The commercial insurance experience is not known for being particularly dynamic or fast-moving. For too long, it has been cumbersome, opaque, outdated, and lagging far behind what is possible given modern technologies and digital-era tools we use as consumers every day. Simply put, it’s just not the sort of experience we expect from companies operating in the 21st century.
We set out to change that and build a better insurance experience at Joyn because we know it doesn’t have to be that way. Our vision from day one has been to transform the insurance experience into a joyful one, leading the industry in terms of transformation in the small and middle markets. We see the future of this industry as being led by experiences that change the game, oriented to the consumer, transparent, and using all of the latest technologies and data tools to provide a superior, modern product.
That starts with changing how we provide services and interact with agents, brokers, and insureds alike. Starting from scratch, we engineered a better experience by taking what producers and their customers loathed about the insurance process and removing these pain points.
That gives us a number of key advantages, including an easy and transparent submission process that provides a response on every submission within 48 hours and keeps our business partners in the loop at every step along the way. We offer underwriters with specific industry expertise and data-driven broker relationship managers. While these all seem like common sense offerings, all tied together through technology, they are groundbreaking innovations that are long overdue.
We’ve also changed the way we approach and evaluate risk. The nature of any type of insurance is to look backward, using history to assess risk. That approach fails to look forward and embrace many of the risks we face today. By embracing and leveraging advanced data analytics, and looking at various types of external information that might provide additional insights into risk, we can provide more informed underwriting all to the benefit of the insured.
Joyn started with a basic and fundamental concept: a digital world demands speed, consistency, efficiency and insurance is not immune to these demands. By creating a product that takes a holistic approach to providing insurance in the 21st century, we can truly deliver what brokers and insureds have long wanted.