By leveraging the Solartis Insure microservices platform, Joyn Insurance's Spark won the prize for automating and simplifying commercial business insurance processes, resulting in a faster, more accurate, and transparent insurance experience that saves time and reduces costs for brokers and customers.
FOR RELEASE April 27, 2023
Contact:
Carol Mowry McKenzie
Vice President, Sales and Marketing
Solartis
cmckenzie@solartis.com
570-815-4556
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.
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 and Solartis represent a new breed of insurance and technology partnership where complementary technology, data, and insurance capabilities are combined to form an unbeatable solution for the P&C insurance industry.
Joyn Insurance Services Inc. is a newly formed Delaware-domiciled, licensed producer and general agent that operates under its “Joyn”™ and “Joyn Insurance”™ 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.
Solartis was founded with a mission to maximize the value of insurance. We do this by simplifying and automating the insurance policy lifecycle. Our microservice-based policy administration platform supports the full policy life cycle process for all P&C personal and commercial lines of business. Our business process outsourcing division supports our customers' policy processing operations by delivering cost reductions, robotic process automation, and process improvements.
For more information, contact Carol McKenzie, vice president, Solartis, via e-mail at cmckenzie@solartis.com or by phone at 570-815-4556