MediaAlpha operates a two-sided technology platform that connects insurance carriers, agents, and distributors seeking customers (Demand Partners) with carriers and websites looking to monetize insurance shoppers (Supply Partners). The platform generates revenue by taking a fee for each consumer referral transaction—such as clicks, calls, or leads—completed through its Open and Private Marketplaces, regardless of whether those referrals convert to actual policy sales. The company uses proprietary data science and predictive analytics incorporating hundreds of consumer attributes to help buyers align acquisition spending with expected customer lifetime value, and it serves the property & casualty, health, and life insurance verticals with minimal capital requirements and high operating leverage.