One Inc announces ClaimsPay—the first instant claims payment solution designed for the insurance industry
A claims payment solution that lets insurers deliver claim payouts instantly, to a bank account, debit card or pre-paid debit card.
April 6, 2017 Folsom, California
One, Inc., a leading provider of cloud-based software for the insurance industry, today announced the release of ClaimsPay™, a claims payment solution that lets insurers deliver claim payouts, instantly, to a claimant’s bank account, debit card, or prepaid debit card. As the insurance industry is undergoing a major transformation, the concept of sending checks to policyholders is expensive and doesn’t meet customer expectations in our evolving digital world. Checks are slow, get lost and require a host of reconciliation and other management procedures. It is estimated that the average check costs insurers up to $4.00 to send out and manage.
One, Inc. is pleased to announce its claims check replacement solution – ClaimsPay™. ClaimsPay™ is a new component of ProcessOne®, the industry leading payment cloud-based processing software. ClaimsPay™ puts One, Inc. in a leadership position with both inbound and outbound real time payments and solutions designed for the insurance industry. One, Inc. is currently the only insurance software that includes inbound and outbound real-time payment services as part of their payment software platform.
ProcessOne® has an industry leading tokenization process that allows all payment methods, including check and credit card, to be tokenized without exposing credit card and other financial data. Most significantly, ClaimsPay™ uses the same tokens that were created for payments and can send claims payments using these rails ensuring a secure transaction and great customer experience.
“For many policyholders, the ability to receive payments in real time will be a game changer,” says Karen Furtado, Partner, SMA. “One, Inc’s continued focus on innovation in the insurance payment processing space continues to transform the customer experience positioning insurers to provide superior customer service.”
“We have just begun an initiative to remove claims checks from our processes and we are excited ClaimsPay™ is addressing this problem,” Raimundo Ruiz, Chief MGA Officer, Confie. "The innovation that One, Inc. is providing to us as a customer has enabled us to provide a modern customer experience."
“With ClaimsPay™ we are proud to announce that the claims check is dead,” says Christopher Ewing, CEO of One, Inc. “It is well known that there is a direct correlation between the speed of adjudicating a claim and severity. With real time claims payments carriers can service a much wider range of customers, and they will love that their claims payments arrive instantly. ClaimsPay™ will also save carriers money by eliminating the need for couriers and wire transfers.”
ABOUT SMA Strategy Meets Action (SMA) is a leading strategic advisory services firm exclusively serving the insurance industry. Working with both business and technology leaders, we are a trusted and valued advisor to hundreds of companies and an instrumental influencer across the industry. SMA, a Boston-based firm founded in 2007, offers consulting and advisory services for the Property and Casualty and Life and Annuities companies, as well as the technology, data, services, and solution providers that support it.
ABOUT CONFIE Established in 2008, Confie is a leading, California-based national insurance distribution company primarily focused on personal lines and small commercial insurance. The experienced Confie management team continues to build Confie's portfolio of regional personal lines brokerages. Today, Confie has over 700 retail locations and generates annual revenues of approximately $500 million. The company has leading market positions in California, Arizona, Texas, Florida, Washington, Oregon, Massachusetts, New York, New Jersey, Nevada, Illinois, Alabama, Kansas, Wisconsin, South Carolina, Missouri, Louisiana and Indiana and expects to continue its expansion in those and other states, including Georgia, Virginia and North Carolina. Confie is a portfolio company of ABRY Partners.
ABOUT ONE, INC. One, Inc. provides an integrated cloud-based platform designed to transform the way insurance companies interact with their customers. One, Inc.’s technology platform combines core insurance software functions including policy administration, rating and billing with data analytics, CRM, payment processing and agency management—all in one solution—to enable insurance companies to modernize their operations and offer superior solutions and service to their customers. For more information, please visit www.oneincsystems.com