The introduction of network tokenization capabilities, enabled by Token ID, not only results in higher authorization rates and greater sales, but also a superior customer experience that helps drive policyholder retention and satisfaction.
FOLSOM, Calif. – April 13, 2022 – One Inc, the leading digital payments network for the insurance industry, has partnered with Visa, the world leader in digital payments, and today announced the introduction of network tokenization for leading insurers across the industry via One Inc’s leading PremiumPay® inbound payments product. As part of the collaboration with Visa, One Inc is leveraging Token ID – a Visa Solution, which empowers banks, merchants, regional payments schemes, clearing houses and other payments stakeholders like One Inc to build, manage and control their own tokenization capabilities.
Network tokenization, which allows One Inc to tokenize cards directly with Visa and other major card brands, continues to take hold across the payments landscape as major eCommerce platforms realize the benefits. Digitally native platforms, including leading e-tailers and streaming services, have incorporated network tokens in their eCommerce flow. One Inc’s implementation of Token ID, along with its ability to provide network tokenization for other major card brands, illustrates the frictionless and sophisticated payment experience that One Inc enables for both insurers and their policyholders.
Network tokens have led to a 2.5% increase in approval rates1, helping to increase revenue for insurers and increase policyholder renewals. Since network tokens are continually updated, the need for card re-issuance due to expiration date, card loss, and theft are substantially reduced. This prevents painful decline scenarios that can cause friction within the customer experience and also policyholder defections, especially with recurring transactions.
One Inc’s next-generation PremiumPay technology provides a foundation so insurers can take advantage of the full array of network tokenization benefits to ensure their payment authorizations are optimized and costs are mitigated.
“Our primary goal at One Inc is to provide solutions that help Insurers solve payment obstacles and create a seamless online experience for their customers. Network tokenization represents a step forward for the payments and insurance industry. Insurers in One Inc’s network recognize that increasing their payment authorization rates and improving policyholder satisfaction are key drivers in increasing competitiveness,” says Ian Drysdale, One Inc Chief Executive Officer.
“The additional ability to use tokenization, enabled by Token ID, to automatically refresh account payment details delivers a kind of subscription model for policyholders that can promote customer retention,” Drysdale added. "This kind of significant shift in the customer experience is payments’ future, and at One Inc we’re proud to be collaborating with Visa to deliver network tokenization to insurers.”
“Network tokens are the unsung heroes of e-commerce that the entire ecosystem can benefit from,” said Ansar Ansari, SVP, Global Head of Platform Products at Visa. “Through partnerships like this one, we're securing the payments ecosystem and are excited to bring secure and simplified payment experiences to One Inc’s clients and their policyholders.”
About One Inc
Ranked as ‘Best-in-Class’ by Aite-Novarica for its digital platform capabilities, vendor stability, and client service strength, One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps insurers 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 claims payments. For more information, please visit www.oneinc.com.
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1. Visa Q4 FY21 Earnings Call Transcript
