MediaAlpha

What MediaAlpha does

MediaAlpha operates a two-sided programmatic advertising marketplace that connects insurance carriers with digital distribution partners for customer acquisition. The platform processes consumer referrals through real-time bidding auctions on the MediaAlpha Exchange, where carriers bid on insurance prospects sourced from publishers including comparison websites, search engines, social media platforms, and financial apps. The company also serves independent insurance agents through MediaAlpha for Agents, a lead-buying platform, and in April 2026 launched autoinsurance.net, a consumer-facing ChatGPT-powered shopping app that routes users directly to carrier websites.

The underlying technology stack combines real-time bidding infrastructure with predictive analytics and machine learning models used for ranking, fraud detection, and call transcription and analysis. The platform leverages third-party foundation models (OpenAI's ChatGPT) for the autoinsurance.net conversational interface, while proprietary ML powers marketplace optimization and ranking. Core products include the MediaAlpha Exchange (programmatic bidding and reporting), MediaAlpha for Agents (agent lead platform), autoinsurance.net (DTC AI shopping app), and supporting compliance tooling including Jornaya and TrustedForm for consent documentation.

MediaAlpha generates revenue through marketplace commissions and transaction fees tied to consumer referral transactions in the real-time auction format. Pricing is determined through competitive bidding rather than fixed tiers, with carriers paying per acquired customer in a pay-as-you-go model. The company primarily serves enterprise insurance carriers (State Farm, Allstate, USAA, Farmers Insurance, and The General are named customers) and a network of 1,150+ digital distribution partners including NerdWallet, Bankrate, and Insurify. Distribution combines a self-serve programmatic platform, an enterprise managed-service offering, and a direct-to-consumer channel via the autoinsurance.net app. The company is headquartered in Los Angeles, is publicly traded on NYSE under ticker MAX (legal entity QuoteLab, LLC), and generated $1.1 billion in FY2025 revenue with $2.2 billion in marketplace transaction value.

Name

MediaAlpha

Legal name

QuoteLab, LLC

Website

https://mediaalpha.com

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

101–250 employees

Short description

MediaAlpha operates a two-sided programmatic marketplace connecting insurance carriers with digital distribution partners for customer acquisition, serving over 1,150 active partners and generating $1.1 billion in FY2025 revenue through real-time bidding auctions.

Ownership category

akta.pro rank

Product category

Programmatic Advertising Technology

NAICS

Media Buying Agencies (54183), Media Buying Agencies (541830)

SIC

Services-Advertising Agencies (7311), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Digital & Programmatic Media Buying (Display, Video, CTV, Audio) (BPAFABAB)

Keywords

• Programmatic advertising platform
• Insurance customer acquisition
• Real-time bidding marketplace
• Digital lead generation
• Performance marketing technology

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations

Revenue model

1. Marketplace Commissions and Transaction Fees: MediaAlpha generates revenue primarily through marketplace commissions and transaction fees from its two-sided marketplace connecting insurance carriers with digital distribution partners. Insurance carriers pay for consumer referrals acquired through real-time bidding auctions on the MediaAlpha Exchange.
2. Performance Marketing Fees: Revenue derived from performance-based marketing arrangements where MediaAlpha is compensated based on customer acquisition outcomes for insurance carriers.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

MediaAlpha operates a programmatic customer acquisition platform built around the MediaAlpha Exchange, a real-time bidding marketplace that connects insurance carriers (advertisers) with digital distribution partners including comparison websites, social media platforms, search engines, and financial apps. The platform enables carriers to bid on consumer referrals in real-time auctions with full source transparency, granular targeting control, and data-science-powered pricing. In April 2026, MediaAlpha launched autoinsurance.net, a ChatGPT-powered conversational AI app for direct consumer auto insurance shopping, extending its marketplace infrastructure into a direct-to-consumer channel.

Product overview

MediaAlpha operates a programmatic customer acquisition platform for the insurance industry with a multi-module architecture. The core offering consists of the MediaAlpha Exchange, an online bidding and reporting system enabling real-time auctions connecting insurance carriers with consumers, supplemented by MediaAlpha for Agents, a lead buying platform for insurance agents. In April 2026, MediaAlpha launched autoinsurance.net, a ChatGPT-powered conversational AI shopping app built on the existing programmatic infrastructure, representing a new AI-driven distribution channel. The platform also includes the Partner Center for advertiser/agent management and a Privacy Center for consumer data rights. The company serves over 1,150 active partners, generated 141 million Consumer Referrals in 2025, and powered $2.2 billion in advertising spend, with revenue primarily derived from marketplace commissions and transaction fees.

