Maine-based workers’ compensation expert takes next step in payments processing modernization
FOLSOM, Calif. – November 30, 2021 – One Inc, the leading digital payments network for the insurance industry, announced today that The MEMIC Group has selected One Inc’s ClaimsPay platform to transform its outbound payments process. The partnership will modernize MEMIC’s claim payments infrastructure and deliver a faster and more efficient payments process by expanding outbound payment options.
Portland, Maine-based MEMIC began operations in 1993 to provide quality insurance solutions to policyholders in a state where rates were twice the national average. By focusing on workforce safety and diligent injury management, injuries in Maine have been reduced by more than 50 percent and the cost of workers’ compensation insurance has been reduced by 60 percent. In addition to serving as the guaranteed market in Maine, MEMIC now is a competitive force within the workers’ compensation insurance market from Maine to Florida.
Prior to the One Inc selection, MEMIC distributed its payments to non-medical providers and injured workers by check through an internal system, while sending payments to medical providers by mail. With One Inc, MEMIC will now adopt digital claims workflow instead, moving away from paper-based processes.
“We believe One Inc’s exclusive focus on the insurance industry will integrate seamlessly with our existing vendor network, provide extensive payment options, and help us to not only lower costs associated with outbound claim payments, but deliver a consolidated and streamlined process, speeding up our response times,” said Matthew Harmon, SVP of Claims at MEMIC. “We are thrilled to have One Inc on board and will look to the ClaimsPay implementation as a key contributor towards greater digitalization throughout our enterprise.”
MEMIC joins nearly 200 independent insurance clients for One Inc, including five of the 15 largest insurance companies in the US.
“MEMIC has taken an exciting step towards digitizing its claims payment experience for customers,” said Ian Drysdale, Chief Executive Officer at One Inc. “This successful project is proof of our team’s industry-leading expertise. It responds to specific insurance use cases like workers’ compensation by addressing particular technology challenges only One Inc can solve, so we’re thrilled to be a part of MEMIC’s digital transformation.”
About One Inc
One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications, and rapid digital claim payment, even for the most complex insurance use cases. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claim payments. For more information, please visit www.oneinc.com.
The MEMIC Group includes MEMIC Indemnity Company, MEMIC Casualty Company, and parent company Maine Employers’ Mutual Insurance Company; all rated “A” (Excellent) by A.M. Best. The MEMIC Group holds licenses to write workers’ compensation across the entire country. The group insures and serves more than 20,000 employers and their estimated 300,000 employees with dedicated safety and injury management service teams from Maine to Florida.