Founded by Benjamin Franklin, the oldest property and casualty insurance company in the United States embraces innovation for expedited insurance payments
FOLSOM, Calif. – November 18, 2021 – One Inc, the leading digital payments network for the insurance industry, announced today that The Philadelphia Contributionship (TPC) has selected and deployed One Inc’s Digital Payments Platform. This significant partnership will implement an enhanced outbound payment experience for TPC that reduces claims severity, loss ratios and improves cycle time, leading to greater customer satisfaction and profitability.
Formed in 1752 by Benjamin Franklin and his fellow firefighters in Philadelphia, TPC is the oldest property and casualty insurance company in the United States and a current Guidewire InsuranceNow customer. Now, with over $600 million in total assets, TPC offers policies for homeowners, renters, landlords, flooding and more.
“The One Inc platform is the total package – offering a one-stop shop for frictionless claims payments transformation supported by an enhanced user experience, detailed API documentation and, of course, the deep industry expertise of a world-class team,” said Brenda J. Peremes, Vice President, Claims, TPC. “One Inc’s seamless integration with Guidewire technology also offers us the confidence to fully embrace digital payments as our next core area of innovation.”
One Inc’s mission is to eliminate paper checks and associated processes with its flagship product ClaimsPay. TPC joins 185 independent insurance clients for One Inc, including five of the 15 largest insurance companies in the US. The partnership comes on the back of an active year for the company in 2021, as carriers of all sizes, as well as insuretechs, take measure of their claims processing operations. The companies are seeking to keep pace in a post-pandemic environment where no-touch customer experiences and digitization of financial services infrastructure have become the standard.
“It’s an incredible story to see an insurance company founded by Benjamin Franklin embracing payments innovation and digitization,” said Ian Drysdale, One Inc’s CEO. We look forward to helping companies like TPC thrive for another 250-plus years and lead the industry forward.”
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 claims payments. For more information, please visit www.oneinc.com.
About The Philadelphia Contributionship
Founded by Ben Franklin in 1752, The Philadelphia Contributionship is the longest tenured property and casualty insurance company in the country. We insure homes — where people put down their roots, where families are built, and futures take shape. Yet we don’t just insure dwellings; we protect the dreams of the people inside. The communities they comprise. The history that they make. For us, it all comes back to roots. Ours. Yours. And the future you seek to create and we seek to protect. For more information, please visit https://1752.com/.