One Inc and J.P. Morgan Payments Collaborate to Enhance Unified Payment Platform for Insurance
Carriers Benefit from the Full Range of Inbound and Outbound Digital Payment Services
FOLSOM, Calif.–(BUSINESS WIRE)–One Inc, the leading payments network for the insurance industry, has announced its expanded collaboration with J.P. Morgan Payments, aimed at delivering a comprehensive, unified payment experience for Property & Casualty (P&C) insurance clients. This enhanced collaboration provides the seamless integration of J.P. Morgan Payments’ capabilities with One Inc’s PremiumPay® and ClaimsPay® solutions, enabling insurance carriers to access One Inc’s full suite of inbound and outbound digital payment services.
This collaboration consists of the addition of One Inc’s PremiumPay inbound solution to the existing ClaimsPay integration for disbursements, enabling mutual P&C insurance clients to streamline payment processes with One Inc’s Digital Wallet, supporting a variety of payment methods including credit/debit cards, Apple Pay®, Google Pay™, PayPal™, Venmo, and ACH transactions. This unified approach facilitates both premium collections and claims disbursements, ensuring a consistent and efficient experience for policyholders.
Key benefits of the expanded integration include:
- Unified Payment Integration: Carriers can swiftly adopt cloud-based ClaimsPay and PremiumPay solutions, accessing a treasury workstation to efficiently manage premiums and claims within a single interface.
- Lower Integration Expenses: Carriers can significantly cut down on both implementation costs and time by more than 50% thanks to a robust network of over 50 insurance core partner integrations.
- Enhanced Ecosystem: Connect with a broader network of insurance partners through One Inc’s Vendor-Provider Payments Network of 775,000 suppliers.
- Improved Efficiency: Reduction in administrative costs, enhanced fraud protection, and quicker reconciliation processes contribute to decreased cycle times while digitalizing up to 76% of payments.
- Increased Customer Satisfaction: A seamless payment experience boosts policyholder retention and fosters loyalty.
“We are very excited to be furthering our collaboration with J.P. Morgan Payments and help carriers achieve the greater cost savings and policyholder engagement that they’re looking for,” said Ian Drysdale, CEO of One Inc. “With our combined strengths and deep industry expertise, this expansion represents a major step toward our shared vision of transforming the insurance payments landscape by delivering a single, unified solution for inbound and outbound payments.”
“The insurance industry has a unique and complex set of needs when it comes to digitization, and One Inc’s payments framework complements our commitment to providing innovative solutions that help address these challenges,” said Jason Tiede, Global Head of Corporate Development & Partnerships at J.P. Morgan Payments. “By expanding our relationship, we’re empowering our P&C insurance clients with the tools they need to streamline payments processes and meet the evolving demands of their policyholders.”
J.P. Morgan Payments combines treasury services, trade & working capital, and card and merchant services capabilities to help clients pay customers or employees in different currencies around the world. It processes nearly $10 trillion payments daily, operating in over 160 countries and over 120 currencies. The J.P. Morgan Payments Partner Network is one of the largest payments ecosystems in the world, with hundreds of live third-party integrations spanning virtually every industry and use case. Details about One Inc’s integrations with J.P. Morgan Payments can be found here.
About One Inc
One Inc is modernizing the insurance industry for over 250 carriers through a unified and frictionless payment network. Specializing solely in insurance, One Inc enhances carrier operations by cutting costs, boosting security, and improving customer experiences. Their all-inclusive digital payments platform offers diverse payment options, multi-channel communications, and swift claim settlements, even for complex cases. As a leading digital payments platform, One Inc handles billions in premiums and claims annually. Recently acknowledged by CNBC as one of the World’s Top Fintech Companies for 2024 and consistently listed on the Inc. 5000 list of Fastest-Growing Companies over the past three years, One Inc stands as a leader in fintech innovation. For more details, please visit www.oneinc.com.
Contacts
Media:
Will Link
Stanton Public Relations & Marketing
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(646) 502-3570
