivered to the buyer. In 2025 the company reported 1.1 billion dollars of revenue up from 860 million dollars in 2024 reflecting a year over year increase of 28.8 percent. The corresponding Transaction Value grew from 1.5 billion dollars to 2.2 billion dollars representing a 44.5 percent increase.

The company operates through the following segments: property and casualty insurance health insurance and life insurance.

• The property and casualty insurance segment focuses on auto home and other personal lines policies. It allows carriers to target consumers using more than thirty demographic and geographic attributes and to adjust bids in real time based on the expected lifetime value of each prospect. The segment supports the full spectrum of acquisition methods including clicks calls and leads and provides tools for measuring return on investment.

• The health insurance segment concentrates on Medicare Advantage products and other senior health offerings. It helps carriers acquire high intent consumers during annual enrollment periods and to optimize bidding using predictive analytics. The segment also supports the acquisition of under 65 health plans although the company has scaled back its activity in that area to focus on the Medicare market.

• The life insurance segment supports term whole life and universal life product distribution. It enables insurers to reach consumers who are actively seeking quotes and to match them with carriers that value specific risk and duration profiles. The segment provides tools for tracking engagement and for refining targeting criteria over time.

MediaAlpha positions itself as the leading customer acquisition infrastructure for insurers emphasizing transparency data driven decision making and a two sided marketplace that aligns the interests of buyers and sellers. The company competes with other technology firms that offer digital referral solutions but differentiates through its extensive data integrations real time bidding capabilities and network effects that increase value as more participants join the platform. Its competitive advantages include a proprietary algorithm set that predicts conversion probabilities a self service interface that reduces reliance on sales teams and a track record of high retention among top tier insurance partners.

The company serves a diverse set of insurance carriers agents distributors and online publishers. Among its demand partners are many of the largest auto insurers including Progressive GEICO and Allstate as well as other major property and casualty writers. Its supply partners consist of carriers looking to monetize non converting traffic and websites that provide insurance research quotes and leads. The platform also works with insurance agencies and financial websites that seek to monetize high intent visitors.