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May 12, 2020 6:00:00 PM
FOLSOM, CA — May 2020 — One Inc, provider of a digital payments platform for insurance industry, today announced the successful completion of independent System and Organization Controls (SOC) audit, obtaining both SOC 1 Type 2 and SOC 2 Type 2 audits.
Developed and administered by the American Institute of CPAs (AICPA), SOC is an assessment and reporting service designed to attest to the internal controls over financial reporting (SOC 1) and data security (SOC 2). Whereas a Type 1 report signifies an organization’s status as of a specific date, Type 2 refers ongoing compliance with the AICPA’s rigorous standards for security and efficacy over a period of time.
“Data security is a top priority at One Inc, and we are continually implementing, monitoring, and updating our platform and processes to ensure the strictest adherence to all industry regulations, security standards, and best practices,” said Linda Straub, VP of Payment Operations at One Inc. “We chose to pursue the SOC 1 Type 2 and SOC 2 Type 2 audits to provide our customers with a thorough and transparent look at our process controls, giving them even more confidence in the strength of our data security and reporting integrity.”
After completing the company’s first SOC 2 audit in 2018, One Inc received a Type 1 report in June, followed by Type 2 in December of that same year. The 2019 audit expanded to include SOC 1 and SOC 2, resulting in Type 2 reports for both.
“Our customers trust us to manage large amounts of data – including personal and financial – and we don’t take that responsibility lightly,” added Tim Tyannikov, COO of One Inc. “We pride ourselves in meeting and exceeding the toughest data security standards in the industry, and this certification is yet another testament of One Inc’s commitment to providing the most secure and effective insurance payments solution on the market.”
To maintain both reports moving forward, One Inc will submit to regular audits, providing customers with ongoing transparency and confidence in the company’s secure digital payments platform.
The One Inc vision is to modernize the insurance industry through a frictionless payment experience. One Inc provides the insurance industry a digital payments platform designed to increase retention, decrease admin expenses, and mitigate data security risk – while simplifying compliance. The One Inc Digital Payments Platform combines multi-channel digital communications with electronic payment processing and disbursement, creating a seamless premiums and claims payments experience. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claims payments. For more information, please visit www.oneincsystems.com.
Patricia is passionate about helping insurers continue to achieve success in a rapidly changing industry. She offers news, insights, and tips to help you modernize your organization, boost efficiency, and provide a superior customer experience for today’s policyholders.
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