INSURANCE TECHNOLOGY

Joyn Insurance, An Insurtech Company, has Secured an Insurance Partnership and Investment from SiriusPoint Ltd.

Joyn Insurance | July 07, 2021

Joyn Insurance, An Insurtech Company, has Secured an Insurance Partnership and Investment from SiriusPoint Ltd.
Joyn Insurance, an insurance technology startup, announced a strategic insurance partnership and investment from insurance and reinsurance firm SiriusPoint Ltd. The companies will collaborate to change small and mid-market commercial insurance in the United States through digital technologies, data analytics, and automation.

Joyn will begin operations as a Managing General Agency ("MGA"), focusing on the neglected requirements of companies seeking risk transfer solutions in the $100 billion U.S. SME sector. The business will provide a one-of-a-kind commercial insurance experience while also underwriting Excess and Surplus ("E&S") products in six industrial verticals.

Joyn, which will begin underwriting on July 1, 2021, collaborates with SiriusPoint, a top 20 global re/insurer that launched earlier this year with more than $3 billion in the capital.

SiriusPoint will be a founding investor in the business, providing insurance capacity backed by a solid reinsurance panel. SiriusPoint will also support Joyn in its strategic orientation, assisting in shaping its growth trajectory.

About Joyn
Joyn Insurance Services Inc. is a recently established Delaware-based licensed producer and general agent operating under the "Joyn" SM and "Joyn Insurance"SM brands. Joyn is an insurtech company that provides business insurance in the small and middle market. Technology, data, and expertise drive joyn to provide brokers and customers with a transparent and trustworthy experience.

About SiriusPoint
SiriusPoint Ltd. is a top 20 global insurer and reinsurer that serves customers and brokers in over 150 countries. We are listed on the New York Stock Exchange and have offices worldwide (SPNT). We write a global portfolio of Accident and Health, Specialty, Property, and Runoff risks with expertise and discipline, combining data and innovative thinking. SiriusPoint's operational companies have a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, with over $3 billion in total capital.

Spotlight

When insurers and insureds enter into an insurance contract they must all be certain as to what degree of protection the policy affords. Otherwise, it could be argued, what really is the purpose of the policy? This principle is commonly applied in relation to the scope of coverage provided but not frequently enough in relation to the fundamental question of whether the parties themselves are actually insured by the policy at all.

Spotlight

When insurers and insureds enter into an insurance contract they must all be certain as to what degree of protection the policy affords. Otherwise, it could be argued, what really is the purpose of the policy? This principle is commonly applied in relation to the scope of coverage provided but not frequently enough in relation to the fundamental question of whether the parties themselves are actually insured by the policy at all.

Related News

INSURANCE TECHNOLOGY

Patra Partners with expert.ai to Develop Explainable and Practical AI Solutions for Policy Checking

