Insurtech platform to upgrade premium, claims processing

One Inc was founded in 2012 by Christopher Ewing, who wanted to empower insurance companies with technology that places customers at the center of every transaction. Through the years, the company has created and implemented solutions designed to address the industry's most pressing challenges. In February 2020, One Inc was recapitalized by Great Hill Partners, a private equity firm that helped accelerate One Inc's growth. Later that year, Ian Drysdale, a Great Hills Partner executive with broad payments industry experience, became CEO and led the company's acquisition of Invenger Technologies, expanding reach from insurance premiums into claims payments.

Memorable milestones

Drysdale recalled that 2022 was a defining year for One Inc, beginning with the PremiumPay 2.0 launch in January. The low-code/no-code, brandable payment solution is designed to help insurers manage multichannel communication preferences and deliver proactive messaging at critical times In April 2022, One Inc rolled out Visa's Token ID to help insurance clients build, manage and control network tokenization capabilities, Drysdale noted, adding that tokenization can improve approval rates by as much as 2.5 percent. The October 2022 integration of One Inc's ClaimsPay with Hi Marley Insurance Cloud enabled One Inc customers to converse and transact with claimants using text messaging, which helped modernize the customer experience without requiring app downloads, Drysdale stated.

Collaborative, customer-centric approach

In the ever-changing insurance industry, One Inc strives to help clients stay nimble and competitive in the following ways:

• Collaboration: By collaborating and maintaining a network of over 650,000 vendor/providers, One Inc has led insurance transaction digitization in an industry with numerous stakeholders, policyholders and vendors, the company stated, adding that a collaborative network is essential for streamlining and modernizing transactions.
• Customer-Centric Approach: One Inc places customers at the center of every transaction, company representatives stated, noting that insurer success is deeply intertwined with customer satisfaction. All solutions are designed with the end-user in mind, they added, from user-friendly interfaces and multichannel communication, to preferred methods of payments, building trust and loyalty by putting the customer first.

Full-spectrum platform, product suite

One Inc described its platform as uniquely tailored to process a full spectrum of insurance payment transactions, from inbound premiums and outbound claims payments to policy management, multiparty payment workflows and claims distribution. Designed to expand payment options, the platform can easily integrate with modern and legacy core systems, offering flexible payment options and simplifying complex case management, the company pointed out.

One Inc cited ClaimsPay and PremiumPay as key products in its technology suite, stating that ClaimsPay facilitates digital claims disbursements to anyone, anywhere, whether involving a single or multi-party claimant. In addition, ClaimsPay payees can select distribution amounts and payment methods. The fast, secure payment solution uses a proprietary authorization system and streamlined multiparty process, and easily integrates with core insurer systems, according to One Inc.

PremiumPay, a low-code/no-code digital payments solution, is a flexible premium payment integration that, the company noted, can be customized with preferred payment methods, channels, scheduling and branding options. PremiumPay also enables policyholders to create and manage AutoPay installment plans, pay for multiple policies in one transaction, make quick and secure payments, and combine credit cards to pay premiums, One Inc added.

Partner benefits

One Inc representatives further noted that ISOs, MLSs and other payments enterprises will find enhanced service offerings, revenue opportunities and improved customer retention as One Inc partners. In addition to best-of-class payment processing, premium and claims solutions, One Inc is committed to keeping partners at the forefront of insurtech. One Inc. also mentioned it continuously improves payment processing, driving higher approval rates that lead to higher volumes of transactions and increased revenue. One Inc further noted it has been proven to enhance customer satisfaction and policyholder loyalty, which ISOs and MLSs can leverage to meet clients' needs, build long-lasting relationships and reduce churn.

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