Joyn Insurance Leverages Robust Analytics from Verisk to Transform Commercial Underwriting
Access to Verisk’s Ecosystem Enables Joyn to Enhance its Speed to Market and Provide Coverage to Small and Medium-Sized Businesses
JERSEY CITY, N.J. — August 17, 2021 — New InsurTech Joyn Insurance is using robust analytics and technology from Verisk (Nasdaq:VRSK), a leading global data analytics provider, to transform the experience of transacting insurance for brokers who serve small and medium-sized businesses.
“The data and technology that Verisk provides gives us the insights we need for effective underwriting and allows us to deliver our products faster, more efficiently and more easily” said Ed Pulkstenis, chief underwriting officer at Joyn. “By engaging with Verisk, Joyn can eliminate many pain points in the insurance process and provide a better experience for our brokers and customers.”
Joyn is among a growing number of traditional and startup insurers and managing general agents deciding to leverage Verisk’s ecosystem of commercial underwriting solutions. With Verisk’s insurance policy programs, Joyn can rapidly deploy court-tested coverage language backed by unrivaled loss costs data to aid in pricing. Verisk’s commercial property ecosystem also provides an unparalleled view into more than 12.2 million properties across the United States, including:
- Critical underwriting information from a wide range of sources, including on-site reports generated by highly trained and seasoned professionals, virtual inspections and modeled data.
- Reliable replacement-cost estimates that are based on actual claims experience with detailed pricing for labor, materials, equipment and market conditions.
- Address-level data on community fire protection preparedness, crime risk, building code enforcement, and hazards from wildfires and other natural disasters.
“Technologies like artificial intelligence continue to advance a new era of underwriting with robust data and deeper insights,” said Ron Beiderman, senior vice president of ISO commercial lines underwriting at Verisk. “As a trusted partner in the insurance industry, we’re proud that Verisk will offer Joyn a more complete view of their potential insureds and help them make more informed coverage decisions for each risk, without compromising efficiency.
Joyn launched its business in July 2021 with excess and surplus (E&S) property coverage in the retail, services, real estate, manufacturing, contractors, and wholesale industries. In September, Joyn will begin accepting submissions for E&S general liability coverage. Learn more about Verisk’s underwriting solutions for the small commercial and commercial property markets.
About Joyn Insurance
Joyn Insurance Services Inc. is a newly formed Delaware-domiciled, licensed producer and general agent that operates under its “Joyn”SM and “Joyn Insurance”SM brands. Joyn is an insurtech enterprise that is underwriting commercial insurance in the small and middle markets. Joyn is powered by technology, data and expertise to deliver a transparent and trusted experience to brokers and customers. For more information, please visit www.joyninsurance.com
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
Ali Krueger Herbert