Joyn Insurance Leverages Robust Analytics from Verisk to Transform Commercial Underwriting
August 17 2021 - 9:00AM
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
About Verisk
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.
Media Contact:
Ali Krueger Herbert
551-204-6592
ali.krueger@verisk.com
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