3 min read

6 Challenges to Digital Payment Adoption in the Insurance Industry

By The One Inc Content Team on Feb 11, 2021 10:28:25 AM

Insurance payments are going digital. Many insurers already accept inbound premium payments from policyholders. Now outbound claims payments are also catching on. These changes will bring benefits to both insurance companies and insurance customers. However, before these benefits can be realized, there are six challenges that must be overcome.

Topics: Payments #GoDigital
2 min read

The World of Vendor Payments (Claim Payment Challenge Part 4)

By Anne Freitas on Feb 4, 2021 6:30:00 AM

In part 3 of this four-part series, we explained the complexities of mortgagee property claim payments. Here in our final series installment, we take a deeper look into the world of vendor payments: the challenges of bulk payments, the need for detailed remittance information, and benefit of real-time reconciliation.

Topics: Payments Vendor Payments
4 min read

Optimizing the Customer Experience for Mortgagee Property Claim Payments (Claim Payment Challenge Part 3)

By Anne Freitas on Jan 28, 2021 6:30:00 AM

In part 2 of this four-part series, we took a deeper look into the pain points of lienholder payment, what’s involved with the auto total loss process, and the benefits digitization can provide. Here in part 3, we delve into the cumbersome process of mortgagee property claim payments, the difference between monitored and non-monitored claims, and the opportunity to optimize the customer experience.

Topics: Payments Mortgagee Claim
3 min read

Streamlining Total Loss Lienholder Payments (Claim Payment Challenge Part 2)

By Anne Freitas on Jan 21, 2021 6:00:00 AM

In part 1 of this four-part series, we introduced four inherent claim payment challenges involved with paper check payment (e.g. multi-party payments, total loss lienholder, mortgagee, and vendor payments). Here in part 2, we take a deeper look into the pain points of lienholder payments, what’s involved with the auto total loss process, and the benefits digitization can provide.

Topics: Payments
3 min read

The Claim Payment Challenge: Simplifying Multi-Party Payments (Part 1)

By Anne Freitas on Jan 14, 2021 6:00:00 AM

Not only is paper check payment much slower (5-7 days) and more expensive (10x more) than digital payments, but it also comes with four inherent insurer payment challenges: multi-party payments, lienholder payments, mortgagee payments, and vendor payments. In this four-part series, we’ll discuss these insurance payment challenges and how digital transformation addresses them. We’ll provide an overview of multi-party payments in part 1, further delve into total loss lienholder payments in part 2, learn about the complexities of mortgagee property claim payments in part 3, and finally take a look at the world of vendor payments in part 4.

Topics: Payments