Joyn’s Innovative Insurance Technology, built on the Solartis Platform, Wins 2023 Celent Model Insurance Award for Digital and Emerging Technologies
Joyn Insurance’s Spark, built on the Solartis Insure microservices platform, has won the 2023 Celent Model Insurer Award for Digital and Emerging Technologies. Celent recognized Spark as “a model of how best-of-breed insurance technology can integrate with specialized in-house systems to offer a better experience for users.”
Joyn, an MGA specializing in underwriting Excess and Surplus (E&S) property and general liability insurance, developed Spark to simplify and speed commercial business insurance processes and enable underwriters to work more effectively. Spark automates the largely manual, inefficient underwriting process for complex commercial insurance scenarios. In addition to transforming the process, Joyn’s approach allows for seamless integration of their product with partners throughout the insurance ecosystem.
Spark integrates and automates underwriter activity from submission data capture through policy lifecycle, document management, and loss control. Additionally, because it is a cloud-native and data-centric application, Spark provides the information needed for accurate performance tracking and problem identification.
Joyn and Solartis began the platform build in October 2020 and launched the minimum viable product (MVP) just eight months later. After expanding and improving upon the product, a fully integrated submission, rate, quote, and bind experience across all product lines launched in June 2022.
With Spark, Joyn achieved a product that offers an easy, efficient, consistent experience for underwriters – allowing underwriters to achieve rapid, high-quality results. As for their investment, Joyn expects to break even within three years of project launch and to gain a many-fold ROI through Spark’s efficiency and scalability.
Seraina Macia, Joyn CEO said, “Solartis has been a fantastic partner from our first conversations through the entire process. We could not have completed our technology without them, and we are delighted to share this award with them. As a result of their efficiency and professionalism, Joyn is well on the way to achieving our goal of delivering an industry-leading, faster, more accurate, and more transparent insurance experience that saves time while reducing costs and frustration.”
Nick Richardson, Solartis CEO noted, “Seraina and her team have created a unique underwriting and workflow platform for improving the efficiency and accuracy of the small and middle market commercial insurance business. We are excited to be Joyn’s partner in their journey ahead in integrating insurance, data, and technology to create a best-in-class insurance experience.”
Joyn Insurance Services Inc. is a newly formed Delaware-domiciled, licensed producer and general agent that operates under its “Joyn”TM and “Joyn Insurance”TM brands. Joyn is an insurtech enterprise that will be 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.