Earlier this month, at Insurity’s Excellence in Insurance Conference in San Diego, Joyn’s team received the prestigious ‘Speed to Market Champion’ award for its Spark platform, which the team developed in-house to serve as an end-to-end digital workflow platform for commercial business.
Spark works on the premise that our underwriters’ time is our most valued commodity, optimizing the workflow for minimal human touch without sacrificing our underwriters’ ability to bring their experience to bear where needed. Thus, it fully integrates, simplifies, and automates submission data capture, sanctions checking, clearance, third party data collection, rating, quoting, binding, policy lifecycle management, communications, referrals, and loss control.
Fabiana Zambrano, Joyn’s Head of Product and Delivery, accepted the award on Joyn’s behalf.
“We saw an opportunity to dramatically improve the efficiency and accuracy of the underwriting process, which would lead to a faster and more consistent customer experience,” Zambrano said. “Our goal was to be able to write 10 times as much business as a comparable organization with the same sized team, while still providing a better customer experience.”
“We solved the challenges we saw industry-wide by building our Spark platform, which brings together best-of-breed insurance technologies via API integration into a proprietary workflow tool,” Zambrano continued. “What we have achieved is not unusual in less complex and more transactional segments of the market, but we believe that the level of streamlining and automation that we have developed is unique in this more complex, higher transaction value segment of E&S.”
The platform build started in October 2020 with the minimum viable product (MVP) launched at the end of June 2021. A fully integrated submission, rate, quote, and bind experience across all product lines was achieved at the end of Q2 2022. Joyn launched in June 2021 with commercial property in 21 states and 6 industry verticals (about 650 NAICS). Since then, it has expanded dramatically, now accepting submissions in 37 states and Washington, D.C. As the Spark platform has matured since MVP, Joyn has witnessed a demonstrable reduction in the time taken to process a submission from start to finish.
Read the Press Release here: Joyn Insurance Named “Speed to Market Champion of the Year” Award Recipient at Excellence in Insurance, Sponsored by Insurity | Business Wire
