Digital cyberspace and data network

Joyn uses third-party data to maximize efficiency, respond faster, and enhance underwriting

Quickly responding to the needs of our brokers. Delivering policies at bind. Making our decisioning process transparent and timely. How? Third-party data is just one of the differentiators at Joyn that makes it possible.

When our underwriters have more information at their fingertips, it empowers them to make consistent, transparent, and informed decisions.

One of Joyn’s key differentiators is our use of third-party data. Simply put, external data allows us to maximize efficiencies, respond to the needs of our brokers and deliver policies at bind. Third-party data also allows us to make our decision process transparent.

By pulling in a wealth of data points from third-party sources, our technology can supplement submissions, giving our underwriters a 360-degree view of the risk profile. This provides the ability to have a quote in your inbox on the day you need it, we translate this into speed and accuracy.

Joyn currently pulls data from more than ten data sources and thirty endpoints that enhance our understanding of a submission.  These data sources come in the form of vendor relationships (paid) and public sources (free).

How do we use the data sources in our process at Joyn?  One data source assigns a score to assess the risk of the most common natural perils, from wildfires to lightning strikes. We use this information to generate flags for the underwriter and keep us in compliance with our reinsurance agreements. Another external data source helps us improve our understanding of roofs using aerial imagery. Here, we use underwriting rules to flag for roofs in poor condition or where potential hazards are detected. In our last example, we address a major concern for any commercial property writer: having an undervalued building on the books. By understanding the true replacement cost of a property and comparing it to the value submitted, we can alert the underwriter when the ratio is above or below a certain threshold. We use a third-party data source to provide a customized replacement cost valuation.

In today’s digital world, there is more data out there now than ever before. Whether taking into consideration the building permits that have been issued for a building, credit or payment history of the insured, building information like sprinkler reports or wind ratings, or crime scores in a given area, the more we can understand about a submission, the more accurately we can determine whether to write it and the associated costs. And the more data we have, the more we can eliminate underwriter bias and ensure full transparency with the customer.

More information empowers us to make consistent, transparent, and informed decisions, which has been our goal all along. When we join up, we’re smarter, better, faster, and protected. Together. Join us today.

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