Tylmen Tech applies AI imaging to underwriting
When Lloyd Yates took the stage for his Global Insurance Accelerator (GIA) ‘Demo Day’ pitch, he brought game-day energy and his signature style. Dressed in a custom suit and tie, the CEO and founder of Tylmen Tech was prepared to impress an audience of potential investors with his innovative ideas. First, Lloyd shared some background. He announced that he chose to move from Miami, Florida, to Des Moines, Iowa, to take advantage of the opportunities available here for emerging insurtech entrepreneurs.
“I’m really excited to be part of this ecosystem,” he said, earning applause from the crowd. Then, Lloyd began outlining his product’s origin story and purpose: “At Tylmen Tech, we turn videos into vitals.”
In under eight minutes, he demonstrated how the noninvasive smartphone body measurement technology he first applied to customize menswear could benefit insurance underwriting. He explained that the industry is moving away from medical exams in order to issue policies more quickly. However, inaccurate self-reported data is causing problems—and costing companies. AI-enabled imaging could provide verified, real-time height and weight information, leading to more accurate risk assessments. All done via smartphone.
“This technology started out in fashion,” Lloyd shared. “We’re bringing it to insurance because of the impact that it can have on millions of lives.”
RELATED: Watch Lloyd Yates pitch Tylmen as a turnkey solution for insurance providers at GIA Demo Day.
Embracing Iowa’s Entrepreneurship Ecosystem
“[Lloyd’s] passion and commitment is a breath of fresh air for me,” said Brock Scheck of Global Atlantic Financial Group.
Scheck was among the many GIA mentors who Lloyd cites as critical resources on Tylmen Tech’s path to pitch day.
“There are so many people who have a connection to the GIA and want to help you unlock that next opportunity,” Lloyd said. He met dozens of mentors and had a designated group of eight people who worked with him throughout the 100-day program.
Lloyd continues to connect with mentors he met through the program to discuss potential opportunities. Peer networking also played significant role in Lloyd’s decision to stay in Iowa after the GIA wrapped up.
“One of the one of the best parts about the program was the cohort of other founders,” Lloyd said. “We’re all working on building our companies. We all have really cool, innovative ideas. We all got to bond and explore Des Moines together.”
Moving back to the Midwest wasn’t on Lloyd’s radar until he booked a “spur of the moment” booth at The Future of Insurance conference in Chicago. He said he “threw himself into the deep end” and discovered life insurance as a focus area for his technology. Industry introductions led to Lloyd applying to the GIA.
“It put Iowa on the map for me,” Lloyd said. “It’s one of the most renowned insurance accelerators. They have a lot of connections, and I started to notice the potential that having my business in a place like Des Moines, with the support of the GIA and its network, could be super beneficial.”
Lloyd’s fiancé, Devin, joined him here and also tapped into Des Moines’ small business scene. The couple, who both grew up in Chicago, launched Black Bagel at the Des Moines Downtown Farmers’ Market this summer. Together, they’ve embraced learning, growing and exploring in their new city.
“It wasn’t just a lot of business potential,” Lloyd said. “It was like, hey, I’m enjoying myself here, too.”
