CIAB ILF 2021

Brokers are interested in what Joyn offers

One of our goals at CIAB’s Insurance Leadership Forum was to introduce Joyn to the community of brokers; as an insurtech startup, we are new to the market but we offer a dynamic and enhanced experience that solves many of the problems that have long bothered brokers about the commercial insurance process.

A report from The Council of Insurance Agents & Brokers Insurance Leadership forum 2021

As an organization, the roots of The Council of Insurance Agents & Brokers (CIAB) goes back more than a hundred years to 1913, when the National Association of Casualty & Surety Agents formed, holding its first convention to discuss state regulation in Cincinnati. Since then, with a few exceptions, industry leaders have met annually.

2020 was one of those exceptions, as in person meetings became impossible due to COVID-19. In 2021, though, CIAB’s Insurance Leadership Forum (ILF) was back as a hybrid event, with some attendees meeting in person and others attending virtually.

Joyn was proud to attend the ILF and speak with many top-tier broker executives, particularly as many of these professionals can benefit from the solutions and experience we offer. While fewer professionals attended in-person, it presented the opportunity for longer, more in-depth, and higher-quality conversations over the event’s five days. If for no other reason, those who attended will certainly remember it for the quality time that they got to spend with other insurance professionals, and for the reminder of how valuable it is to have opportunities to discuss important issues face-to-face.

One of our goals at the ILF was to introduce Joyn to the community of brokers; as an insurtech startup, we are new to the market but we offer a dynamic and enhanced experience that solves many of the problems that have long bothered brokers about the commercial insurance process. The discussions we had with brokers reinforced that overcoming some of these longstanding frustrations are long overdue.

For example, our commitment to respond to every submission, every time, within 48 hours is a gamechanger for many brokers who know all too well about the dreaded “submission black hole,” where they wait weeks only to have their submission declined.

Many of the brokers we spoke with were also interested in the data and technology platform that Joyn has built, designed to provide a faster, more accurate, and more transparent user experience that saves time, costs, and frustration. Joyn’s technology powers several important benefits to brokers and their customers, including:

  • Speed, as Joyn commits to providing an acknowledgment of the submission within 48 hours, every time.
  • Efficiency, as Joyn offers the ability to change or modify the core policy without a major, months-long review process.
  • Ease of use, as Joyn provides the capability to make changes and immediately know what the new policy pricing will be.
  • Accuracy, as Joyn ensures an improved quality of data, resulting in a lower likelihood of errors in policy documents that require lengthy and complicated rework processes.
  • Transparency, as Joyn shares data with brokers so they know what we know.
  • Consistency, as Joyn’s technology provides consistent decision-making to the benefit of brokers and insureds.

Lastly, many brokers were also interested in our use of third party data to supplement submissions. We always say that we’re obsessed with the data—and it’s true. By automatically pulling third party data to supplement a submission, Joyn can add real value to brokers; in some cases, we are able to provide information that they weren’t previously aware of, making the overall process more transparent, efficient, and accurate. And because an underwriter is always involved, brokers and their customers get personalized attention and, importantly, the right policy at the right price.

While at the forum, we also appreciated the opportunity to meet with many of our colleagues, including senior executives from SiriusPoint, a founding investor in Joyn that provides insurance capacity backed by a strong reinsurer panel. The partnership between Joyn and SiriusPoint was established to transform the small and mid-market US commercial insurance market through digital technology, data analytics, and automation.

We started this company to provide a tech-enabled insurance experience that is faster, more accurate, more efficient, and easier to use than many of the legacy companies that have historically dominated the market. All told, after a long year and a half when in person gatherings were difficult, we appreciated the opportunity talk about the great things that we’re doing face-to-face with those who can benefit from them. Long after conferences return to their pre-pandemic “normal,” we will remember this year’s ILF for the quality and fulfilling conversations we had there.

To learn more about Joyn’s technology, or to schedule a demo, email us at: [email protected]

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