Differentiator

Problem solved

Functional benefit

Brands

• autoinsurance.net: ChatGPT-powered insurance shopping platform and mobile application

Products and services

• MediaAlpha Exchange Online programmatic reporting and bidding system that enables insurance carriers to participate in real-time auctions to acquire consumer referrals, with full source-transparency, granular targeting controls, and data-science-powered pricing across property and casualty, health, life, and Medicare insurance verticals.
• autoinsurance.net ChatGPT-powered conversational AI mobile and web application for auto insurance shopping that guides consumers through structured conversations (collecting ZIP code and vehicle information) and surfaces carrier-approved listings from MediaAlpha's live marketplace before routing users directly to carriers' websites to complete quotes and purchases.
• MediaAlpha for Agents Lead calling, buying, and related services platform for independent insurance agents to acquire consumer leads across property and casualty, health, and life insurance verticals through MediaAlpha's marketplace.

Quantifiable outcome

• Q1 2026 revenue of $310 million exceeded analyst forecasts; Adjusted EBITDA of $31.4 million with 7% year-over-year growth
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability7 records

Feature4 records

Partnerships

Four partnerships are on record, tiered minor and core.

• William Blair (Conference)minorGTM or Marketing Partner · 18 May 2026MediaAlpha presented at the William Blair 46th Annual Growth Stock Conference in Chicago on June 2, 2026. CEO Steve Yi and CFO Pat Thompson participated in investor presentations.
• Lauren StClair (Slice Technologies)coreStrategic or Co-development Partner · 15 May 2026Lauren StClair appointed to MediaAlpha's Board of Directors and Audit Committee. StClair brings over two decades of finance leadership experience from technology and digital commerce companies, including recent roles as CFO of Slice Technologies and NerdWallet, as well as senior positions at eBay.
• OpenAIcoreTechnology or Integration · 2 April 2026MediaAlpha partnered with OpenAI to launch the first carrier-approved conversational AI application powered by ChatGPT for auto insurance shopping. The autoinsurance.net app uses OpenAI's technology to guide consumers through structured conversations for insurance shopping.
• Ramon Jones (Nationwide Insurance)coreStrategic or Co-development Partner · 10 November 2025Ramon Jones appointed to MediaAlpha's Board of Directors. Jones previously served as CMO of Nationwide Insurance with extensive experience in property and casualty insurance, digital transformation, and marketing strategy.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Others

• Magnite: Magnite is the largest independent sell-side ad platform, providing programmatic supply infrastructure across CTV, audio, and display. It does not directly compete with MediaAlpha's insurance-specific marketplace but is an adjacent ad-tech ecosystem player in the broader programmatic supply chain.

Direct peers

• The Zebra: The Zebra is an insurance comparison marketplace focused primarily on auto insurance, matching consumers with carriers and agents. Operates as a competing publisher/lead-gen destination to MediaAlpha's autoinsurance.net and competes for the same carrier acquisition budgets.
• EverQuote: EverQuote operates an online insurance marketplace connecting carriers with consumers, providing customer acquisition solutions across auto, home, and life insurance. It is the closest publicly traded comparator to MediaAlpha's vertical-specific programmatic insurance marketplace, with overlapping carrier customers and a similar performance-based revenue model.
• Insurify: Insurify is an AI-driven insurance comparison platform generating carrier leads across auto, home, and life. Functions both as a MediaAlpha publisher partner and as a competing direct-to-consumer insurance marketplace, making it a partial peer and partial customer overlap.
• SelectQuote: SelectQuote is an insurance distribution platform focused on life, auto, home, and Medicare plans, leveraging digital and call-center channels to acquire customers for carriers. Operates in the same insurance customer acquisition market as MediaAlpha, though with a more carrier-aligned sales agent model.
• Bankrate (Red Ventures): Bankrate is a financial services comparison and lead generation platform - both a MediaAlpha publisher partner for insurance traffic and an adjacent competitor in monetizing consumer financial intent via carrier and lender referrals.
• LendingTree: LendingTree operates a lead-generation marketplace connecting consumers with financial services providers across lending, banking, and insurance. It uses a similar two-sided model monetizing consumer intent, with overlap in insurance lead generation and publisher-style traffic acquisition.
• NerdWallet: NerdWallet operates a personal finance comparison and lead-generation platform covering credit cards, banking, mortgages, and insurance. Functions both as a MediaAlpha publisher partner and as an adjacent marketplace competitor, especially in insurance shopping intent monetization.
• QuinStreet: QuinStreet is a performance marketing company that operates vertical-specific marketplaces for insurance, financial services, and home services, using technology to match consumer demand with provider clients. Direct overlap with MediaAlpha in insurance customer acquisition and a similar publisher/partner-driven traffic model.

Broad incumbents

• The Trade Desk: The Trade Desk is a leading global programmatic advertising demand-side platform. While broader in vertical scope than MediaAlpha's insurance focus, it operates overlapping RTB infrastructure technology (DSP, real-time bidding) that competes for insurance carrier marketing budgets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mediaalpha
• Facebookfacebook.com/mediaalpha
• LinkedInlinkedin.com/company/mediaalpha

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MediaAlpha