MediaAlpha operates a two-sided digital marketplace that connects insurance carriers and distributors with consumers actively shopping for insurance. When a consumer visits an insurance comparison website and requests a quote, MediaAlpha's technology matches that consumer with carriers who want to reach that customer type. The carrier pays MediaAlpha a fee per consumer referral — whether via click, call, or lead submission — regardless of whether the carrier ultimately sells a policy. The platform serves both Demand Partners (carriers and distributors buying consumer referrals) and Supply Partners (insurance-focused websites monetizing their traffic). Carriers can also act as both buyers and sellers, referring out consumers who don't qualify for their policies, which deepens platform stickiness. MediaAlpha's key economic metrics are Transaction Value (gross dollars flowing through the platform) and take rate (contribution divided by Transaction Value), which runs around 7%. Transactions occur through an Open Marketplace, where MediaAlpha controls matching and earns higher take rates, and a Private Marketplace, where large partners transact directly and MediaAlpha earns a platform fee. P&C insurance — primarily personal auto — dominates the business at roughly 86% of Transaction Value, with health insurance (primarily Medicare Advantage) comprising most of the remainder. The P&C advertising market is cyclical, tied to carrier underwriting profitability. MediaAlpha's growth strategy centers on deepening P&C penetration as more carriers ramp marketing spend, expanding in Medicare Advantage, and building direct relationships with independent agents. The business is capital-light, running roughly 147 employees against $2.2B in annual Transaction Value.