Some of the biggest issues pervading the commercial insurance industry are the result of outdated, clunky systems that have not been optimized and are highly inefficient. Many of these issues, though, are easily solved via technology—even though the industry has been slow to adopt it.
Take the submission process, for example. While it took too long for the insurance industry to get to a state where we no longer accept paper forms, in many cases what gets submitted electronically is a scanned image of a document. That still needs to be digitized to capture the information included on it and convert it into a state where it can be accessible and usable for the rest of the ecosystem.
As we approach the insurance industry taking a big picture view, part of Joyn Insurance’s foundation as a company is to employ not just insurance industry professionals like underwriters, risk analysts, and relationship managers, but also data scientists, technologists, and product experts. We know that using technology to solve these legacy problems requires more than just people who know insurance, it requires a real diversity of culture, thought, and experience.
That’s how we built a revolutionary intake engine that digitizes documents and external data, using technology to extract information regardless of the format in which its submitted. We respond to every submission within 48 hours, every time, to indicate if the submission is in progress or declined.
That emphasis on speed filters through the entire insurance process. When a broker needs insurance for their client on a compressed time frame, they don’t have the luxury of waiting a week for the submission to go through, then wait for a quote, then wait for the policy to be written, and then wait longer still for it to be executed. And they certainly don’t have time to wait for errors to be corrected.
With Joyn, the waiting game is over. If a broker’s client has an imminent need for insurance, we can give them a high quality, accurate quote within hours. And if they want to make adjustments to the policy, our systems can generate new, accurate quotes in real time.
In the digital age, brokers and producers want fast, easy, and transparent processes. By building a tech-enabled insurance company optimized for the 21st century, Joyn offers just that.