Patra, expert.ai | February 18, 2021

Patra, a main supplier of technology-enabled services for the insurance business, and expert.ai, the chief artificial intelligence solution for natural language understanding and natural language preparing (NLU/NLP), today reported an organization that carries efficiencies to an assortment of insurance processes. This organization conveys AI-powered policy checking to the insurance market today. By brushing expert.ai's technology and expertise alongside the market force of the InsurConneXtions Alliance individuals, extra complex solutions are right now being produced for the business. Guaranteeing exact language understanding at speed and scale, expert.ai empowers worldwide associations to use its develop and demonstrated AI-based natural language (NL) stage to robotize the perusing, understanding, and extraction of significant information from organized and unstructured content to enlarge and grow experiences for each cycle that includes language. By incorporating expert.ai's front line AI capacities, Patra improves quality, lessens contact, and drives out shortcomings during the time spent physically inspecting and cross-approving handfuls to many pages of text for some random policy. These capacities encourage a more profound understanding of information, empowering beforehand unattainable experiences because of the tremendous and complex nature of language semantics. In cooperating, the two organizations are fulfilling the developing requests in the insurance business of utilizing progressed natural language and ML capacities to address difficulties in policy checking hazard openness. With near 80% of the data inside the insurance business being unstructured information, insightful robotization dependent on human-like understanding is a basic factor for upper hand, as it expands limit, decreasing failures and high-hazard weaknesses. By applying the force of artificial intelligence to policy checking, Patra is giving offices, wholesalers, MGAs, and transporters a superior understanding of their book of business and assisting them with understanding estimating practices and inclusion elements by hazard hunger. These abilities will release another age of chances, including proactive warnings versus receptive revelations. "With expert.ai, Patra is unlocking the ability for clients to be alerted of policy inaccuracies, reduce E&O exposures, drive cost savings, create additional value for our services, and push the limits of today's technology," said John Simpson, CEO and Founder of Patra. "Policy Checking has been one of the insurance industry's biggest challenges for decades. Now, with expert.ai and the formation of the InsureConneXtions Alliance, Patra has brought to market a proven leader in artificial intelligence, in addition to partnering with innovators in insurance industry to solve challenges that apply to every policy issued. Policy Checking is just the first of many services we are addressing." "We're honored to join forces with Patra, an innovation leader in insurance services, in delivering the next generation of AI technology for policy checking and review. And we see this as just the first step in working together to power language understanding in any application or process across the insurance value chain," said Walt Mayo, CEO of expert.ai. "The combination of expert.ai's long history of industry-best AI natural language understanding, and Patra's deep process expertise and customer focus creates an incredibly strong foundation for addressing real-world challenges in the insurance industry." About Patra Patra is a leading provider of technology-enabled services to the insurance industry. Patra's global experts' team allows brokers, MGAs, wholesalers, and carriers to capture the Patra Advantage – profitable growth and organizational value. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers. Patra is also a founding member of the InsurConneXtions Alliance, representing leaders across insurance technology, brokerage, wholesale, and specialty insurance, representing over $50 Billion in Insurance premiums. About expert.ai Expert.ai is the premier artificial intelligence platform for language understanding. Its unique hybrid approach to NL combines symbolic human-like comprehension and machine learning to transform language-intensive processes into practical knowledge, providing the insight required to improve decision making throughout organizations. By offering a full range of on-premise, private, and public cloud offerings, expert.ai augments business operations, accelerates, and scales data science capabilities, and simplifies AI adoption across a vast range of industries, including Insurance, Banking & Finance, Publishing & Media, Defense & Intelligence, Life Science & Pharma, Oil Gas & Energy, and more. The expert.ai brand is owned by Expert System (EXSY:MIL), that has cemented itself at the forefront of natural language solutions, and serves global businesses such as AXA XL, Zurich Insurance Group, Generali, Bloomberg INDG, BNP Paribas, Rabobank, Dow Jones, Gannett, and EBSCO.

Read More

CORE INSURANCE

Hub International Acquires Assets of The Olson Insurance Agency LLC And Insure All LLC

Hub International Limited | November 03, 2020

Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the insurance brokerage assets of The Olson Insurance Agency LLC (The Olson Agency) and Insure All, LLC (Insure All). Terms of the transaction were not disclosed. The owner of The Olson Agency and Insure All, Max Olson and Michael Forney, respectively, were each previously part of Nationwide Mutual Insurance Company's (Nationwide) exclusive distribution model and recently transitioned to independent brokers. Both The Olson Agency and Insure All provide personal and commercial insurance services, including home, auto, life and business. The agencies are based in the following cities in Virginia: The Olson Agency in Springfield, Arlington and Woodbridge; and Insure All in Stanley.

Read More

CORE INSURANCE

EY Announced a Partnership with Fadata to Assist Insurance Firms Enhance their Business Performance

EY | July 14, 2021

EY today announced a partnership between Fadata, a leading software provider specializing in core insurance operational platforms, and Ernst & Young LLP (EY UK) to assist insurance companies in driving improved business performance through technology transformation that provides an end-to-end digital experience. The partnership combines EY UK's insurance sector experience and expertise in enabling large-scale business and technology changes with Fadata's core insurance operational technology. EY UK and Fadata teams will use INSIS, Fadata's insurance process platform, to assist insurers in developing flexible and innovative products, bringing them to market faster, and distributing and servicing them via new digital channels. In addition, teams from EY UK and Fadata's INSIS will assist insurance companies in various business areas, including company management, insurance product lifecycle, and customer journey. Insurance companies are under increasing pressure to prioritize technological advancements to promote company growth, enhance operational efficiency, and satisfy industry standards and regulatory requirements. According to NextWave Insurance: personal lines and small commercial, 37% of European customers would switch insurance if they did not provide cutting-edge technology. Insurance businesses can leverage a single platform for the different kinds of insurance services they provide to customers, such as life, pensions, non-life, and health, by working with EY UK and Fadata teams. In addition, the alliance assists insurers in providing scalable and agile platforms, which support broader business benefits for insurers such as cost efficiencies, automating processes to increase productivity, implementing standardized approaches to compliance, and modernizing outdated legacy systems and technology infrastructure.

Read More