InsurTech Joyn Insurance partnered with SaaS-based firm Commit USA to support the development of Joyn’s new platform aimed to automate the underwriting process.
The data-driven platform, which is slated to launch this year, seeks to streamline underwriting for small and middle-market risks, Joyn said.
To scale its product, Joyn will work with retail brokers to provide insurance services across a range of industries including real estate, manufacturing, services, retail, wholesale and contracting.
Joyn chose Commit for its engineering and advanced data capabilities, development expertise and customer-centric approach. Commit was tapped to help with both design and development of the new platform’s user experience. The company’s development team has been integrated alongside Joyn’s existing engineering team members and partners to ensure seamless collaboration and rapid development throughout the project.
Furthermore, Commit will leverage its proprietary Flexible R&D methodology which offers the firm’s multidisciplinary development services via a unique on-demand model. Commit’s approach reduces development costs by over 40% for its clients and has helped 90% release their projects ahead of schedule, it claimed.
Founded by senior insurance executives including CEO Seraina Macia and CTO Ed McGough – both formerly of AIG – Joyn leverages real-time data and automation with the aim to improve the commercial insurance experience by bringing consistency to underwriting processes and decision making. Joyn’s platform can greatly expedite response times for quotes, increase transparency during the underwriting process and provide a policy at bind, it said.
Commenting on the new association, Commit USA managing director Max Nirenberg said, “Joyn is bringing big ideas to the insurance industry and is backed by brilliant executives and innovators who have already helped shape the world of InsurTech. It’s the future of underwriting for Small and Middle markets.”
Echoing a similar sentiment, McGough highlighted that the sector has been largely fragmented making it ripe for disruption. He added, “This segment of the commercial insurance market is fragmented and rife with inefficiencies, redundancies and lost opportunities for brokers and their clients. Data and technology are the keys to solving these issues.
“Partnering with an organisation like Commit, [which] has both scale and a startup mindset, was an easy decision. We have access to top engineering talent in multiple geographies, without the complexity of managing a global team and operation.”
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