PriyaPatel
TLDR:
- One Inc is revolutionizing insurance payments with its digital payments network for P&C insurance.
- The company’s CEO, Ian Drysdale, highlights the importance of updating payments technology to meet the needs of younger generations.
One Inc has contracts with top carriers and handles $70 billion in claims and premiums annually for 240 insurers. The company enables multiple payment methods and streamlines complex processes, such as claim checks for homes with mortgages.
Key Elements of the Article:
One Inc, a leader in insurance payments, is transforming the industry with its digital payments network tailored for Property & Casualty insurance. The company has established contracts with ten of the top 15 carriers and processes around $70 billion in claims and premiums for 240 insurers annually.
The CEO of One Inc, Ian Drysdale, emphasizes the necessity of adopting advanced payments technology to align with the preferences of younger generations like millennials, Gen Zs, and Gen Alphas, who prefer digital payment methods for both premiums and claims.
One Inc offers various payment options, including ACH, Paypal, Venmo, and more, enabling claimants to receive payments conveniently. By utilizing One Inc’s services, insurers can increase their digital operations from 20% to 75% shortly after implementation.
In addressing complex payment processes, such as claim checks for homes with mortgages, One Inc streamlines the interaction between insurers, residents, and banks, reducing delays and enhancing efficiency. The company’s innovative approach eliminates the need for insurers to build their payment platforms, saving significant costs and time.
Supported by private equity firms Nordic Capital and Great Hill Partners, One Inc is poised for expansion, focusing on developing solutions to solve insurers’ challenges. The company aims to broaden its network of vendors and continue enhancing its payment services to drive growth and innovation in the insurance industry.
